mortgage: 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 … (43 comments)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: "So Rob, How Do You Get Paid?" - 07/03/17 07:27 AM
"So Rob, How Do You Get Paid?"
 
Not all of my clients will come right out and ask this question.  But even where they don't ask I suspect that most of them think it.  Not only is it a fair question, it's a great one too.  One that I have no problem discussing and explaining.  Sure there are elements of our compensation that are highly technical --- the result of the byzantine regulation that keeps our industry in a chokehold ---- but I still think we can have an honest discussion about how I get paid and how, in turn, this relates to … (26 comments)

mortgage: 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)

mortgage: 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)

mortgage: Not Able to Refinance? Recast Your Loan in a New Light - 06/06/17 06:48 AM
Not Able to Refinance?  Recast Your Loan in a New Light
 
Over the last decade there have been many opportunities for homeowners to refinance their mortgages to lower rates and, by far, that is the "go to" solution when a borrower is looking to lower his or her payments.  This makes perfect sense.  Let's say the homeowner has mortgage at 4.000% and can get a 3.750%, no-cost refinance.  Lower rate, lower payments, no closing costs added to the balance...win/win/win.  
 
But what about instances where current rates may not be lower or there may not be as clear a case for refinancing?  How … (13 comments)

mortgage: Can I Consolidate My Student Loans with My Mortgage? - 05/31/17 05:48 AM
Can I Consolidate My Student Loans with My Mortgage?
 
Let's face it, buying a home is hard enough.  But if you've been able to do so while still holding some of the debt accumulated during your college and post-graduate years, your life is about to get a little easier.
 
New cash-out refinance guidelines make it easier for homeowners with student loan debt to refinance and consolidate their educational loans along with their mortgage, so long as the following requirements are met:
 
At least one student loan must be paid off. Loan proceeds must be paid directly to the student loan servicer at closing. Only student … (4 comments)

mortgage: What Can I Do to Make My Home Appraise Higher? - 05/24/17 06:06 AM
What Can I Do to Make My Home Appraise Higher?
 
Whether the purchase or refinance of a home, where mortgage financing is involved, you can be sure an appraisal be required in the vast majority of cases. With very few exceptions, homeowners or homebuyers seek to obtain the highest and most accurate appraised value of the property. So what steps can one take to assure that this value comes in? Here are a few tips from the experts:
 
Choose your lender very wisely. Why? Because since the implementation of the Home Valuation Code of Conduct (HVCC) in 2009, most of the mortgage industry … (36 comments)

mortgage: Stretching Your Loan Qualification? Which Mortgage Is Best? - 05/16/17 06:43 AM
Stretching Your Loan Qualification?  Which Mortgage Is Best?
 
Buyers will come to us, often after beholding the perfect home while out touring with their Realtor, and they will want to know the maximum amount they can borrow on a mortgage.  Perhaps they just intuitively realize that their dream home will stretch the outer limits of affordability.  Their question will be, "What is the maximum amount I can qualify for on a mortgage?"
 
At this point, they may ask about interest-only (I/O) loans or ARM programs to help them achieve their target purchase price, so let's play a little game of "Truth or Delusion" and cover some of the … (9 comments)

mortgage: The Silent Assassin - Unreimbursed (2106) Business Expenses - 05/10/17 06:11 AM
The Silent Assassin - Unreimbursed (2106) Business Expenses
 
Death and taxes, right?  Of these two certainties in life, let's leave our mortality out of the discussion for now.  That leaves us with taxes and unless you're the president, at some point you must come face to face with the reality of your tax returns.  I think we can universally agree that we are always striving to minimize the taxes we pay.  This tends to work well, year after year, UNTIL we go to get a home loan.  Because, you see, reducing your taxable income and maximizing your expenses and deductions for Uncle Sam … (2 comments)

mortgage: VA Jumbo: The Mother of All Loans - 05/02/17 06:55 AM
VA Jumbo:  The Mother of All Loans
 
Say what you will about the current adminstriation's foreign policy (or any of its policies, for that matter), but the headline news about dropping some really big ordnance got me thinking about something else that can go really big in a veteran's favor --- VA jumbo mortgages.
 
At least here in Marin County, CA, just north of the Golden Gate, we don't see a lot of VA loan scenarios and it's a shame.  Because I'm licensed to originate mortgage loans throughout the state of California, I am aware that there are geographical pockets where Veteran's Adiminstration … (21 comments)

mortgage: California's Stunning Bridge (Loan) - 04/22/17 06:18 PM
California's Stunning Bridge (Loan)
 
It is 2017's peak buying season in the San Francisco Bay Area and many buyers in this competitive, low-inventory market face a challenge greater than just the inability to find the right house.  For them, there's actually a more pressing dilemma.  Before they can even put in an offer on the home of their dreams, they've got a home of their own to sell first.  
 
But it's not as if these buyers have a concern they won't sell their current house or even get top dollar for it.  On the contrary, they're quite sure that once it's listed for … (2 comments)

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

Rob Spinosa

Executive Loan Advisor, Marin Mortgage Pro

Mill Valley, CA

More about me…

RPM Mortgage, 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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