jumbo: OK Boomer, You Don't Need 20% Down - 11/09/19 08:23 PM
OK Boomer, You Don't Need 20% Down
Bound to happen from time to time in the digital age, a saying goes viral --- in this case, "OK, boomer," --- which is meant to expose a close-minded or out-of-touch opinion, thought or mindset of one generation by another (I'll let you figure out the age demographics here).  Hopefully, the topic of this blog will transcend generational differences and address the assumptions about the down payment one needs to make when purchasing a home, versus the reality of what we see every day with those who are actually buying homes.  I think you'll be … (38 comments)

jumbo: Your Debt-to-Income Ratio Is High and It Will Be Alright - 09/21/19 07:21 AM
Your Debt-to-Income Ratio 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: Can I Get a Mortgage If I Am Retired? - 09/08/19 08:45 AM
Can I Get a Mortgage If I Am Retired?   I live in an aging county.  So if you ever find yourself vacationing in the lovely city of San Francisco, give this little exercise a try:  Simply get in your Uber.  Or rent one of those death trap three-wheelers at Fisherman's Wharf.  Or bundle up take it on the heel and toe and come across the iconic Golden Gate Bridge to magical Marin County.  Now, did you feel yourself getting older in the process?   Even if not, Marin County's residents, with their 46.1-year old median age, clean air, great schools and … (15 comments)

jumbo: Investment Property Jumbo Mortgage with Low Down Payment - 07/07/19 09:22 AM
Investment Property Jumbo Mortgage with Low Down Payment
Since I'm in California, and property values where I live and work tend to be on the, shall we say, higher side, residential real estate investors --- those looking to purchase a home of 1- to 4-units to be used as an income-producing property --- can sometimes be limited in their attractive jumbo mortgage options.  This is especially true if they are looking to keep their down payment as low as possible.  Many potential rental property buyers are told flat out that even a 20% down payment is California dreamin', and that a jumbo … (0 comments)

jumbo: What's a Piggyback Mortgage? - 06/23/19 07:47 AM
What's a Piggyback Mortgage?
As if!  As if mortgages weren't complex enough, now you're going to tell me there's such a thing as TWO mortgages stacked on top of each other --- just to buy the same home you could otherwise get with one mortgage?  Are you a glutton for punishment?
OK, calm down.  You're correct about the part that adding a second, or "piggyback," mortgage might add complexity, but you're not quite right about the fact that our buyer could have just as easily killed the proverbial financing bird with one stone/loan.  Often, when we suggest borrower consider secondary financing, aka a piggyback loan, … (15 comments)

jumbo: 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)

jumbo: What's the Point of Points? - 06/11/19 05:59 AM
What's the Point of Points?
Let's get right to the point.  What point?  Points.  I don't get it.  What's your point?  The point is points --- what are they, how do they work and should I pay them when I get a mortgage?  There's a lot of confusion about points and when a borrower researches his or her best mortgage options, inevitably there will be an element of points in the debate.  So in order to help ourselves find the best terms on any home loan, we need to get this point thing under our belt.
Point One (One Point)
Simply, one point equals … (46 comments)

jumbo: When Is a Good Time to Refinance? - 05/27/19 08:11 AM
When Is a Good Time to Refinance?
There's that great, old maxim that goes, "There are two kinds of jobs in the world; the kind you shower before and the kind you shower after."  And in that spirit, I would offer that there are two kinds of refinances in the world --- the kind you transact because you want to and the kind you pursue because you must.  We'll cover both here and we'll talk about when it may be a good time to consider refinancing your home.  But first, some basics.
Refinancing your mortgage(s) allows you to change the terms of your … (3 comments)

jumbo: Having Your OREO and Depleting It Too - 04/23/19 06:55 AM
Having Your OREO and Depleting It Too
Asset-backed or asset qualifying mortgages are not endangered species around here.  Not a week goes by where we don't field an inquiry from a home buyer or homeowner seeking a mortgage but devoid of the typical income qualifying requirements; paystubs, W-2 forms and tax returns that show what they really earn in any year.  So using assets to qualify for a mortgage has become a viable alternative for those who have strong credit and who have demonstrated the ability to save and invest.  These individuals can often parlay their (liquid) net worth into qualifying power, and … (15 comments)

jumbo: Rental Income from Accessory Units? Hot or Not? - 04/16/19 07:10 AM
Rental Income from Accessory Units.  Hot or Not?
I don't know about where you live, but here in Marin County, accessory dwelling units ("ADU"), also known as accessories, 1+'s, granny units, in-law's, mother-in-law's, etc., are all the rage.  When we discuss remodel projects with our clients, adding an accessory is often high on the list.  After all, if permitting allows, the thought of having the extra space to accommodate guests, parents or children, short- or long-term renters or maybe just create the proverbial doghouse in marriage under the strain of any/all of the above, can be appealing.  But from a mortgage guideline standpoint, … (4 comments)

jumbo: ARM vs. Fixed - 04/07/19 07:52 AM
ARM vs. Fixed
If Stairway to Heaven is the most overplayed song, then the 30-year fixed mortgage has got to be the most overplayed loan option.  And like the iconic tune, the 30-year fixed is really great.  I mean for most borrowers, it's the clear way to go.  No rate changes, 360 equal payments and if you don't refinance, sell the house or kick the bucket first, the loan is fully paid off 30 years down the road.  But even if the 30-year fixed is a great and popular option, is it the best option for everyone?  We're seeing that more and more … (2 comments)

jumbo: Getting a Mortgage on a Vacation Condo in Hawaii - 03/26/19 06:34 AM
Getting a Mortgage on a Vacation Condo in Hawaii
Now that you've snapped out of your daydreams of swaying palm trees and the enveloping comfort of warm tropical air, you may recall that in a previous blog post I covered the things we need to know when buying a second home in Hawaii, and using a jumbo mortgage in the purchase transaction.  But what if, instead, you are looking specifically to buy a condominium to use as a second home?  Are there any tips, tricks and general good advice when it comes to getting a home loan to purchase one of these?  … (2 comments)

jumbo: Using a Jumbo Mortgage to Buy a Second Home in Hawaii - 03/17/19 08:14 PM
Using a Jumbo Mortgage to Buy a Second Home in Hawaii
Who, stateside, doesn't at least want to entertain the idea of calling it a long work week, heading to the airport and then a few hours later touching down on one of the Hawaiian islands?  What if you're on the cusp of that reality and have decided to buy a second home in Hawaii and need a jumbo mortgage to help you achieve that goal?  I am a licensed mortgage loan originator in Hawaii, can help and here's what my clients need to know.
What Is a Second Home?
While any vacation residence … (0 comments)

jumbo: Jumbo Mortgage for the Self-Employed - 02/10/19 06:09 PM
Jumbo Mortgage for the Self-Employed
One thing of which our industry does a terrible job is promoting a sense of optimism among the self-employed.  Whether the one-man-band sole proprietor, or the complex, greater-than-25% owner of a multi-million dollar S-Corp, this long-suffering subset of the borrowing population has traditionally experienced stiff headwind in the mortgage process because the objectives of running one's own business frequently fly in the face of what it takes to qualify for a jumbo mortgage.  There are a combination of reasons why this has been the case and we're going to look at those here, along with what the self-employed … (5 comments)

jumbo: Landlord Horror Stories - 01/13/19 04:51 PM
Landlord Horror Stories
Though you may be disappointed and feel misled, we're not actually going to focus on landlord horror stories here. Instead, we are going to talk about the nuances of getting home financing on the purchase of an investment property which, if done improperly, can certainly take on the stuff of nightmares.  If you're thinking of making the leap into rental property ownership and becoming a landlord yourself, there are some things you need to know about how the mortgage industry will treat your loan application.  And this treatment could be quite different from your previous experience with financing your … (5 comments)

jumbo: Can You Get a Mortgage with Assets but No Income? - 01/06/19 09:11 PM
Can You Get a Mortgage with Assets but No Income?
"Can you get a mortgage with assets but no income?"  Well, if I had a dollar for every time I got asked this question, I'd probably then have documentable income and it would send us back to the start of the conversation, right?  Seriously, what we're going to cover here are the key points of getting a home loan when you have substantial liquid assets (cash equivalents, stocks, bonds, mutual funds and even retirement accounts) but don't have the traditional income sources that lenders want to see when they go to approve you … (6 comments)

jumbo: 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)

jumbo: 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)

jumbo: 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)

jumbo: Lock Watch for the Week of 10/1/2018 - 09/29/18 08:16 PM
Lock Watch for the Week of 10/1/2018
Lots of FOMC member speeches throughout the week and the jobs report on Friday.
Economicalendar (all times are Pacific):
Mon, 10/1:       PMI Mfg Index (6:45am), ISM Mfg Index and Construction Spending (7am).
Tues, 10/2:      Quiet.
Weds, 10/3:     ADP Employment Report (5:15am), PMI Services Index (6:45am) and ISM Non-Mfg Index (7am).
Thurs, 10/4:    Jobless Claims (5:30am) and Factory Orders (7am).
Fri, 10/5:        Employment Situation and International Trade (5:30am).
10-Year Treasury History
3.09%     Today's Open
3.08%     One Week Ago
2.86%     One Month Ago
2.34%     One Year Ago
Lost at Sea
I'm not sure how many of you caught the … (3 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

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