Real estate home buying trends and mortgage rates in Los
Angeles vary greatly and that means finding the best value in home mortgages
will depend in part on your neighborhood.
The Mount Washington area to the north and east of downtown
LA is a popular zip code to hunt for homes and mortgage broker-banker Richard
White says it was the third most popular zip code nationally in 2003.
"Home buyers found there was a 64 percent jump in home
values from the 2nd quarter of 2012 to the 2nd quarter of
2013." Richard told me he lives in the Mt. Washington area and said the
lower
priced homes were popular.
"Higher end homes weren't appreciating at the same rate
so in the Los Feliz area to the north there was a 5 percent jump at the same
time."
Richard says listening to homebuyers, their goals, and their
specific circumstances helps him tailor a mortgage and run a total cost
analysis.
"I run scenarios for people in all stages whether
they're home buyers with low credit scores, buyers over age 62 considering
reverse mortgages, or people looking to buy on their own for the first
time."
Richard can run many scenarios including a rent-to-own cost
analysis and check figures and costs for refinancing to 15 year mortgages, and
a cost of waiting analysis. He expects to work with people from all
backgrounds.
"I don't target market any particular kind of mortgage
need. Instead, I get many different buyers of all income levels and ages
needing a specific product. Some are turned down by banks and others may only
want to stay in a property for 7 years."
A broker-banker has more lending options than a bank, says
Richard who has a degree in finance and has nearly 25 years experience.
"As a banker broker we utilize all different types of
financing institutions that offer all the Fannie, Freddie, Fha products plus
portfolio products. I have to look at the client and see their goals and fit
into the best product. In some cases, using retirement funds may be answer
while in other cases we'd stay away from those funds."
"If someone's nnot approved at the bank they need to
talk to a mortgage banker with few dozen products. There are guidelines but
there are variations. My job is to find out what works best."
Click here for Richard White, ArcStone Financial and learn
more about personalized mortgage products for home buying in Los Angeles.
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| A spread sheet Richard uses |
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