arm: 10% Down Jumbo Mortgage with No PMI - 05/27/18 08:28 PM
10% Down Jumbo Mortgage with No PMI
With the Federal Reserve Open Market Committee poised in June of 2018 to increase in the rates that impact home equity lines of credit ("HELOCs"), home buyers who have traditionally used "piggyback" or "80-10-10" solutions to purchase a home with less than a 20% down payment may have second thoughts.  Not about buying the house, per se, but about a HELOC rate that could approach 7% --- with future adjustments possible as well.  When Prime Rate was in the mid-3% range, most 80/10/10 loans had very palatable start rates but after a decade of seeing … (1 comments)

arm: What's a Qualifying Payment on a Mortgage? - 05/02/18 06:45 AM
What's a Qualifying Payment on a Mortgage?
Qualifying.  It's always harder than it looks, right?  I've talked before about my erstwhile career as an Ironman triathlete and for those familiar with that sport, they'll confirm that qualifying for the race in Kona is way harder than they make it look on TV.  I suppose it's the same with getting into certain colleges, but since I struggled to get out of high school, I'm going to let someone else blog about that...
No, today, we're going to talk about qualifying for a mortgage and specifically we're going to cover the payment that we lenders use … (1 comments)

arm: It's 2018. Will I Lose My Tax Deduction if I Refi? - 12/31/17 07:02 AM
It's 2018.  Will I Lose My Tax Deduction if I Refi?
If you're asking this question, I'm going to go out on a limb and say you're experiencing some anxiety right about now.  But no matter how bad it gets, realize things could always be worse.  You could be the Internal Revenue Service and tasked on a couple weeks' notice with retooling your shop to both comprehend and implement the Tax Cuts and Jobs Act.  So whether you're a homeowner, a CPA, a Californian, an IRS employee or a blue state Democrat, let's wash down a couple of Xanax with a strong martini … (21 comments)

arm: Retired. But Not from Home Buying. - 11/28/17 07:24 AM
Retired.  But Not from Home Buying.
I live in an aging county.   Simply drive north across the Golden Gate Bridge from San Francisco.  Did you feel yourself getting older? Even if not, Marin County's residents, with their 46.1-year old median age, will welcome you to one of the most special places in the USA.  I'm willing to bet it won't be too long before one of our residents will tell you that our median home price, at least at the end of 2017, is hovering right around $1,100,000.  So what happens when a retired person wants to buy a home in a high-cost … (14 comments)

arm: 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)

arm: 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)

arm: 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)

arm: Consolidation Refinances Reign Supreme - 04/18/17 07:18 AM
Consolidation Refinances Reign Supreme 
"Someday I'd really like to see these loans together."
No, that was never a hit song in the '60's but it is a situation that we encounter frequently in the world of loan origination.  It's a scenario that occurs where a homeowner has both a first and second mortgage and would like to consolidate the two into a single, usually fixed rate, loan.  We'll call this a consolidation refinance for now, and we'll distinguish it from a "debt consolidation" refinance for the purposes of this discussion because a debt consolidation refinance usually implies combining the existing mortgage balance with … (1 comments)

arm: Imagine All the Savings - 03/08/17 05:50 AM
Imagine All the Savings
In my life, I've originated a good number of 30-year fixed rate loans.  And to this day, "a 30" remains the most popular of all loans.  I would contend that it holds, and will continue to hold, this position not because most borrowers do a careful analysis of this mortgage's financial math and whether it aligns with their plans and needs, but because most homeowners simply do not want to contemplate any possibility of an adjustable rate mortgage at any time in their future.
But "life is what happens while you're busy making plans for other things" and life … (9 comments)

arm: Sigmund Freud & Low Down Payment Jumbo Mortgages - 01/07/17 08:42 PM
Sigmund Freud & Low Down Payment Jumbo Mortgages
In psychology, projection is a form of defense in which unwanted feelings are displaced onto another person, where they then appear as a threat from the external world.  Now in a minute, I am going to ask you to relax and tell me a little bit about how you feel about down payments.  Specifically those that equal less than 20% of a home's purchase price.  We'll analyze if you're projecting your own beliefs, right or wrong, onto reality. 
Just for a little background, in mortgage lending, we are not immune from projection.  This happens all the … (4 comments)

arm: My Commencement Speech to the Class of 2014 - 2017 - 04/30/14 08:10 AM
My Commencement Speech to the Class of 2014 - 2017
Good morning students, family, friends and faculty,   It is my honor to be here on this fine day, to see you off on your adventure into the mortgage future.  When you arrived at the Institution of Home Ownership in 2004 through 2007, recall how you marveled at the expanse of loan programs before you, and the ends you would achieve through them.     I remember vividly how at first you shuddered under the sheer volume of terminology and options --- interest-only, Alt-A, LIBOR, hybrid ARM, index, margin and caps. … (3 comments)

arm: I Have Impressive ARMs - 04/14/14 02:50 PM
I Have Impressive ARMs
Actually, I don't have impressive arms and never have.  While we're on the topic of needles, no amount of iron or swimming has ever "moved the needle" in terms of adding circumference to my puny pop guns.  But...
RPM is pleased to add its newest jumbo program in the form of a 15/15 ARM.  How does a 15-year ARM work?  It's essentially a fixed rate, 30-year loan that has only a single adjustment at the 15-year mark.  
Meant to cover the borrowing needs of the vast majority --- those who will, on average, hold a loan for … (0 comments)

arm: What Is a Portfolio Loan? - 03/13/14 10:30 PM
What Is a Portfolio Loan?
The other day a loan applicant asked me if he could get a portfolio loan.  What struck me as unusual here was not the request, but the phrasing of the question itself. You see, I know that nobody is going to ask in this manner unless he/she has already been through the loan process and has been made privy to industry insight and jargon that would otherwise not be common knowledge.  "This might make for an interesting blog topic," I thought, because if it's coming up here, surely others must wonder too.  And you know what they … (4 comments)

arm: California Mortgage Rate Update for the Week of 11/05/12 - 11/05/12 12:31 AM

arm: California Mortgage Rate Update for the Week of 10/31/12 - 10/31/12 05:30 AM

arm: The ARCO Station Across Town Is Quoting .125% Less - 10/25/12 01:12 AM

arm: California Mortgage Rate Update for the Week of 10/22/12 - 10/22/12 07:53 AM

arm: California Mortgage Rate Update for the Week of 10/01/12 - 10/01/12 09:16 AM

arm: California Mortgage Rate Update for the Week of 08/27/12 - 08/27/12 03:25 AM

arm: California Mortgage Rate Update for the Week of 08/20/12 - 08/21/12 05:32 AM

Rob Spinosa, Vice President of Mortgage Lending, Marin County (Guaranteed Rate, Marin County, CA) Rainmaker large

Rob Spinosa

Vice President of Mortgage Lending, Marin County

San Anselmo, CA

More about me…

Guaranteed Rate, Marin County, CA

Address: 324 Sir Francis Drake Blvd., San Anselmo, CA, 94960

Office: (415) 367-5959

Mobile: (415) 367-5959

Email Me

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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