RyMak Lending

RyMak Lending We always look for ways to say YES!
*Conventional Loans
*FHA Loans
*VA Loans
*Jumbo Loans
*Construct

05/07/2022

Hello all,

With the climate of the housing market changing/evolving, I am getting questions and hearing statements that I felt needed to be addressed.

The main statement of concern, "I'll wait until the bubble bursts to buy".

Folks, this is not a "bubble burst" scenario. Housing prices will continue to rise for the next 1 1/2-2 years. Then it will just plateau. These prices are the new norm. Housing demand is still (and will continue to be) high.
There are a few heavy factors to this. The builders are that far behind for a variety of reasons. Supply chain issues, lack of labor help, rising costs of materials, all have a play in why they are and will continue to be behind for a minute.
And then, add in a large migration from the northern states because the pandemic exposed that most can do their jobs from home. So why not move to a state with no state taxes and a lower cost of living. Clearly this leads to a higher demand for housing and tougher competition because the inbounds are willing to pay more for housing since it is still cheaper than what they are used to paying.

Question: "Is it still a good time to buy?"

The simple answer, yes. Interest rates will continue to rise (2 more hikes expected this year and up to 4 more next year). And with housing expected to increase in cost (as much as 10-20%) over the next 2 years... Yes, buy now, to at least be able to take advantage of the increase in rising property values.

In summary, even if you have to take a higher interest rate for now, it will still be lower than what it will look like a year from now (possibly, completely pricing you out of the option to buy). Rates are something we can fix later when the rates finally come back down. Housing prices are not something we can fix later.

Call or message us, we can help you navigate all your options today.

04/27/2022

Why use a Mortgage Broker?

RyMak Lending is a broker, so of course there is a small bias to this opinion. That being said, it is still very important to understand the benefits of using a Broker vs a normal bank or direct lender.

Brokers tend to offer a much larger range and variety of lending options. Case in point, RyMak Lending has more than 30 different lenders available with a product portfolio that makes it easier for us to help our clients find the right loan for their needs. Usually, direct lenders have a more limited portfolio.

More importantly, RyMak Lending is NOT incentivized by rates. In other words, whether your rate is 3.5% or 6.5%, our compensation does not change. We only get paid on the loan amount, so getting you qualified for more house is in our best interest. Getting our clients the lowest interest rates (the lower the interest rate we can get you, the higher loan amount we can get you approved for) and the least in closing costs are in our best interest as well.

Clearly, not all brokers are created equal. RyMak Lending is dedicated to helping our clients get the best out of their loans. We want to earn a relationship, not just for today, but for the future as well.

04/22/2022

***Updated for Today’s Market***

Hello all, it's time for "Fun with Mortgage #'s". It has been requested that I post a quick comparison of Renting a Home vs. Buying a Home. So, without further delay, here is the short version (always feel free to reach out to me for further details).
RENTING A HOME vs. BUYING A HOME
Currently, the average 3 bedroom/2 bath home (estimated value of $350k), rents for an average of $2,350 per month in Central Florida. The average landlord requires the following: First, Last and security deposit (approx. $7,050, assuming no pets/pet deposit). You will also likely need a 620-640 or higher credit score... to rent??? Keep in mind that rents usually increase 5%-8% per year. Also, the average family moves every 5-7 years.
So, assuming you stay in the rental for 7 years, by year 7 you will be paying approximately $3,306.69 per month (assuming only 5% increase per year).
Buying that same property comes out substantially cheaper. Standard FHA 5.5% interest 30 year, fixed loan would be approximately $2,531.95 per month (assuming a $350k sales price and this includes the whole mortgage payment, principle, interest, HOI ($125 per month est) and property taxes ($250 per month est)). The down payment would be 3.5% of the sales price ($350,000 x 3.5% = $12,250). Even if we estimate a 3% increase on property taxes per year), you would save over $65,000 over the same 7 years, mortgage payment vs rent. AND WE HAVE LENDERS THAT WILL GO DOWN TO 580 SCORES.
Now add in that if you rent, you don't own the property and therefore don't benefit from the property value increasing (your landlord does and you paid their mortgage for them all that time).
If you had bought the home, property values have been increasing by approximately 7.1% (more lately), after same 7 years again, your $300,000 property would be worth approximately $565,000. That is a profit of $215,000. Add that to the $65,000 you saved paying a mortgage instead of rent... NOW YOU HAVE GAINED $280,000 IN NET WORTH.
Still want to rent? As the old saying goes, if you do, call me, I have some Oceanside property in Arizona I'd like to rent you!
If you’re ready to talk about buying, pm me, give me a call, send a text or email me... whatever floats your boat these days.

04/21/2022

We are here for all your Mortgage Loan needs. On this page we will try to answer any questions you might have about mortgages, no matter what your situation might be. We will also keep you posted on the trends of the market, little known facts and tips, as well as new loan products. Feel free to ask whatever question you might have, if we don't have the answer, we'll find it!

Address

Winter Park, FL
32792

Opening Hours

Monday 9am - 7pm
Tuesday 9am - 5pm
Wednesday 9am - 7pm
Thursday 9am - 7pm
Friday 9am - 5pm

Telephone

+14072198687

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