home loan: I'm Returning Your Love Letter to Sender - 11/12/17 06:00 PM
I'm Returning Your Love Letter to Sender
 
Some buyers will try anything to increase their odds of getting into contract and tugging the heart strings of the seller whose home has set their hearts aflutter.  One of the most popular tools for this job is the so-called "love letter."  A love letter from potential buyer to seller typically fires its opening salvo along these sights:
 
"Dear Seller, we knew from the minute we walked in the door..."
 
As a mortgage lender in California, and even more so here in the highly-competitive San Francisco Bay Area, many of the best real estate agents with whom we … (43 comments)

home loan: The Perfectly Smooth Blend of Customer Service - 11/05/17 01:36 PM
The Perfectly Smooth Blend of Customer Service
 
Some of my mornings get behind schedule more quickly than I'd like to admit.  There are days when the obligations of child care and my non-negotiable self-pact to exercise will have me in a mad scramble to get to the office before the stress load becomes difficult for my team to handle without my involvement.  On those days I will sometimes stop at my neighborhood Jamba Juice on the way down to the office. 
 
Now the Jamba staff would likely not confuse me for a "regular," but as you have probably experienced, even somewhat routine visits to a … (5 comments)

home loan: 20% Down? Ain't That a Shame... - 10/28/17 06:48 AM
20% Down? Ain't That a Shame...
 
Last week, with the passing of Fats Domino, we lost a rock 'n' roll legend and pioneer.
 
But nearly every week we (me and my team and you, as real estate agents with your teams) lose transactions simply because of the unquestioned and untested myth that every buyer needs to bring in at least a 20% down payment, especially here in California where many of our home prices require loans that exceed the conventional and FHA loan limits.  In addition to simply not recognizing that many great programs exist in order to accommodate a 10% down payment on a … (4 comments)

home loan: Don't Get Tricked by the 4506 - 10/24/17 08:54 PM
Don't Get Tricked by the 4506
 
What better time of year than Halloween to talk about being tricked?  One of the ways unsuspecting borrowers can fall prey to one of the worst tricks in the mortgage business is to run into issues with IRS Form 4506T.  This form, which can be found HERE, allows a third party, such as a mortgage lender, to request a transcript of your tax return. 
 
And request it we will!  Any time we have a "fully documented" loan, which is the vast majority of cases, we'll make sure that what the borrower shows us on his tax returns is the same … (19 comments)

home loan: Foreigners Have Been Waiting for a Loan Like This - 10/17/17 07:34 AM
Foreigners Have Been Waiting for a Loan Like This
 
California has both a dynamic and desirable real estate market and in the recent years we've seen an influx of foreign buyers.  Despite the headlines such as, "Chinese Billionaires Snapping Up San Francisco Real Estate with All Cash Offers 150% Over Asking...," I can attest that not every foreign buyer is able to purchase real estate with a Louis Vuitton suitcase bursting full of hard currency.  In fact, many of them seek mortgage financing for any number of valid reasons and when they do, we are often able to help.  
 
Foreign nationals are citizens … (4 comments)

home loan: An Inch from Success - 10/03/17 08:03 AM
An Inch from Success
 
My 5-year old has an uncanny ability to teach me lessons.  I'm going to get to that in a minute but you first have to understand my great disappointment when he would just flat refuse to ride his new bike.  Now I have to sidetrack us just a bit.  This bruiser of a mountain bike is not your ordinary $69.99 Toys 'R' Us two-wheeler.  This one has the fat tires, the suspension forks, the disc brakes and the seven gears that are all, admittedly, way overkill for a pre-schooler whose weight is teetering below the 50th percentile.  No … (26 comments)

home loan: Unlocking a HELOC Mystery - 09/26/17 06:58 AM
Unlocking a HELOC Mystery
 
If you could create a client-facing "tip sheet" for your business, a simple punch list of things to do and not-to-do, what would be on that list?  You know, the items that always seem to fly under the radar of public knowledge and wisdom, but the ones that frequently undermine the best-of-intentioned customers?  I'm sure all of us have this wealth of "insider knowledge" that we'd love to share with the public and, as a result, save them from the misery and inconvenience of being counted among the unfortunate and unsuspecting.
 
High on my list would be an explanation of … (3 comments)

home loan: All in the Family Opportunity - 09/19/17 07:42 AM
All in the Family Opportunity
 
I was just trying to help the guy out.  He wanted to refinance his mortgage but his credit scores and debt-to-income ratio prevented him from doing so.  His response was not all that unusual. "This makes no sense!  I'm already paying the higher mortgage so why won't you let me get a lower payment? Do you think I'm going to have trouble making the lower payment?"
 
Look, I see the logic here.  But I had to explain that the CFPB and our "looking-out-for-the-consumer" regulators have clearly dictated to us lenders what we can and cannot do and if you don't qualify for … (6 comments)

home loan: Six Business Lessons Rescued from the Ironman Swim - 09/10/17 08:27 AM
Six Business Lessons Rescued from the Ironman Swim
 
Imagine yourself  standing on a beach at 6:55am.  The cool dawn envelopes your senses and the damp sand to which your toes clutch feels like your only shelter.  You are wearing a wetsuit, goggles and a swim cap, and though you are sharing your experience with about 2000 others, little comfort is to be found in their camaraderie.  Over the next 5 minutes your heart will settle higher and more squarely in the back of your throat until a cannon blast will signal the start of your journey, a "race" beginning with a swim … (45 comments)

home loan: What Happens When You Flip-Flop On Your Home's Listing? - 09/06/17 06:03 AM
What Happens When You Flip-Flop On Your Home's Listing?
 
Oh how we love to skewer our politicians for their changes of heart and mind:
 
"I was for the Iraq war before I was against it." 
 
Or:
 
"Read my lips.  No new taxes." 
 
Or, better still:
 
"You're going to have such great health care, at a fraction of the cost, and it will be so easy."
 
So once your raucous laughter dies down, let's think about what happens when a homeowner lists a house for sale, then, for whatever reason, changes his mind and takes the property "off the market?"  We'll assume this owner contemplates two scenarios from there:
 
(3 comments)

home loan: A Primer on Prime Rate - 08/28/17 08:22 PM
A Primer on Prime Rate
 
When we hear talk of the Federal Open Market Committee (FOMC) adjusting interest rates, there is one index in the mortgage environment that we know will be impacted, even when 30-year fixed rate loans may not see any change to their pricing. This rate is known as Prime Rate and it is the index that is used for most home equity lines of credit, or HELOCs.
 
If you have a HELOC on your property then it very likely will use Prime to set its base rate, with the addition or subtraction of a margin. Prime Rate itself currently … (1 comments)

home loan: Stated Income: The Band That Is NOT Getting Back Together - 08/20/17 07:49 AM
Stated Income: The Band That Is NOT Getting Back Together
 
Not a week goes by that I don't get asked in some fashion, explicitly or implicitly, if stated income loans are coming back.  And at the risk of making this a record-short blog post (for me, anyway), let me cut right to the Blues-Brotheresque-police-car-smash-'em-up chase and tell you, "No, stated income loans are not coming back!" At least not in any conventional mortgage sense.  Here's why.
 
The not-so-new sheriffs in town are Chris Dodd and Barney Fife.  Er, I mean Barney Frank.  The law of the land is now the Dodd-Frank Wall Street … (2 comments)

home loan: Can I Use RSU Income to Qualify for a Mortgage? - 08/16/17 06:07 AM
Can I Use RSU Income to Qualify for a Mortgage?
 
Way back in 1997, Jeff Bezos set forth his bold business plan for Amazon, with proviso #9 reading:  "We will hire and retain the best people and we will not pay them with cash."  Wait.  What???
 
So I guess it's no longer any secret that many technology professionals are compensated with Restricted Stock Units, also known as “RSUs.”  And here at the epicenter of the high tech world, namely the Silicon Valley and San Francisco Bay Area, we see a lot of paystubs and verification of employment forms (“VOE”) that include base pay, … (22 comments)

home loan: For Your Eyes Only - 08/09/17 08:19 AM
For Your Eyes Only
 
You’ve decided to work with RPM Mortgage and you’re about to begin the loan process.  How can you be certain that the personal and confidential information you send to us --- the sensitive documents such as tax returns, paystubs and bank statements --- stays secure in transit and once at our bank?  In an age of identity theft, Wikileaks and headline-making data breaches, we are committed to the integrity of your data in the following ways:
 
Data Encryption
RPM encourages all of its clients to use our digital mortgage process and the secure upload portals and features it affords.  For … (5 comments)

home loan: Caution: Collateral Crossing - 08/01/17 06:36 AM
Caution:  Collateral Crossing
 
A while back, and in this post here, I talked about the four distinct ways that a homebuyer could purchase a new home without first selling his existing one.  And of the options, perhaps the least understood and most complex is the cross-collateralization program.  This is a type of financing where more than one piece of property serves as the real estate security for the loan and usually it implies that the existing home and the new home will BOTH make up the collateral value by which the loan-to-value (LTV) will be determined.  I thought I would provide a real … (5 comments)

home loan: Interest-Only? 40 Years? Fixed? Extra Extra? - 07/27/17 07:35 AM
Interest-Only? 40 Years? Fixed? Extra Extra?
 
Are you a real estate investor?
 
Do you consider yourself an ordinary or extraordinary investor?
 
Have you ever thought about an interest-only loan for your rental property?
I'd be willing to bet that even if the ordinary investor learned of a 40-year fixed interest-only loan, he might initially think right back to the heyday of stated income loans and remind himself that there's no way he'd ever get involved in such risky business.  Rest assured that this person doesn't need to change his philosophy.  That's not what I'm going to cover here.  But I am going to discuss the … (15 comments)

home loan: Four Ways to Buy a New Home Before Selling Your Current One - 07/16/17 08:11 PM
Four Ways to Buy a New Home Before Selling Your Current One
 
We here in the San Francisco Bay Area --- and from what I'm gathering, in many other areas of the country as well --- have dealt firsthand with the virtual impossibility of the "contingent offer."  That is, when a buyer must sell his current home first in order to close on the new one, and when the purchase offer on the new home is specifically written to alert the seller that the two transactions are interdependent, it is said to be "contingent."  Another, less subtle, way to describe contingent offers … (36 comments)

home loan: Taking or Shoving a Job? Call Me First - 07/11/17 07:01 AM
Taking or Shoving a Job?  Call Me First
 
The "me" in this title is figurative, of course, and the concept we're going to cover is broad in scope.  And no, I really don't want to hear about your new job and its benefits; the free hot yoga classes and unlimited fair trade organic tea and gluten-free snack bar.  But the concept I do wish to cover has relevance in many other areas of our lives and, hopefully, what I'm about to say will help a homeowner or home buyer save an otherwise strong mortgage application from an unsuspecting, unexpected and undesired demise somewhere down … (4 comments)

home loan: Unlocking the Rate Lock Mystery - 06/27/17 08:07 AM
Unlocking the Rate Lock Mystery
 
Everyone who has financed a home with a mortgage, either for a purchase or refinance, has probably struggled at some point during that transaction with the dilemma of locking or floating the interest rate.  This critical decision does one of two things:
 
Commits both the borrower and the lender to a specific interest rate for a set period of time.  This “for better/for worse” proposition means that if rates move up or down, the commitment cannot be broken.  This action is known as “locking” a rate. Leaves the interest rate open to future market fluctuation, again for … (27 comments)

home loan: 80 10 10 Loan in California - 06/22/17 07:12 AM
80 10 10 Loan in California
 
It has been said that the Golden Gate Bridge is one of the most photographed tourist attractions in the world.  But before you get out your selfie stick and entertain visions of relocating to California, especially to the San Francisco Bay Area, know that the median home prices here in the middle of  201 tend to hover over one million dollars --- sometime by more than just a little.
 
It stands to reason that not all otherwise eligible buyers will have a full 20% down payment saved when they attempt to buy a home here in our … (2 comments)

 
Rob Spinosa, Executive Loan Advisor, Marin Mortgage Pro (Supreme Lending, Marin County, CA) Rainmaker large

Rob Spinosa

Executive Loan Advisor, Marin Mortgage Pro

Mill Valley, CA

More about me…

Supreme Lending, Marin County, CA

Address: 1058 Redwood Highway, Frontage Road, Mill Valley, CA, 94941

Office: (415) 367-5959

Mobile: (415) 367-5959

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REX Homebuyer Participating Lender 80-10-10 Loans What Happens if My Appraisal Comes in Low? Can I Get a Cosigner on a Mortgage?


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