Real estate blog entries tagged with home loan by Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

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home loan: Lock Watch for the Week of 1/28/2019 - 01/27/19 08:22 PM

Lock Watch for the Week of 1/28/2019

Volatility-O-Meter:
The shutdown is over and that's great news. Remarkably the market shrugged it off on Friday though we may bear the brunt of that this week, with both a full slate of important reports, GDP, an FOMC statement and auctions as well.

Economicalendar (all times are Pacific):
Mon, 1/28: Dallas Fed Mfg Survey (7:30am), 2-Yr Note Auction (8:30am), 5-Yr Note Auction (10am).
Tues, 1/29: International Trade in Goods (5:30am), Consumer Confidence (7am), 7-Yr Note Auction (10am).
Weds, 1/30: ADP Employment (5:15am), GDP (5:30am), FOMC Meeting Announcement (11am).
Thurs, 1/31: Jobless Claims, Personal Income and Outlays … (2 comments)

home loan: Closing in the Name Of - 01/21/19 12:54 PM

Closing in the Name Of

There will be no profanity in this post, just in case you get the cultural reference in the title. I won't even repeatedly scream at you. Instead we're going to cover a topic that sidesteps injustice, drama or even frequent occurrence, but it deals with a scenario that comes up occasionally and when it does, there is quite a bit we should know before taking action. So let's talk about closing a residential real estate transaction in the name of an LLC or other business entity, like a partnership or a corporation. Can you do that? What's … (23 comments)

home loan: Lock Watch for the Week of 1/21/2019 - 01/21/19 08:10 AM

Lock Watch for the Week of 1/21/2019

Volatility-O-Meter:
A short week and an ongoing shutdown might test the defenses of the mortgage market...

Economicalendar (all times are Pacific):
Mon, 1/14: Markets Closed.
Tues, 1/15: Existing Home Sales (7am).
Weds, 1/16: Quiet.
Thurs, 1/17: Jobless Claims (5:30am), PMI Composite Flash (6:45am), Fed Balance Sheet (1:30pm).
Fri, 1/18: Durable Goods (5:30am) and New Home Sales (7am).

10-Year Treasury History
2.78% Friday's Close
2.69% One Week Ago
2.91% One Month Ago
2.54% One Year Ago

Battery Townsley
I know, I know. When you tell people you live near San Francisco and ask them to recall the city's history, … (2 comments)

home loan: Landlord Horror Stories - 01/13/19 04:51 PM

Landlord Horror Stories

Though you may be disappointed and feel misled, we're not actually going to focus on landlord horror stories here. Instead, we are going to talk about the nuances of getting home financing on the purchase of an investment property which, if done improperly, can certainly take on the stuff of nightmares. If you're thinking of making the leap into rental property ownership and becoming a landlord yourself, there are some things you need to know about how the mortgage industry will treat your loan application. And this treatment could be quite different from your previous experience with financing your … (5 comments)

home loan: Lock Watch for the Week of 1/14/2019 - 01/13/19 02:49 PM

Lock Watch for the Week of 1/14/2019

Volatility-O-Meter:
A good mix of important reports throughout the week and though it does not seem promising at the moment, a resolution to the shutdown brings the potential for the stock market to rally and bonds to sell off. Be careful.

Economicalendar (all times are Pacific):
Mon, 1/14: Quiet.
Tues, 1/15: PPI and Empire State Mfg Survey (5:30am).
Weds, 1/16: Retail Sales and Import/Export Prices (5:30am), Business Inventories and Housing Market Index (7am), Beige Book (11am).
Thurs, 1/17: Housing Starts, Jobless Claims, Phila Fed Business Outlook Survey (5:30am).
Fri, 1/18: Industrial Production (6:15am) and Consumer Sentiment … (2 comments)

home loan: Can You Get a Mortgage with Assets but No Income? - 01/06/19 09:11 PM

Can You Get a Mortgage with Assets but No Income?

"Can you get a mortgage with assets but no income?" Well, if I had a dollar for every time I got asked this question, I'd probably then have documentable income and it would send us back to the start of the conversation, right? Seriously, what we're going to cover here are the key points of getting a home loan when you have substantial liquid assets (cash equivalents, stocks, bonds, mutual funds and even retirement accounts) but don't have the traditional income sources that lenders want to see when they go to approve you … (6 comments)

home loan: Lock Watch for the Week of 1/7/2019 - 01/05/19 08:20 PM

Lock Watch for the Week of 1/7/2019

Volatility-O-Meter:
Shutdown persists and my guess is that equity market volatility will too. Bond auctions mid-week and Jerome Powell speaks on Thursday.

Economicalendar (all times are Pacific):
Mon, 1/7: Factory Orders and ISM Non-Mfg Index (7am).
Tues, 1/8: International Trade (5:30am) and JOLTS (7am). 3-Yr Note Auction (10am).
Weds, 1/9: 10-Yr Note Auction (10am).
Thurs, 1/10: 30-Yr Bond Auction (10am).
Fri, 1/11: CPI (5:30am).

10-Year Treasury History
2.66% Market Open
2.72% One Week Ago
2.85% One Month Ago
2.55% One Year Ago

The Noble Eightfold Path of Buddhism

Right View/Understanding
See things as they truly are without delusions or … (1 comments)

home loan: So You Wanna Buy a Home in 2019? - 12/31/18 04:06 PM

So You Wanna Buy a Home in 2019?

You've decided that 2019 is the year when you stop throwing away your rent money and paying someone else's mortgage. Maybe you've even made this a written resolution and saved up a down payment to show for it. But up until this point, it's just been a vision, an item on a wish list or --- how millennial of you --- a dream board. Perhaps you came close to pulling the trigger in 2016, 2017 or 2018, but the thought of getting beat out by the severe competition was just too anxiety inducing to … (3 comments)

home loan: Lock Watch for the Week of 12/31/2018 - 12/30/18 08:20 PM

Lock Watch for the Week of 12/31/2018

Volatility-O-Meter:
Another short week, but therefore more potential for volatility and amid a stalemate in Washington.

Economicalendar (all times are Pacific):
Mon, 12/31: Dallas Fed Mfg Survey (7:30am).
Tues, 1/1: Markets Closed.
Weds, 1/2: PMI Mfg Index (6:45am).
Thurs, 1/3: ADP Employment (5:15am), Jobless Claims (5:30am), ISM Mfg Index and Construction Spending (7am).
Fri, 1/4: Employment Situation (5:30am) and Jerome Powell Speaks (7:15am).

10-Year Treasury History
2.72% Market Open
2.77% One Week Ago
3.05% One Month Ago
2.48% One Year Ago

Pony Express
We were driving to South Lake Tahoe over the holiday week and at points alongside Route … (3 comments)

home loan: The Impact of a Government Shutdown on the Mortgage Process - 12/27/18 08:23 AM

The Impact of a Government Shutdown on the Mortgage Process

If you are a Federal worker, then you don't need to hear it from me. Dealing with the government shut down interjects uncertainty into your life and can cause financial stress. If it's any consolation, the same holds true for the mortgage process. When those who are buying a home have their transaction caught in the middle of a political tug-of-war, timelines can get fuzzy, stress levels can get high and dominoes for sellers and buyers can fall. Where possible, we do all we can to "get in front" of a shutdown … (30 comments)

home loan: Lock Watch for the Week of 12/24/2018 - 12/21/18 07:21 AM

Lock Watch for the Week of 12/24/2018

Volatility-O-Meter:
It's a holiday week and we don't know if the President will fire the Fed chairman. Can't we just all take a vacation?

Economicalendar (all times are Pacific):
Mon, 12/24: 2-Yr Note Auction (8:30am).
Tues, 12/25: Markets Closed.
Weds, 12/26: Case Shiller HPI (6am), 5-Yr Note Auction (10am).
Thurs, 12/27: Jobless Claims (5:30am), New Home Sales and Consumer Confidence (7am), 7-Yr Note Auction (10am).
Fri, 12/28: Int'l Trade in Goods (5:30am), Chicago PMI (6:45am), Pending Home Sales (7am).

10-Year Treasury History
2.77% Market Open
2.86% One Week Ago
3.05% One Month Ago
2.48% One … (2 comments)

home loan: The Most Wonderful Time of the Year (to Get Gift Funds) - 12/16/18 08:59 PM

The Most Wonderful Time of the Year (to Get Gift Funds)

It's that time of year again when holiday gift giving is on everyone's mind. But you know me, compulsive mortgage professional, I want to focus on but a single aspect of the loan process --- gift funds--- this same form of largesse that is received by a fortunate few and for the purpose of purchasing a home. As we go into the holiday season, I want us all to keep in mind that right behind Santa's sleigh is Auld Lang Syne. And when we're talking tax implications for gift funds, this can matter.

For 2019, the IRS annual … (2 comments)

home loan: Lock Watch for the Week of 12/17/2018 - 12/16/18 11:25 AM

Lock Watch for the Week of 12/17/2018

Volatility-O-Meter:
FOMC statement and virtual certainty of another rate hike (.25%). This will not surprise anyone, but against the backdrop of recent market volatility, the ensuing statement could. Then, GDP on Friday.

Economicalendar (all times are Pacific):
Mon, 12/17: Empire State Mfg Survey (5:30am), Housing Market Index (7am).
Tues, 12/18: Housing Starts (5:30am).
Weds, 12/19: Existing Home Sales (7am) and FOMC Meeting (11am).
Thurs, 12/20: Jobless Claims and Philadelphia Fed Business Outlook Survey (5:30am).
Fri, 12/21: Durable Goods and GDP (5:30am). Personal Income and Outlays and Consumer Sentiment (7am).

10-Year Treasury History
2.87% Today's Open
2.86% … (2 comments)

home loan: How to Get Rid of PMI on Your Mortgage - 12/09/18 08:24 PM

How to Get Rid of PMI on Your Mortgage

Nearly every home buyer initially hates the "P" word --- PMI, or private mortgage insurance. Years and years of conditioning have taught generations upon generations of first-time buyers that PMI is something to be avoided at all costs, and even though I daily go to great lengths to demonstrate this is patently untrue, even those that come to see the light about PMI and find themselves with a form of private mortgage insurance will soon arrive at their next concern: "When can I remove the PMI from my payment?"

Good Housekeeping
In the spirit of … (5 comments)

home loan: Lock Watch for the Week of 12/10/2018 - 12/09/18 06:55 PM

Lock Watch for the Week of 12/10/2018

Volatility-O-Meter:
Key inflation reports mid-week will help set the direction. Recent market (stock and bond) volatility has largely played into a narrative that the Fed may reduce number of forthcoming rate increases, but if inflation comes in hot, I expect a lot more turmoil.

Economicalendar (all times are Pacific):
Mon, 12/10: JOLTS (7am).
Tues, 12/11: PPI (5:30am) and 3-Year Note Auction (10am).
Weds, 12/12: CPI (5:30am) and 10-Year Note Auction (10am). Treasury Budget (11am).
Thurs, 12/13: Jobless Claims and Import/Export Prices (5:30am). Fed Balance Sheet (1:30pm).
Fri, 12/14: Retail Sales (5:30am) and Industrial Production (6:15am). Business Inventories (7am).

10-Year … (0 comments)

home loan: Each Year I Conform a Little More - 12/05/18 07:16 AM

Each Year I Conform a Little More

If you know me, you know that I don't like to stick to convention. I was the teenager who skipped college, moved to Hollywood and played rock guitar. In my 20's, I saved up vacation time not for sandy white beaches but instead for expeditions to the harsh mountain environs of the world's highest peaks. In my 30's, I dove (literally) into the sport of triathlon --- an endeavor, to quote my Aunt Marge, that would be something she'd "rather die a thousand deaths" before contemplating. When I come to the fork in the road where straight … (0 comments)

home loan: Lock Watch for the Week of 12/3/2018 - 12/02/18 08:00 AM

Lock Watch for the Week of 12/3/2018

Volatility-O-Meter:
As expected, the week is opening with an attempt to make sense of how the G20/China trade truce may play out.

Economicalendar (all times are Pacific):
Mon, 12/3: PMI Mfg Index (6:45am), ISM Mfg Index and Construction Spending (7am).
Tues, 12/4: Quiet.
Weds, 12/5: Stock market closed. ADP Employment (5:15am), Productivity and Costs (5:30am) and ISM Non-Mfg Index (7am). Beige Book (11am).
Thurs, 12/6: Jobless Claims and International Trade (5:30am), Factory Orders (7am).
Fri, 12/7: Employment Situation (5:30am) and Consumer Sentiment (7am).

10-Year Treasury History
3.02% Today's Open
3.07% One Week Ago
3.22% One Month Ago
2.37% One … (1 comments)

home loan: Start Me Up, I Want to Buy a Home - 11/28/18 08:29 AM

Start Me Up, I Want to Buy a Home

To borrow yet another song reference, and you know I'm fond of those, 'it's not unusual' for first-time buyers to come in our door and readily admit they have no idea where to start the home buying process. Often they are referred by real estate agents who tell them there's zero chance they'll see the inside of their cars on a property search until they have a pre-approval letter in hand. But what is a mortgage pre-approval, where does one start that process and how to get a letter?

The Big Three
Fundamentally, a mortgage … (6 comments)

home loan: Lock Watch for the Week of 11/26/2018 - 11/22/18 08:44 PM

Lock Watch for the Week of 11/26/2018

Volatility-O-Meter:
Wednesday's gonna be a doozy, so shake off your holiday weekend hangover.

Economicalendar (all times are Pacific):
Mon, 11/26: 2-Yr Note Auction (10am).
Tues, 11/27: Case-Shiller HPI (6am), Consumer Confidence (7am), 5-Yr Note Auction (10am).
Weds, 11/28: GDP and International Trade in Goods (5:30am), New Home Sales (10am), 7-Yr Note Auction (10am) and FOMC minutes (11am).
Thurs, 11/29: Jobless Claims and Personal Income and Outlays (5:30am), Pending Home Sales (7am).
Fri, 11/30: Chicago PMI (6:45am).

10-Year Treasury History
3.07% Today's Open
3.07% One Week Ago
3.08% One Month Ago
2.32% One Year Ago

The Capuchin Catacombs of … (1 comments)

home loan: Grateful for the Grind - 11/18/18 03:42 PM

Grateful for the Grind

This year at Thanksgiving, I find myself up against the same challenge as every November --- how to keep the pedal to the metal and avoid succumbing to the seasonal slowdown that will send the unprepared and uninspired in my industry to the couch for a nap that could last until Super Bowl Sunday. So this year, like others before it, I am grateful for the grind. Grateful that my work can be difficult, stressful, complex and often thankless.

I am grateful for call reluctance, having learned long ago that successful people make a habit of doing the things that unsuccessful … (2 comments)

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