home loan: How to Rock a Mortgage Pre-Approval!!!
- 06/23/22 07:37 AM
How to Rock a Mortgage Pre-Approval!!!
Buying your first home is a daunting task and can be a huge undertaking for the first-time buyer. Shoot, even for a move-up buyer, the experienced downsizer or a seasoned investor, it can sometimes be difficult to know where to begin. But getting a mortgage pre-approval often remains the best first step in the process, and it's also a likely reality that your Realtor won't seriously consider showing you property until you are either pre-approved or pre-underwritten by a mortgage lender or broker. After all, it's really tough to know your purchase power and your budget … (3 comments)
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home loan: How to Rock Rising Mortgage Rates!!!
- 06/09/22 08:34 AM
How to Rock Rising Mortgage Rates!!!
No doubt about it, since 2022 got underway, mortgage rates have been on a stairway higher and that makes it harder for our buyers to qualify for a mortgage on one hand and even when they do qualify, it puts additional strain on their household budget on the other.
So how can buyers and owners keep their rate and payment as low as possible despite rising interest rates? In this short video, I cover three classic ways to "fight the Fed:"
Paying discount points. Choosing an ARM over a fixed rate loan. Considering an interest-only mortgage program. … (9 comments)
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home loan: How to Rock Second Home or Rental Property?
- 05/19/22 11:55 AM
How to Rock Second Home or Rental Property?
Mortgage guidelines are positively prehistoric when compared to newer companies like AirBnB and VRBO, which have gained popularity as interest in short-term rentals has increased.
But when it comes to getting a home loan on a property that is not your primary residence, you have to state on your mortgage application whether you have a second (or vacation) home or you have a rental (aka investment) property, and there is no middle ground for a "vacation rental." However, there can be real consequences if you get the classification wrong.
So, let's rock the distinction between vacation … (11 comments)
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home loan: How to Rock a Bridge Loan
- 04/21/22 08:07 AM
How to Rock a Bridge Loan
If you've been lamenting how tough it is to get your offer to buy a home accepted these days, think about how much more difficult it is for those who must buy a new home BEFORE selling their existing one. After all, it's practically impossible to make a contingent offer --- defined as one that would allow you to sell your existing home first.
It's usually in this stressful environment that someone well-meaning; a friend, a co-worker, even a Realtor, will swoop in and advise our buyer to "Just get a bridge loan!," as if there is … (6 comments)
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home loan: How to Rock Cannabis Income on a Mortgage Application
- 04/05/22 09:12 PM
How to Rock Cannabis Income on a Mortgage Application
Fifty years ago, when the Doobie Brothers were flying high and the folks in China Grove were rising for another day, it would have been hard to imagine that marijuana would eventually be legal in some states. But, not legal in all states and not legal at the Federal level and that means those who work in the marijuana and cannabis industries can see their mortgage opportunities go up in smoke if not aligned with a lender who knows which programs and investors can navigate this relatively new industry.
So let's take it to … (8 comments)
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home loan: How to Rock a Mortgage Application Without Hurting Your FICO Score
- 03/24/22 07:48 AM
How to Rock a Mortgage Application Without Hurting Your FICO Score
"What's your rate?"
"How much will I qualify for?"
"Are you a banker or a broker or a lender?"
Nope, nope and nope. None of these are the #1 question we get before a prospective borrower makes an application for a pre-approval. So what is the most asked question?
"Will making a mortgage application hurt my FICO score?"
Yep, that's it. That's the one that keeps some otherwise strong and qualifiable buyers on the sidelines and paralyzed by the irrational fear that simply by having a lender make a hard credit inquiry, and access their Equifax, … (6 comments)
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home loan: How to Rock Cryptocurrency As Your Down Payment
- 03/10/22 08:03 AM
How to Rock Cryptocurrency As Your Down Payment
The mere mention of the words "bitcoin" or "cryptocurrency" or "blockchain" is sure to evoke comments and reactions that will be far-reaching. There will be the speculators who rolled the dice and came up winners, or who are still white-knuckling their wild ride. There will be financial technicians who have been forced to grasp how this technology has the potential to disrupt the exchange of currency as we know it. But more than the reactions of either of these two subsets, you'll encounter the expressions of the mostly and mildly bewildered. Because really, when … (4 comments)
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home loan: Five Tips to Rock Home Buying in 2022
- 02/24/22 08:00 AM
Five Tips for Rocking Home Ownership in 2022
If you searched unsuccessfully for a home and suffered one heartbreak after another in 2021, 2022 hasn't necessarily greeted you with open arms either. Near non-existent inventory in many areas, fierce competition and rising interest rates have all conspired to make the landscape rockier still.
Despite this, I've found five tips can be a universal help in getting you into contract, regardless of your own individual circumstances. Rock them with me on Youtube:
Ready to find Paradise City? Please give me a like or subscribe on YouTube!
Welcome to the jungle,
Rob Spinosa
SVP of Mortgage Lending
Guaranteed Rate
NMLS: 22343
Cell/Text: … (3 comments)
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home loan: Divorce Buyout Refinancing Explained
- 02/17/22 07:38 AM
Divorce Buyout Refinancing Explained
It's a sobering fact that nearly 50% of married couples will decide to go their separate ways each year. But what happens when there's jointly owned real estate involved? And what if that home has a mortgage on it as well? What's the process for one spouse "buying out" the other and how can any couple best plan for this division?
Obviously, a marital separation is stressful enough. The short video below aims to make it a little less so, at least when it comes to understanding the home loan options. Oh, and we rock some Frontiers-era Journey while … (9 comments)
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home loan: Is a No Cost Refinance a Free Ride?
- 02/10/22 07:33 AM
Is a No Cost Refinance a Free Ride?
Back in the '70's, Edgar Winter extolled the virtues of taking a free ride. But since that time and especially when it comes to transactions in the financial world, most of us have been conditioned to know that nothing's ever free.
So how does this square with the concept of a "no cost" refinance? We hear about these all the time and our clients ask for them. How does the no-cost strategy work and can it offer real benefit in the right situation? We cover all these timeless questions in this short, fun, rockin' video:
Decided … (1 comments)
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home loan: HELOC or Cash Out Refinance?
- 02/03/22 07:52 AM
HELOC or Cash Out Refinance?
As a teenager in the '80's, our dilemmas were a little simpler --- should I stay or should I go? --- for instance. But today's homeowner faces some additional complexities, especially when it comes to deciding the best way to finance a home renovation or other large purchase.
Using the equity in one's home has always been an enticing way to cost-effectively confront large-ticket expenses, but what's the best way to convert that equity into cash? Should you get a home equity line of credit (a "HELOC") or should you do a cash-out refinance? We get this question … (5 comments)
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home loan: YouTube Thursday? That's the Way You Do It!
- 01/27/22 07:48 AM
YouTube Thursday? That's the Way You Do It!
In keeping with the spirit of YouTube Thursdays, and adhering to my resolution to build a YouTube channel this year, I'm optimistic this post will count as my first contribution.
This week, I'm covering the basics of cash out refinances, because as rates begin to rise, cash out refinances still offer value to homeowners (where "rate and term" refinances begin to make a less compelling case). Also, we put a fun spin on the '80's hit "Money for Nothing," because while cash out refinances may offer a really cost-effective way to do home improvement, finance … (2 comments)
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home loan: Making the Youtube Leap in 2022!
- 01/06/22 06:10 PM
Making the Youtube Leap in 2022!
A few days ago, out of the blue, I got a call from Lynn Friedman, with whom I had last spoken years ago. We were initially connected on Active Rain, and to the uninitiated, this is one of the true joys of the platform --- the ability to make a connection across the country even though you may not share an immediate business need. This real estate fast track can fill a social and professional void that can often be lacking in our respective industries. Our conversation lasted longer than we both expected, I'm sure, but … (12 comments)
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home loan: The Four Horsemen of Deals Dead
- 09/03/21 07:48 AM
The Four Horsemen of Deals Dead
My wife likes to joke that all I do for my job is talk to people. "I hear you in there yucking it up all day..." So maybe there is always an element of the truth in jest, but an aspect of these conversations that she does not take into consideration is the near-constant battle I fight fending deals from The Four Horsemen; Delay, Indecision, Unfounded Expertise and The Unreasonable Pursuit of Perfection. When these vigilantes appear over the horizon of any real estate transaction, having a powerful defense can turn them away and save even … (21 comments)
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home loan: Refinancing a Jumbo Mortgage After a COVID Forbearance
- 08/09/21 07:56 AM
Refinancing a Jumbo Mortgage After a COVID Forbearance
Despite some recent setbacks that see COVID cases increasing, many of us are optimistic that vaccination rates will continue to go up and all of America will eventually commit to getting the worst of the virus behind us once and for all. There is no doubt that as we headed into the summer, we could feel the economy coming back on line and the country getting back to work. Sure the recovery has been uneven, but compared to the uniform bleakness of last summer, there could only be reason for hope this time around.
Not … (6 comments)
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home loan: Median Home Price, Meet Median Buyer
- 07/23/21 08:14 AM
Median Home Price, Meet Median Buyer
A very long time ago I saw an email address that read 'averageandhappy@...' and I thought, "Wow, here I've been my whole life trying not to be mediocre and then someone just goes and finds happiness in all of it." I wasn't sure if I should be resentful or relieved...
Years have passed and I've had the opportunity to observe the real estate market in my corner of the universe, namely the San Francisco Bay Area, which includes Marin County, the city of SF, Oakland/East Bay and the Silicon Valley. Few would consider this an "average" market … (2 comments)
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home loan: Can I Get a Jumbo Mortgage with an H-1B Visa?
- 07/03/21 08:38 AM
Can I Get a Jumbo Mortgage with an H-1B Visa?
Right now, immigration is a hot topic in the United States. Also right now, real estate is a hot market in the United States. And also right now, at the intersection of these two, I field a lot of questions from those with H-1B visas who are looking to get a jumbo mortgage in order to buy or refinance a home. Here are the three most common:
"Can I get a jumbo mortgage if I am on an H-1B visa?" "What are the requirements for getting a jumbo mortgage if I am … (2 comments)
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home loan: Divorce Buyout Mortgages
- 04/25/21 08:47 AM
Divorce Buyout Mortgages
I don't think it would have surprised many married couples to learn, as they worked from home in a room that may have doubled and tripled as a dining room, nursery and rec center, that divorce filings were up 34% over the first half of 2020 and as pandemic despondency set in and influenced nearly every aspect of work, home and social life.
I would be the last one to make light of the stresses that COVID imposed on marriages and households, but instead I did see this unique time as equally opportune for shining a bright light on how … (8 comments)
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home loan: Buying a Home All Cash, Then Getting a Mortgage
- 04/14/21 07:59 AM
Buying a Home All Cash, Then Getting a Mortgage
Back in a real estate market a long time ago and in a mortgage galaxy far, far away --- otherwise known as 2009/2010 --- some buyers needed to purchase a home with cash, then hope to refinance after they had the keys in hand. The reason for this? Bad credit? Nope. Extinction of stated income loans? Sorry, try again. The reason was often that the homes were not eligible for financing --- many had been ravaged by the neglect of economic downturn. Plumbing was torn out, there were holes in the walls and … (26 comments)
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home loan: Asian American Support Goes Viral
- 03/18/21 09:47 PM
Asian American Support Goes Viral
Often, getting the first words down are the hardest. "Writer's block." But not this time.
So let me start by condemning the recent incident of gun violence against Asian Americans in Atlanta. Let me take the opportunity to communicate to all Americans of all races that discrimination, in all forms, is wrong and will not be tolerated. Not in my business, not in my community, not in the private confines of my home.
Specifically with violence against Asian Americans, statistics show an increase in verbal and physical assaults since the onset of COVID-19. So the next time you get … (5 comments)
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How to Rock a Mortgage Pre-Approval!!!
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