When you buy your first home, you probably expect that you'll need to make a mortgage payment every month. Common sense, right?
But what about your property taxes and homeowners insurance, and PMI, and HOA dues and impounds and escrows, etc.? Are you just a bit stressed now?
In the short video below, we cover the most important points about your monthly housing payment --- what's in it, how you can pay it, when your payments are applied and who can waive and not waive an escrow account.
If you want to make a "killer" decision about whether or … (2 comments)
Have a rate quote but want to see if another lender, banker or broker can "beat it?"
Concerned that the Fed will keep hiking rates and trying to decide whether to lock your rate today?
Mortgage rate shopping doesn't need to be stressful if you follow these simple tips from an industry pro: No one wants to be defeated,
Rob Spinosa SVP of Mortgage Lending Guaranteed Rate NMLS: 22343 Cell/Text: 415-367-5959 rob.spinosa@rate.com
Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960 *The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do … (2 comments)
Just like the Julian and Gregorian calendars separate time between B.C. and A.D., the passage of the Dodd-Frank Wall Street Financial Reform Act separates the way mortgages have been qualified. Loosely, before Christ (and in my opinion, Barney and Chris did hold themselves in quite high regard) many claimed you just needed to "fog a mirror" to get a home loan. But in the crusades that followed the birth of the new law, most residential mortgages must follow the provisions of ability-to-repay or "ATR." In other words, before Dodd-Frank, lenders had much greater leeway to approve or deny a … (2 comments)
Here in the San Francisco Bay Area, and Marin County, where I'm located, we tend to see a lot of loan amounts that exceed the conforming and high balance conforming loan limits (respectively, $417,000 and $625,500, in most local metropolitan statistical areas). And I'll be honest with you --- this has less to do with stereotypes (hoodie-wearing 25-year olds snapping up funky, $2MM+ Victorians with their handsome stock payouts), and more to do with median home prices that tend to hover around the million dollar mark for the Average Joe. Whatever the combination … (3 comments)
How to Rock Escrows (aka Impounds)!
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