Thursday, January 29, 2015

No Doc Loans Are Back - But Very Different in 2015

Is Your Income Hard to Verify or Go Through Huge Ups and Downs?


In 2006 just about anybody could get a no doc loan. All you had to do was say cross my heart, and some lenders were only too happy to get you signed up. The 2008 wake up call stopped that ideas cold, but went too far. For many years, otherwise qualified borrowers were locked out of the market because their true financial position was not obvious or because their income fluctuated year-to-year because of the profession or craft they were in.

Bill Rayman explains in this video how the mortgage market has softened a bit for good borrowers who need the stated income approach.



If this is about you, give Bill a call.  He can help you determine if a no doc loan is the right approach for you.  Call 424-354-5325

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025

424-354-5325

bill.rayman@guaranteedrate.com
https://GuaranteedRate.com/BillRayman

Tuesday, January 27, 2015

Should I Pay Half a Mortgage Payment Every Two Weeks?

What are the benefits, if any, of bi-weekly mortgage payments

Bill Rayman is on a quest. He is hoping to make everyone an expert at mortgages. He knows that the more you know about the mortgage industry, the more likely you are to use him to research your loan to insure you get the very best deal for your circumstances. 

One approach some financial professional suggest for paying off your mortgage early is the bi-weekly payment idea. If you have a $1500 per month payment, you just pay $750 every two weeks instead of $1500 once per month. This will result in an extra $1500 being paid towards the principle each year.

Should you do it.  Here's a short video with pros and cons.

Call Bill if you have any questions about mortgages. 
424-354-5325



Wednesday, January 21, 2015

2015 Mortgage Interest Rates Creating Huge Increase in New Applications

Some Who Bought a House in 2013 Can Benefit by Refinancing Now


Could you, should you refinance your current mortgage to take advantage of the amazing low rates that we are seeing in early 2015? Maybe, maybe not. How can you find out if that makes sense or not?  Call a professional mortgage broker who will be only too happy to explain the benefits, or to clearly let you know there is no big savings in your situation. That broker would be Bill Rayman at 424-354-5325

Should you buy a house or income property right now because interest rates are so low? Maybe, Maybe not!  In the video below, Bill explains why low rates alone shouldn't be the driving determinant. However, if you are serious about buying a home or income property, crazy low mortage interest rates and changes in FHA restrictions and rates could make your monthly payments significantly lower.  Call Bill to discuss your options.


Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025

424-354-5325

bill.rayman@guaranteedrate.com
https://GuaranteedRate.com/BillRayman

Monday, January 19, 2015

How to Get a Mortgage One Day After Bankrupcy, Foreclosure, or Short Sale

Special Mortgages for Special Circumstances 




Bill Rayman explains how it is possible to get a mortgage even if your bankruptcy was finalized yesterday. Not everyone will qualify, but if it can be done, Bill can get it done.  Call him now for help with any special circumstance mortgage. He is an expert at finding markets that banks and other lenders are not able to access.  424-354-5325

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025
bill.rayman@guaranteedrate.com
https://GuaranteedRate.com/BillRayman

Friday, January 9, 2015

FHA Becomes Competitive with PMI as Obama Okays Drop in Rates

 

FHA Fee Drop Will Make Homes More Affordable


ABC News Reports on the changing FHA fee structure as follows:

First-time homebuyers whose home loans are guaranteed by the Federal Housing Administration would benefit from an Obama administration move to lower mortgage insurance premiums.
Under the plan, the housing administration will reduce annual mortgage insurance premiums by 0.5 percent, to .085 percent. The White House says the reduction means new home buyers would pay $900 less a year than they would without the change.
The White House on Wednesday announced the reduction, which will be a centerpiece of President Barack Obama's trip to Phoenix Thursday.
Current homeowners who refinance into an FHA mortgage would also benefit from the change.
Even with the reduction, the new 0.85 percent premium is higher than historic norms. The rate was increased to raise FHA capital reserves which took a hit during the housing crisis.
Meanwhile the private mortgage insurance folks have been undercutting FHA with rates averaging between .5% and 1%. There are other advantages to PMI that sometimes makes it more advantageous to get the private insurance when you qualify.

Check with Bill Rayman about FHA, VA, and PMI when you have less than 20% down. Bill will provide you with clarity about which approach will work best for your specific situation.

Call 424-354-5325

Thursday, January 8, 2015

Mortgages Drop Near Record Lows

What Is A Mortgage Rate? 

A mortgage rate is the interest rate on your home loan. There are many factors that go into deciding what your interest rate will be when securing a mortgage including inflation, the Federal Reserve, the yield on the 10 year treasury note, your credit score and the mortgage company’s specific fees.

How is the Interest Rate Different from the Annual Percentage Rate (APR)?


The interest rate is the rate on the loan itself and does not take into account closing costs. The APR is the interest rate with the closing costs or closing credits accounted in it. The APR provides a more “apple-to-apples” comparison across loans, as long as the same types of costs are included in each home loan.

Why Guaranteed Rate? 


Guaranteed Rate was founded on the idea of making the mortgage process easier while bringing savings to home buyers from application to closing. We really pride ourselves on bringing low mortgage rates and low fees to our customers – after all, the less you spend on your mortgage, the more you can spend on other important things in your life.

By simplifying the mortgage process, we’ve been able to find ways to keep the mortgage rates we offer lower than our competitors. And we’re so sure about our low rates that not only do we post a live comparison of our mortgage rates versus our competitors – we even named our company after it.

If you are ready to get the ball rolling on your property purchase, call Bill Rayman to discuss your situation in detail. Bill is a seasoned mortgage counselor who can show you the options that are open to you. He'll explain that the lowest interest rate may not always be the wisest deal overall. Call right now at  424-354-5325 and ask for Bill.

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025

424-354-5325
bill.rayman@guaranteedrate.com

https://GuaranteedRate.com/BillRayman