california: Lock Watch for the Week of 6/11/2018 - 06/10/18 06:12 PM
Lock Watch for the Week of 6/11/2018
 
Volatility-O-Meter:
This week could go nuclear, no pun intended.  The week will start with the world making sense of what happened at G7, then figure out what will happen with North Korea, then watch the Fed raise rates, all the while with a backdrop of shifting sands in Europe.
 
Economicalendar (all times are Pacific):
Mon, 6/11:       3-Yr Note Auction (8:30am) and 10-Yr Note Auction (10am). 
Tues, 6/12:       CPI (5:30am) and 30-Yr Bond Auction (10am).   
Weds, 6/13:     PPI (5:30am) and FOMC Meeting Announcement (11am).
Thurs, 6/14:    Jobless Claims, Retail Sales and Import/Export Prices (5:30am).   
Fri, 6/15:        … (4 comments)

california: Ch, Ch, Ch, Changes to C, C, C, Condos - 06/10/18 04:14 PM
Ch, Ch, Ch, Changes to C, C, C, Condos
 
At various times over the last 10 years, getting a mortgage on a condominium in California could have been quite the challenge for a homebuyer.  However, some changes that will go into effect at the end of June, 2018, will reflect Fannie Mae's (FNMA) increased flexibility and sensibility with lending on condo, co-op and planned unit development (PUD) projects.  We're going to focus here just on the condo part and explain the key elements that should make it a bit easier for some buyers in the months ahead.
 
Single-Entity Ownership
Single-entity ownership poses a risk … (18 comments)

california: VA Jumbo Mortgages in California - 06/05/18 07:51 AM
VA Jumbo Mortgages in California
 
I marked this year's Memorial Day with a weekend full of kids' activities --- my son's t-ball season wrapped up and then there were about a half-dozen birthday parties that followed. Fairly typical, I am told, for parents these days. But quick on the heels of the three-day weekend, I realized the anniversary of D-Day was coming up and that just a couple of years ago I had the good fortune to visit the beaches of Normandy, France. The two occasions together got me thinking about our nation's veterans and how our industry helps them use one of … (0 comments)

california: Lock Watch for the Week of 6/4/2018 - 06/03/18 07:58 AM
Lock Watch for the Week of 6/4/2018
 
Volatility-O-Meter:
Kind of a quiet week, if there is such a thing, but watch for a trade war hangover. 
 
Economicalendar (all times are Pacific):
Mon, 6/4:       Factory Orders (7am). 
Tues, 6/5:       ISM Non-Mfg Index and JOLTS (7am).   
Weds, 6/6:     Productivity and Costs, and International Trade (5:30am).
Thurs, 6/7:    Jobless Claims (5:30am) and Consumer Credit (12pm).   
Fri, 6/8:        Quiet.
 
10-Year Treasury History
2.91%     Today's Open
2.93%     One Week Ago
2.95%     One Month Ago
2.14%     One Year Ago
 
The Dipsea Race
On the second Sunday in June, picturesque downtown Mill Valley, CA, transforms into the starting corral of … (1 comments)

california: 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)

california: Lock Watch for the Week of 5/28/2018 - 05/25/18 07:20 AM
Lock Watch for the Week of 5/28/2018
 
Volatility-O-Meter:
Last week saw some reprieve from the persistent selling and this week's GDP and jobs numbers could either counter or build the trend. 
Today, however, a special thank you to all those who have served our country. 
 
Economicalendar (all times are Pacific):
Mon, 5/28:       Memorial Day (markets closed). 
Tues, 5/29:       Consumer Confidence (7am). 
Weds, 5/30:     GDP and International Trade in Goods (5:30am).
Thurs, 5/31:    Jobless Claims and Personal Income and Outlays (5:30am).   
Fri, 6/1:        Employment Situation (5:30am) and ISM Manufacturing Index (7am).
 
10-Year Treasury History
2.93%     (Friday, 5/25)
3.07%     One Week Ago
2.96%     One Month … (11 comments)

california: How Deep Is Your Credit History? - 05/21/18 07:38 AM
How Deep Is Your Credit History?
 
"My credit is excellent! I have, like, a 950 score!"
With such hyperbole (FICO scores range between 300 and 850) you'd almost expect this to be a quote from the president.  But in reality, we hear such statements frequently in the mortgage business.  And it makes perfect sense.  With the proliferation of the Credit Karmas and Life Locks of the world, more and more consumers are staying attuned to their credit profile and generally speaking, that is a good thing.  However, there is an important distinction to be made between having high credit scores and having a credit profile that … (19 comments)

california: Lock Watch for the Week of 5/21/2018 - 05/20/18 07:50 AM
Lock Watch for the Week of 5/21/2018
 
Volatility-O-Meter:
"The beatings will continue until morale improves."
 
Economicalendar (all times are Pacific):
Mon, 5/21:       Quiet. 
Tues, 5/22:       Richmond Fed Mfg Index (7am).  2-Yr Note Auction (10am). 
Weds, 5/23:     PMI Composite Flash (6:45am) and New Home Sales (7am).  5-Yr Note Auction (10am).  FOMC Minutes (11am).
Thurs, 5/24:    Jobless Claims and Existing Home Sales (7am).  7-Yr Note Auction (10am).   
Fri, 5/25:        Durable Goods (5:30am) and Consumer Sentiment (7am).
 
10-Year Treasury History
3.07%     Today
2.99%     One Week Ago
2.96%     One Month Ago
2.25%     One Year Ago
 
Liberace
Pop culture can be especially cruel in retrospect, and I think … (0 comments)

california: Lock Watch for the Week of 5/14/2018 - 05/13/18 07:38 AM
Lock Watch for the Week of 5/14/2018
 
Volatility-O-Meter:
Relatively quiet week aside from a lot of Fed member speeches, but I am going to put oil prices on the radar too.  Heightened Middle East tension could spill over, through oil, into stock and bond markets.
 
Economicalendar (all times are Pacific):
Mon, 5/14:       Quiet. 
Tues, 5/15:       Retail Sales and Empire State Mfg Survey (5:30am) and Housing Market Index (7am).
Weds, 5/16:     Housing Starts (5:30am) and Industrial Production (6:15am)
Thurs, 5/17:    Jobless Claims and Philadelphia Fed Business Outlook Survey (5:30am).  
Fri, 5/18:        Quiet.
 
10-Year Treasury History
2.99%     Today
2.95%     One Week Ago
2.82%     One Month Ago
2.34%     One … (2 comments)

california: Lions and Tigers and PMI, Oh My! - 05/09/18 07:06 AM
Lions and Tigers and PMI, Oh My!
 
There are a number of things you should legitimately be afraid of in this life --- great white sharks, cigarette smoke, Scott Pruitt's EPA --- but private mortgage insurance (also known as "PMI") is not one of them.  We're going to cover the basics here and I'm going to work to dispel a lot of the misconceptions about PMI.  Most importantly, we're going to discuss why PMI on your next mortgage might be an entirely viable solution when you're seeking to purchase a home with less than a 20% down payment.
 
What is PMI?
Private mortgage insurance, … (6 comments)

california: Lock Watch for the Week of 5/07/2018 - 05/06/18 02:46 PM
Lock Watch for the Week of 5/07/2018
 
Volatility-O-Meter:
Inflation readings on Weds/Thurs plus auctions should keep the bond market active.
 
Economicalendar (all times are Pacific):
Mon, 5/7:       Quiet. 
Tues, 5/8:       JOLTS (7am) and 3-Yr Note Auction (10am).
Weds, 5/9:     PPI (5:30am) and 10-Yr Note Auction (10am)
Thurs, 5/10:    CPI and Jobless Claims (5:30am).  30-Yr Bond Auction (10am)
Fri, 5/11:        Import and Export Prices (5:30am) and Consumer Sentiment (7am).
 
10-Year Treasury History
2.95%     Today
2.95%     One Week Ago
2.89%     One Month Ago
2.39%     One Year Ago
 
Nazare', Portugal
I only tried to surf once and it was in the small fry off of Santa Monica.  But it doesn't take … (1 comments)

california: 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)

california: Lock Watch for the Week of 4/30/2018 - 04/28/18 06:55 PM
Lock Watch for the Week of 4/30/2018
 
Volatility-O-Meter:
Very high.  Really big week with a lot of reports and a Fed announcement (though no change to rates expected).
 
Economicalendar (all times are Pacific):
Mon, 4/30:       Personal Income and Outlays (5:30am), Chicago PMI (6:45am). 
Tues, 5/1:       PMI Mfg Index (6:45am) and ISM Mfg Index (7am).
Weds, 5/2:     ADP Employment (5:15am).  FOMC Meeting Announcement (11am). 
Thurs, 5/3:    International Trade and Jobless Claims (5:30am).  Factory Orders and ISM Non-Mfg Index (10am). 
Fri, 5/4:        Employment Situation (5:30am).
 
10-Year Treasury History
2.95%     Today
2.98%     One Week Ago
2.74%     One Month Ago
2.33%     One Year Ago
 
The Cat's in the Cradle
I grew … (2 comments)

california: Am I Too Old to Get a 30-Year Mortgage? - 04/18/18 07:26 AM
Am I Too Old to Get a 30-Year Mortgage?
 
Does your job ever, from time to time, force you to provide the answer to what you feel is a simple and obvious question?  Do you feel a twinge of embarrassment at your inability to contain slight laughter upon responding? 
 
If you can relate to this situation, I want to confess that I have, on more than one occasion, spoken with a mortgage prospect who, shall we say, would be "of retirement age." This person will ask, "Am I too old to get a mortgage?"  The logic, of course, is that if the likelihood the mortgage term would exceed … (2 comments)

california: Lock Watch for the Week of 4/16/2018 - 04/14/18 08:55 PM
Lock Watch for the Week of 4/16/2018
 
Volatility-O-Meter:
Not a lot of key reports, so the market will likely take outside cues.
 
Economicalendar (all times are Pacific):
Mon, 4/16:       Retail Sales and Empire State Mfg Survey (5:30am). 
Tues, 4/17:       Housing Starts (5:30am) and Industrial Production (6:15am).
Weds, 4/18:     Quiet. 
Thurs, 4/19:    Jobless Claims and Philadelphia Fed Business Outlook Survey (5:30am). 
Fri, 4/20:        Quiet.
 
10-Year Treasury History
2.85%     Today
2.81%     One Week Ago
2.85%     One Month Ago
2.26%     One Year Ago
 
Dorothy Parker
Dorothy Parker had an unhappy childhood, little regard for her own writing prowess and an estate that she left to Martin Luther King … (1 comments)

california: Lock Watch for the Week of 4/9/2018 - 04/08/18 08:01 AM
Lock Watch for the Week of 4/9/2018
 
Volatility-O-Meter:
Sticking with "High."  We have a volatile stock market driven by fears of a trade war.  We have Facebook's CEO in front of Congress and we have potential military action in Syria.  Add that to auctions, PPI and CPI and it's enough for a thrill or two.
 
Economicalendar (all times are Pacific):
Mon, 4/9:       Quiet.
Tues, 4/10:       PPI (5:30am).  3-Yr Note Auction (10am).
Weds, 4/11:     CPI (5:30am).  10-Yr Note Auction (10am). 
Thurs, 4/12:    Jobless Claims and Import and Export Prices (5:30am). 30-Yr Bond Auction (10am)
Fri, 4/13:        Consumer Sentiment and JOLTS (7am).
 
10-Year Treasury History
2.81%  … (1 comments)

california: Lock Watch for the Week of 4/2/2018 - 03/31/18 08:27 AM
Lock Watch for the Week of 4/2/2018
 
Volatility-O-Meter:
Mid to High.  Jobs report on Friday --- watch out for indications of wage growth.
 
Economicalendar (all times are Pacific):
Mon, 4/2:       PMI Mfg Index (6:45am).  ISM Mfg Index and Construction Spending (10am).
Tues, 4/3:       Quiet.
Weds, 4/4:     ADP Employment (5:15am), Factory Orders and ISM Non-Mfg Index (7am). 
Thurs, 4/5:    Jobless Claims and International Trade (5:30am).
Fri, 4/6:        Employment situation (5:30am).
 
10-Year Treasury History
2.76%     Today
2.85%     One Week Ago
2.86%     One Month Ago
2.35%     One Year Ago
 
Mr. T
On or shortly after May 28, 1982, I remember being dropped off at either Yorktown or Oakbrook to … (0 comments)

california: Lock Watch for the Week of 3/26/2018 - 03/25/18 05:00 PM
Lock Watch for the Week of 3/26/2018
 
Volatility-O-Meter:
Very high. Short week, GDP, trade war, auctions, locusts...
 
Economicalendar (all times are Pacific):
Mon, 3/26:       Dallas Fed Mfg Survey (7:30am).  2-Yr Note Auction (10am).
Tues, 3/27:       Consumer Confidence and Richmond Fed Mfg Index (7am). 5-Yr Note Auction (10am).
Weds, 3/28:     GDP and International Trade in Goods (5:30am), Pending Home Sales (7am).  7-Yr Note Auction (10am). 
Thurs, 3/29:    Jobless Claims and Personal Income and Outlays (5:30am), Chicago PMI (6:45am) and Consumer Sentiment (7am).  Market closes early.
Fri, 3/30:         Markets closed.
 
10-Year Treasury History
2.84%     Today
2.85%     One Week Ago
2.86%     One Month Ago
2.38%    … (0 comments)

california: Lock Watch for the Week of 3/19/2018 - 03/18/18 09:16 PM
Lock Watch for the Week of 3/19/2018
 
Volatility-O-Meter:  
Mid-to-high. Fed meeting this week, but universal expectation of .25% rate increase).  Not a whole lot of reports otherwise, but Washington chaos is always possible as well. 
 
Economicalendar (all times are Pacific):
Mon, 3/19:       Quiet.
Tues, 3/20:       Quiet.
Weds, 3/21:     Existing home sales (7am) and FOMC Announcement (11am).
Thurs, 3/22:    Jobless Claims (5:30am) and PMI Composite Flash (6:45am).
Fri, 3/23:         Durable Goods (5:30am).
 
10-Year Treasury History
2.87%     Today
2.88%     One Week Ago
2.88%     One Month Ago
2.47%     One Year Ago
 
Aerial Boundaries
Michael Hedges was an acoustic guitarist who, back in the early '80's, released two … (3 comments)

california: 1031 Exchange Jumbo Mortgage - 03/13/18 08:17 AM
1031 Exchange Jumbo Mortgage
 
If, indeed, there are two certainties in life, death and taxes, then real estate investors just might have found their Juan Ponce de Leon in the 1031 exchange, which allows them to defer capital gains taxes on the sale of a rental property so long as they reinvest the proceeds in a "like-kind" purchase.  Spared the death of writing a large check to the IRS, they can find the fountain of youth in a new investment --- always with the proceeds of the previous sale and sometimes with the addition of a new jumbo mortgage.  Since our fabled 1031 … (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

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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