jumbo: 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)

jumbo: 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)

jumbo: 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)

jumbo: 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)

jumbo: 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 … (18 comments)

jumbo: Should You DIY Your DTI? - 05/16/18 06:09 AM
Should You DIY Your DTI?
 
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)

jumbo: 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)

jumbo: 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)

jumbo: Jumbo Mortgage with an H-4 Visa - 04/15/18 08:07 PM
Jumbo Mortgage with an H-4 Visa
 
"I pledge my head to clearer thinking,
my heart to greater loyalty,
my hands to larger service,
and my health to better living,
for my club, my community,
my country and my world."
 
Hold on a second!  That's the pledge for 4-H Club, Rob, and you're supposed to be discussing the H-4 visa here.  You've got it backwards.  Ah yes....sorry about that.
 
The H-4 visa.  This is a visa issued by the U.S. Citizenship and Immigration Services (USCIS) to immediate family members of H-1B visa holders.  These individuals are not US citizens or permanent resident aliens (green card holders) but "non-permanent resident aliens."  Make … (2 comments)

jumbo: Calling Up Your Asset Reserves - 04/11/18 07:12 AM
Calling Up Your Asset Reserves
 
Whether or not you believe that the United States presently has a "border crisis," I'm sure most of us take comfort in the fact that our country can rely on its reservists to step in where and when needed and lend additional support to our nation's active military.  And it's not too much unlike this in the lending industry when a borrower seeks to obtain some kinds of mortgages --- especially jumbo loans, which have amounts that exceeds the conforming loan limits in any area.
 
The active military of any loan qualification, in our example above, would be the … (7 comments)

jumbo: Be A.G.G.R.E.S.S.I.V.E. with a 5% Down Jumbo Mortgage - 03/29/18 07:39 AM
Be A.G.G.R.E.S.S.I.V.E. with a 5% Down Jumbo Mortgage
 
I never so much as played a single down of varsity football, but that didn't help me escape the Friday night lights, the pep rallies and late-game chants of the Tigerettes:
 
Be aggressive!  B.E. aggressive!  B.E. A.G.G. --- R.E.S.S.I.V.E!
 
Yes, when the game was fiercely competitive, when it seemed the team was down to its last drive, the attitude of everyone needed to change.  The cheerleaders set the gears in motion.  Gone were the soft-touch tactics --- the pom poms needed to come off.  It was time to be aggressive.  We're seeing that it's no different … (3 comments)

jumbo: 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)

jumbo: Lock Watch for the Week of 3/12/2018 - 03/12/18 08:47 AM
Lock Watch for the Week of 3/12/2018
 
Volatility-O-Meter:  
High. A lot of reports this week and all against an ever-changing political situation.  
 
Economicalendar (all times are Pacific):
Mon, 3/12:       3-Year Note Auction (8:30am), 10-Year Note Auction (10am).
Tues, 3/13:       Consumer Price Index (5:30am), 30-Year Bond Auction (10am).
Weds, 3/14:     PPI and Retail Sales (5:30am).
Thurs, 3/15:    Jobless Claims, Philadelphia Fed Biz Outlook, Empire State Mfg Survey and Import and Export Prices (5:30am).
Fri, 3/16:         Housing Starts (5:30am), Industrial Production (6:15am), Consumer Sentiment and JOLTS (7am).
 
10-Year Treasury History
2.88%     Today
2.84%     One Week Ago
2.86%     One Month Ago
2.62%     One Year Ago
 
"Rage to Master"
As the father … (1 comments)

jumbo: How High Can You Get with 10% Down? - 03/06/18 08:56 PM
How High Can You Get with 10% Down?
 
First and foremost, let me declare emphatically that I would pass any drug test at any time.  You show up at Casa Spinosa at 4am in the morning, drag me out into your unmarked van, make me tinkle in a cup and take a lock of my graying hair, and you're still not going to find a trace of anything illegal.  Nothing.  Nada.  But I don't know why I have to defend myself when that's not even close to what this post is about...
 
No, instead, I want to tell you about our 10% down … (3 comments)

jumbo: Niche Jumbo Mortgage in California - 02/28/18 07:37 AM
Niche Jumbo Mortgage in California
 
Not all mortgage scenarios in California --- and especially in the high-cost areas we often see in the San Francisco Bay Area, Silicon Valley and in the greater Los Angeles environs --- fit squarely in "the box."  "The Box" is the narrow definition of what it takes to qualify these days, and for a jumbo mortgage that falls outside of the parameters of a conforming or "government," loan, such as FHA or VA.  When you find yourself outside and looking in, sometimes the best solution is a "niche" mortgage program. 
 
Now if visions of subprime loans and sky-high rates … (1 comments)

jumbo: Toxic is Trending! - 02/06/18 07:07 AM
Toxic is Trending!
 
A brief review at recent environmental headlines says it all:
 
January 31, 2018:  President Mulling Major Cuts to Clean Energy Research (Washington Post)
January 15, 2018:  EPA Loosens Regulations on Toxic Air Pollution (EPA)
January 10, 2018:  Climate Change Websites Censored Under President (Envirodatagov.org)
.....
October 9, 2017:  EPA Poised to Scrap Clean Power Plan (New York Times)
 
The list goes on and on.  So I thought I'd get on the bandwagon and talk a little trash about how toxic loan features, as designated by the Dodd-Frank Wall Street Financial Reform Act, are making a totally terrific, trending comeback in the world of jumbo mortgage … (2 comments)

jumbo: Once Bitcoin, Twice Shy: Can You Buy a Home with Bitcoin? - 01/13/18 03:59 PM
Once Bitcoin, Twice Shy:  Can You Buy a Home with Bitcoin?
 
Let's talk about what this post will NOT cover:
 
How bitcoin works. Whether or not you should invest in bitcoin. Is bitcoin the modern day equivalent of tulip bulbs?  
What will we cover?  
 
Using bitcoin to buy real estate.  In other words, can you use bitcoin for your down payment?  What will a mortgage lender ask for if you obtain a loan for your purchase?  What else do I need to know before I cash out of the investment that's kept me sleepless for the last few months?  
Using Bitcoin to … (2 comments)

jumbo: 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)

jumbo: Your DTI Is High and It Will Be Alright - 12/16/17 08:41 AM
Your DTI Is High and It Will Be Alright
 
You might have been lured into reading this blog post under the false assumption that I'd be discussing the controversial subject of financing cannabis-related businesses and property.  Well, you can let that notion go up in smoke.  Instead, we're going to talk about the ways you can get a great jumbo mortgage in California if your debt-to-income ratio (also known as "DTI") is higher than Jeff Spicoli at 4:20pm.  OK, dude, not really, but we are going to address the ways you can get a decent home loan with a very competitive rate … (1 comments)

jumbo: The Older I Get The More I Conform - 12/10/17 08:40 AM
The Older I Get The More I Conform
 
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 … (6 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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