Michael Rand & Associates, Inc.

07/01/2022

https://conta.cc/3Nx53nd

Be Safe! Happy 4th of July!!! Celebrating the Anniversary of Our Nation 818-736-5858 michaelrand.com DRE License #01364816 NMLS License #234892 Michael Rand & Associates, Inc. | 1124 N. Holl

06/06/2022

"Home Equity Lines of Credit"
With the current mortgage climate with the 30 year fixed rates climbing there are alternative options available that can help keep your payments lower and your purchasing power higher.
A HELOC or Home Equity Line of Credit may be a good option for you. In this blog we will dive into HELOC mortgage loans and the ups and downs of those loans.
A HELOC is almost like a credit card in that it allows you to borrow funds up to a certain limit and you only pay interest on the drawn amount, not on the credit limit. Unlike credit cards which are unsecured, with a HELOC the debt is collateralized against your home.
Besides that there are even more ways to use HELOC loans to your advantage. Let’s say you are living in Los Angeles and need a loan amount of $700,000. The maximum loan amount for a conforming loan in Los Angeles County is $647,200 and any loan amount above that would be considered a conforming high balance loan and therefore will increase your rate. By taking out a second HELOC loan for the amount that exceeds the $647,200 you are able to qualify for a conventional first mortgage and therefore get a better rate.
Another scenario where a HELOC could be useful is when you are trying to eliminate Private Mortgage Insurance (PMI). Private Mortgage Insurance is an insurance policy required by the lender to protect them when the down payment is lower than 20%. Let’s say you only have the funds for a 15% down payment but you don’t want to have PMI, you can avoid the PMI by taking two loans. The first mortgage for 80% and a second HELOC for the remaining 5%.
Another benefit of a HELOC is to fund improvements to your home that will increase the value of your home. It can also be used should you have an unexpected financial emergency. The HELOC can be a source of money at a lower interest rate than a credit card or a personal high interest loan.

Please contact us to look at your individual situation, assess which options are best for you and/or clarify any of the above. We look forward to helping you make an informed financial decision.

11/23/2021

Excellent income property! Currently the seller is occupying the front house and it will be available at the close of escrow. Perfect for the investor that wants to occupy one unit and rent out the rest or rent out the front house at current market rents and increase the revenue substantially. The property has a huge upside potential with the rents being so low. All the back units have been recently remodeled. Brand new exterior paint job for both properties. All the units have A/Cs, only the single unit has a wall air conditioner. The units have a laundry area in the garage. All units have laminate flooring. The house has a fenced backyard and patio for guests and family BBQs. The house is detached and completely independent. It also has a big storage room in the backyard. Each unit in the back has its own access to their own garage space from the alley; all units have their own parking spots. Seller has never had any problems renting or finding tenants because of its location in such a high demand area. Very easy to maintain! The units have a laundry area in the garage. Submit offers subject to visual inspection.