interest rate: Does Shopping for a Mortgage Hurt Your Credit?
- 12/22/22 08:32 AM
Does Shopping for a Mortgage Hurt Your Credit?
Everybody who makes the leap into buying a home, especially first-time homebuyers, and even those who already own a home and are looking to improve their mortgage must eventually confront the pre-approval process. That means a mortgage application and a credit inquiry, also known as a hard credit pull.
Would it surprise you to know that this is a MAJOR stopping point for some? Even before they really even started. And the reason is because many have become conditioned to think that even a single credit inquiry will send their perfect FICO scores into a … (3 comments)
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interest rate: How to Rock an Interest Rate Buydown!!!
- 11/11/22 07:46 AM
How to Rock an Interest Rate Buydown!!!
R U gonna let the interest rate elevator bring you down?
Look --- it's a tough real estate environment right now. Sellers and builders still would die 4 to get the list price and buyers would laugh in the Purple Rain to keep their rate and payment as low as possible.
So what if lenders offered a temporary interest rate buydown, like a 3-2-1 buydown or a 2-1 buydown, that made it all possible?
Let's go crazy!
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 … (1 comments)
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interest rate: How to Rock Rising Mortgage Rates!!!
- 06/09/22 08:34 AM
How to Rock Rising Mortgage Rates!!!
No doubt about it, since 2022 got underway, mortgage rates have been on a stairway higher and that makes it harder for our buyers to qualify for a mortgage on one hand and even when they do qualify, it puts additional strain on their household budget on the other.
So how can buyers and owners keep their rate and payment as low as possible despite rising interest rates? In this short video, I cover three classic ways to "fight the Fed:"
Paying discount points. Choosing an ARM over a fixed rate loan. Considering an interest-only mortgage program. … (9 comments)
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interest rate: How to Rock Second Home or Rental Property?
- 05/19/22 11:55 AM
How to Rock Second Home or Rental Property?
Mortgage guidelines are positively prehistoric when compared to newer companies like AirBnB and VRBO, which have gained popularity as interest in short-term rentals has increased.
But when it comes to getting a home loan on a property that is not your primary residence, you have to state on your mortgage application whether you have a second (or vacation) home or you have a rental (aka investment) property, and there is no middle ground for a "vacation rental." However, there can be real consequences if you get the classification wrong.
So, let's rock the distinction between vacation … (11 comments)
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interest rate: How to Rock Cannabis Income on a Mortgage Application
- 04/05/22 09:12 PM
How to Rock Cannabis Income on a Mortgage Application
Fifty years ago, when the Doobie Brothers were flying high and the folks in China Grove were rising for another day, it would have been hard to imagine that marijuana would eventually be legal in some states. But, not legal in all states and not legal at the Federal level and that means those who work in the marijuana and cannabis industries can see their mortgage opportunities go up in smoke if not aligned with a lender who knows which programs and investors can navigate this relatively new industry.
So let's take it to … (8 comments)
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interest rate: Is a No Cost Refinance a Free Ride?
- 02/10/22 07:33 AM
Is a No Cost Refinance a Free Ride?
Back in the '70's, Edgar Winter extolled the virtues of taking a free ride. But since that time and especially when it comes to transactions in the financial world, most of us have been conditioned to know that nothing's ever free.
So how does this square with the concept of a "no cost" refinance? We hear about these all the time and our clients ask for them. How does the no-cost strategy work and can it offer real benefit in the right situation? We cover all these timeless questions in this short, fun, rockin' video:
Decided … (1 comments)
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interest rate: How Hard Is It to Refinance a Mortgage?
- 05/10/20 11:03 AM
How Hard Is It to Refinance a Mortgage?
On a weekend morning you wake up:
A) Before 6AM.
B) Before 8AM.
C) Before 10AM.
D) Yeah, yeah, I'm awake...
It's time to take out the trash when:
A) Pickup is the following day.
B) The level of trash is approaching the top of the trash can.
B) The level of trash has crossed the plane of the top of the trash can.
C) Expert levels of jenga skill are required to balance your trash on the top of the steaming heap.
If you answered "D" to either of the above, and you have a mortgage in California, this blog post is dedicated to … (3 comments)
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interest rate: What is APR on a Mortgage?
- 07/22/19 07:36 AM
What is APR on a Mortgage?
"Can you tell me what your APR is?"
"Sure. Can you tell me what APR is?"
"Uhhhh..."
So this really happened. Many times, in fact. This is your garden variety, otherwise-intelligent consumer trying to shop for a mortgage. This is someone earnestly trying to figure out the best deal on a home loan. And yet, most often, they have absolutely no idea what they are doing when it comes to the annual percentage rate, or APR, on a mortgage. But I don't blame them. The point of this blog is not to make anyone look or feel stupid. In fact, it's … (5 comments)
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interest rate: Lock Watch for the Week of 3/18/2019
- 03/16/19 07:34 AM
Lock Watch for the Week of 3/18/2019
Volatility-O-Meter:
All eyes on the Fed this week.
Economicalendar (all times are Pacific):
Mon, 3/18: Housing Market Index (7am).
Tues, 3/19: Factory Orders (7am).
Weds, 3/20: FOMC Meeting (11am).
Thurs, 3/21: Jobless Claims and Philadelphia Fed Business Outlook Survey (5:30am). Fed Balance Sheet (1:30pm).
Fri, 3/22: Existing Home Sales (7am).
10-Year Treasury History
2.60% Market Open
2.64% One Week Ago
2.65% One Month Ago
2.85% One Year Ago
(Need a rate quote for your specific scenario? Click anywhere on this link.)
W.S. Merwin, 1927 - 2019
I had hardly begun to read
I asked how can you ever be sure
that what you … (2 comments)
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interest rate: 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)
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interest rate: Lock Watch for the Week of 2/18/2019
- 02/16/19 03:36 PM
Lock Watch for the Week of 2/18/2019
Volatility-O-Meter:
Lots of Fed talk this week but few reports.
Economicalendar (all times are Pacific):
Mon, 2/18: President's Day, markets closed.
Tues, 2/19: Housing Market Index (7am).
Weds, 2/20: FOMC minutes (11am).
Thurs, 2/21: Jobless Claims, Durable Goods, Philadelphia Fed Bus Outlook Survey (5:30am). Existing Home Sales (7am).
Fri, 2/22: Quiet.
10-Year Treasury History
2.67% Friday's Close
2.66% One Week Ago
2.79% One Month Ago
2.88% One Year Ago
(Need a rate quote for your specific scenario? Click anywhere on this link.)
Hell on Wheels: New York City's Subway in the 1970's
A fond childhood memory of mine is riding … (1 comments)
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interest rate: 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)
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interest rate: 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)
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interest rate: Lock Watch for the Week of 8/20/2018
- 08/18/18 11:29 AM
Lock Watch for the Week of 8/20/2018
Volatility-O-Meter:
Kind of a quiet week ahead. Who's up for heading to the beach one last time?
Economicalendar (all times are Pacific):
Mon, 8/20: Quiet.
Tues, 8/21: Quiet.
Weds, 8/22: Existing Home Sales (7am) and FOMC (11am).
Thurs, 8/23: Jobless Claims (5:30am) and New Home Sales (7am).
Fri, 8/24: Durable Goods (5:30am).
10-Year Treasury History
2.84% Today's Open
2.88% One Week Ago
2.89% One Month Ago
2.18% One Year Ago
Randy Rhoads
Randy Rhoads was born into a musical family in 1956 and taught himself to play guitar at his mother's San Fernando … (1 comments)
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interest rate: Poor Richard, the First Time Home Buyer
- 08/15/18 07:27 AM
Poor Richard, the First Time Home Buyer
If I've learned anything in the current political environment it's that you can't make people see things they choose not to look for. But what about the opposite? What happens when the truth is hard to find? Or, better still, what if the question at hand involves a bit of both? That is, what if people don't have the inclination to look for something that is a bit difficult to locate? With the help of one of our Founding Fathers, we're going to dispense some wisdom and address this dilemma in the context of a first time … (3 comments)
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interest rate: Lock Watch for the Week of 7/23/2018
- 07/22/18 12:55 PM
Lock Watch for the Week of 7/23/2018
Volatility-O-Meter:
GDP at the end of the week and auctions in the middle, but let's not discount the significance of what happened with comments from the President regarding the Fed. Bloomberg chimes in on it HERE. Could this be our next real rate driver?
Economicalendar (all times are Pacific):
Mon, 7/23: Existing Home Sales (7am).
Tues, 7/24: PMI Composite Flash (6:45am) and 2-Year Note auction (10am).
Weds, 7/25: New Home Sales (7am) and 5-Year Note auction (10am).
Thurs, 7/26: Durable Goods, International Trade in Goods and Jobless Claims (5:30am) and 7-Year Note auction (10am).
Fri, … (0 comments)
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interest rate: Lock Watch for the Week of 7/9/2018
- 07/06/18 12:00 PM
Lock Watch for the Week of 7/9/2018
Volatility-O-Meter:
Inflation readings mid-week and, I don't know about you, but I see trade tension escalating...
Economicalendar (all times are Pacific):
Mon, 7/9: Quiet.
Tues, 7/10: JOLTS (7am) and 3-Year Note auction (10am).
Weds, 7/11: PPI (5:30am) and 10-Year Note auction (10am).
Thurs, 7/12: CPI and Jobless Claims (5:30am) and 30-Year Bond auction (10am).
Fri, 7/13: Import and Export Prices (5:30am) and Consumer Sentiment (7am).
10-Year Treasury History
2.86% Today's Open
2.85% One Week Ago
2.93% One Month Ago
2.38% One Year Ago
Vietnam Veterans Memorial
Me: "Man, he was 20 years-old when he … (1 comments)
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interest rate: 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)
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interest rate: 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)
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interest rate: Lock Watch for the Week of 4/23/2018
- 04/21/18 08:14 PM
Lock Watch for the Week of 4/23/2018
Volatility-O-Meter:
Busy week of reports and auctions. GDP on Friday.
Economicalendar (all times are Pacific):
Mon, 4/23: PMI Composite Flash (6:45am) and Existing Home Sales (7am).
Tues, 4/24: New Home Sales, Consumer Confidence and Richmond Fed Mfg Index (7am). 2-Yr Note Auction (10am).
Weds, 4/25: 5-Yr Note Auction (10am).
Thurs, 4/26: Durable Goods, International Trade in Goods and Jobless Claims (5:30am). 7-Yr Note Auction (10am).
Fri, 4/27: GDP (5:30am), Chicago PMI (6:45am) and Consumer Sentiment (7am).
10-Year Treasury History
2.98% Today
2.85% One Week Ago
2.82% One Month Ago
2.28% One Year Ago
R. Lee Ermey
Well, I … (1 comments)
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Does Shopping for a Mortgage Hurt Your Credit?
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