california: Jumbo Mortgage with 5% Down Payment - 06/17/19 07:36 AM
Jumbo Mortgage with 5% Down Payment
 
You never hear anyone say "Give it 95%!," do you?  And, curiously, when it comes to getting a jumbo mortgage, that still holds true --- the vast majority of homebuyers still think it takes a 20% down payment to enter the market. As of 2019, there are 34 metropolitan statistical areas (MSAs) in California that have a maximum conforming loan limit of $484,350.  Another handful of counties can only get to a jumbo-conforming limit of around $550,000.  So what do these homebuyers do if they have a maximum of a 5% down payment yet need to exceed … (1 comments)

california: What Is an Escrow Account? - 03/10/19 12:39 PM
What Is an Escrow Account?
 
When renters desire to become home buyers, they quickly learn once in the mortgage process that their single rent payment will morph into "PITI" or "principal, interest, taxes and insurance," or a "total monthly housing payment."  So, yes, there are additional monthly expenses to consider when you become an owner.  Historically, ownership has bestowed tax benefit on the buyer and that's been an offset to the higher cost of ownership and because of this, the "rent vs. own" calculation has been used to more fairly compare the cost of putting a roof over one's head.  Rent may be simpler, … (2 comments)

california: I Got Another Rate Quote. Can You Beat It? - 03/03/19 07:27 PM
I Got Another Rate Quote.  Can You Beat It?
 
Talk may be cheap, but money is not.  And you can bet your bottom dollar that most consumers seeking to get a mortgage will shop for the best rate quotes through any number of ways; their local bank, the internet, etc.  We will often get requests to match or beat rate quotes as a result.  Instead of publishing rates and promising that we're the cheapest and best source for all rate shoppers, which is something that is frowned upon by the regulators of our industry, I instead want to shed some light on … (3 comments)

california: 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)

california: 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)

california: 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)

california: 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)

california: 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)

california: 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)

california: 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)

california: 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)

california: 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)

california: Packing Light for Your Departure Property - 11/12/18 10:08 PM
Packing Light for Your Departure Property
 
I fielded a call this week and it's one that comes in quite frequently.  "We saw a place we really like and are thinking about putting in an offer.  But we don't know what we're going to do with our existing home and don't think we have time to sell it first..."  It's the classic "buy first" dilemma that I've covered before. 
 
It's fair to assume that one place the mind goes when dealing with the "what to do" of the existing home is the notion of lining up a renter.  Our buyers in this situation recognize that … (10 comments)

california: Lock Watch for the Week of 11/12/2018 - 11/10/18 07:04 PM
Lock Watch for the Week of 11/12/2018
 
Volatility-O-Meter:
"The beatings will continue until morale improves."  Keep your eye on CPI...
 
Economicalendar (all times are Pacific):
Mon, 11/12:      Veteran's Day, bond market closed.
Tues, 11/13:      Treasury Budget (11am).
Weds, 11/14:     CPI (5:30am).
Thurs, 11/15:    Jobless Claims, Retail Sales, Empire State Mfg Survey and Import/Export Prices ( 5:30am).
Fri, 11/16:        Quiet.
 
10-Year Treasury History
3.19%     Today's Open  (Friday close)
3.19%     One Week Ago
3.15%     One Month Ago
2.38%     One Year Ago
 
In Flanders Fields
 
In Flanders fields the poppies blow
Between the crosses, row on row,
That mark our place: and in the sky, 
The larks, still bravely singing, fly
Scarce … (0 comments)

california: Let's Get Small Condo Projects - 10/31/18 07:21 AM
Let's Get Small Condo Projects
 
San Francisco is known for its majestic Victorian and Edwardian homes, and residents and homebuyers in the city know that sometimes these massive dwellings get converted into condominiums.  Not one's traditional idea of a condo project, what was once a majestic single family home is metamorphosed into a multi-level condominium project with three separate living units, for example.  But small condo projects, typically defined as two to four units, can also be other than a colorful structure in the City by the Bay.  In fact, we encounter them throughout California.  
 
Financing a condominium unit in a small project … (6 comments)

california: One Thing Leads to Another - 10/23/18 07:24 AM
One Thing Leads to Another
 
It just may be the most frustrating aspect of the home loan process for both borrowers and their real estate agents.  We, the mortgage originator, ask for a specific item, or "condition," required for the loan approval and then upon receipt and review of that item, we come back and ask for something additional.  Wash, rinse, repeat.  One thing leads to another.
 
Sure we all get why there's grief and consternation associated with this phenomenon.  After all, it feels like a vendetta.  It can get personal.  I've had, on very rare instances, borrowers tell me that they simply … (23 comments)

california: Lock Watch for the Week of 10/29/2018 - 10/22/18 10:12 PM
Lock Watch for the Week of 10/29/2018
 
Volatility-O-Meter:
Big week of reports against a backdrop of a market in serious motion and on the eve of a pivotal election.  Fasten your seatbelts...
 
Economicalendar (all times are Pacific):
Mon, 10/29:       Personal Income and Outlays (5:30am) and Dallas Fed Mfg Survey (7:30am).
Tues, 10/30:      Case-Shiller Home Price Index (6am) and Consumer Confidence (7am).
Weds, 10/31:     ADP Employment (5:15am) and Chicago PMI (6:45am).
Thurs, 11/1:    Productivity Costs and Jobless Claims (5:30am), PMI Mfg Index (6:45am), ISM Mfg Index (7am) and Construction Spending (7am).
Fri, 11/2:        Employment Situation and International Trade (5:30am) and Factory Orders … (6 comments)

california: Lock Watch for the Week of 10/22/2018 - 10/21/18 08:28 PM
Lock Watch for the Week of 10/22/2018
 
Volatility-O-Meter:
A transition week, perhaps?  Will we get away from the stock market volatility of the last couple of weeks and settle in or will the week end's GDP report set the tone?
 
Economicalendar (all times are Pacific):
Mon, 10/22:       Quiet.
Tues, 10/23:      2-Yr Note Auction (10am).
Weds, 10/24:     New Home Sales (7am).  5-Yr Note Auction (10am).
Thurs, 10/25:    Durable Goods, International Trade in Goods and Jobless Claims (5:30am).  7-Yr Note Auction (10am).
Fri, 10/26:        GDP (5:30am) and Consumer Sentiment (7am).
 
10-Year Treasury History
3.19%     Today's Open
3.16%     One Week Ago
3.07%     One Month Ago
2.38%    … (3 comments)

california: Are the Lights Going Down on Real Estate? - 10/09/18 06:22 AM
Are the Lights Going Down on Real Estate?
 
You know what's on a lot of my clients' minds right now?  No, not Journey of the the 1970's, but the real estate downturn of 2007/2008.  Many of these prospective buyers are getting a sense that maybe this is the top of the market and that perhaps they should sit things out and wait for real estate to go on sale --- just like it did during the downturn.  I have some advice for them, but it has little to do with market prognostication.  In fact, I'll be the first one to admit that … (43 comments)

california: Lock Watch for the Week of 10/15/2018 - 10/07/18 08:06 PM
Lock Watch for the Week of 10/15/2018
 
Volatility-O-Meter:
This is getting interesting.  The stock market sell-offs last week will dictate what the mortgage market does this week too, and nobody knows what that is going to be.  Saudi Arabia will be in the mix too, but if all of these elements go the way we expect (and that's never guaranteed), then the bond market could be a benefactor and that would imply lower rates.
 
Economicalendar (all times are Pacific):
Mon, 10/15:       Retail Sales and Empire State Mfg Survey (5:30am), Business Inventories (7am).
Tues, 10/16:      Industrial Production (6:15am), JOLTS and Housing Market Index (7am).
Weds, … (1 comments)

 
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

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