mortgage: How a First Time Homebuyer Can Buy a Home with No Money Down - 09/12/23 06:01 PM
How a First Time Homebuyer Can Buy a Home with No Money Down
  
 
-Some don't need the ocean view.
-Some don't need the 4-car finished garage.
-Some don't need the extra bedroom/home office.
-Some don't need the picket fence or landscaped lawn.
 
-Some do need their first home and don't have a down payment.
-Some do need a lender credit to help with closing costs.
-Some do live, or will live, in eligible census tracts.
-Some do believe in the American Dream.
 
If you've been conditioned to think that only eligible veterans can finance a home without a down payment, or if you've been told that in order to purchase … (8 comments)

mortgage: How to Rock an Interest-Only Mortgage! - 08/30/23 06:06 PM
How to Rock an Interest-Only Mortgage!
  
Interest-only mortgages are not just for luxury homebuyers with jumbo-sized home loans anymore!  And while we do see the buyers and owners of higher-priced real estate favoring interest only loans because of their lower payments, have you ever wondered why everyone doesn't consider this mortgage program?
 
Is it due to the fact that most interest-only loans are ARM mortgages, like the 7/1 or 10/1 ARM?
 
Or is it simply due to homeowner psychology?  After all, there is a large number of homeowners who just can't stand looking at their mortgage statements month after month and NOT seeing their … (2 comments)

mortgage: How to Rock Escrows (aka Impounds)! - 07/06/23 08:21 PM
How to Rock Escrows (aka Impounds)!
  
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)

mortgage: The Most Frequently Asked First-Time Homebuyer Questions - 04/13/23 07:58 AM
The Most Frequently Asked First-Time Homebuyer Questions
  
I realize it may seem daunting to ask what you feel may be the simple or even, er, "stupid" questions when you are a first-time homebuyer.  But by all means, DO NOT let your "pride" get in the way.
 
Questions like:
 
What is a pre-approval and how long is it good for? Do I need 20% down? Will applying for a mortgage hurt my credit? Should I shop multiple lenders? What's the best type of loan to get? When can I lock an interest rate? How much are closing costs? How does my lender get paid? … (1 comments)

mortgage: In California the Real Estate Property Taxman Comes April 10th! - 04/10/23 08:54 AM
In California the Real Estate Property Taxman Comes April 10th!
  
You hear it all the time in California real estate circles --- "your second installment of property taxes is due on April 10."
 
False!
 
Your second installment of CA property tax is LATE after April 10, meaning that if you do not have your payment postmarked or paid by this date, you'll incur a 10% penalty.  Yikes!
 
So if you are not currently impounding (aka "escrow") your property taxes, in which case your mortgage servicer will submit the tax payment to the appropriate county, you have to make sure your taxes get paid by the … (1 comments)

mortgage: What Kind of Insurance Do You Need When You Buy a Home? - 03/30/23 04:05 PM
What Kind of Insurance Do You Need When You Buy a Home?
  
Walls shakin'?
 
Earth quakin'?
 
Hurricane comin'?
 
Flood waters risin'?
 
Forest fires burnin'?
 
If you own a home and you have a mortgage, homeowner's insurance will be a fact of life.  But in this short video, we cover what kinds of coverage you're required to take when you buy a home, as well as some of the other types of policies that exist and where and when they may be required.
 
Sure, your lender is not an insurance professional, but together with your carrier of choice we can help you make sure that your risks are covered.
 
Back … (3 comments)

mortgage: Is a Bank Statement Mortgage Right for You? - 03/15/23 08:29 AM
Is a Bank Statement Mortgage Right for You?
  
 
Let's face it, it can be VERY difficult for the self-employed to get some shelter when seeking the best mortgage.  Why?  Because they face a tough choice every year around tax time:
 
File the maximum allowable deductions and reduce taxable income as much as possible in order to pay less in taxes.
File with fewer deductions, maximize income and appear strongest in the eyes of a potential mortgage lender.
 
In reality, balancing these two is nearly impossible for most business owners and the lending industry recognizes that.  In response, the self-employed can sometimes use a bank statement … (2 comments)

mortgage: How to Rock Getting a Mortgage If You're Self-Employed!!! - 03/02/23 07:55 AM
How to Rock Getting a Mortgage If You're Self-Employed!!!
  
Seriously!  Is there anybody who still thinks the self-employed have it easy? You know, like the song says, "they see you havin' fun just a-lyin' in the sun?"  Those of us who are self-employed or work with the self-employed know otherwise, and you could argue that owners of businesses, large and small, spend as much or more of their time taking care of business than those getting a paycheck from someone else.  None of this 'work from home in my pajamas' stuff for the majority --- that's for sure.
 
So why does the mortgage … (5 comments)

mortgage: How to Buy a House With an Affordable Mortgage - 02/07/23 08:02 AM
How to Buy a House With an Affordable Mortgage
  
Mama mia!  If I've said it once, I'll say it a thousand times:  You don't need to be a poor boy from a poor family in order to get an affordable mortgage!  Yes, you do need to be a first-time homebuyer.  Yes, your income needs to fall below the AMI or "area median income," which you can get a sense of at this link, Area Median Income Lookup Tool.  But beyond that, this sort of low income home loan can be very flexible and a great way to get your first place.
 
An AMI, … (3 comments)

mortgage: How to Buy a House When You Have Bad Credit - 01/18/23 07:54 AM
How to Buy a House When You Have Bad Credit
  
It can be a real jungle out there if you're trying to buy a home and get a mortgage, especially when you have bad credit.  But if you've got an appetite for instruction, I'm going to show you the ways you can overcome the stress, intimidation and fear of the failure and succeed with the purchase of a home --- even if your credit scores and credit history are down and dirty.
 
In just the time it takes to listen to your favorite tune, let's learn how to rock buying a home when … (9 comments)

mortgage: How to Get Rid of PMI on Your Mortgage - 01/03/23 05:20 PM
How to Get Rid of PMI on Your Mortgage
  
Want to drop your private mortgage insurance (PMI) payments like a pair of cheap sunglasses?  Don't know where to start? 
 
Look, when interest rates were moving lower and property values were moving higher, the headache of canceling PMI took a back seat. And why not? In that climate, homeowners typically just refinanced and both dropped PMI and got a lower rate.
 
But when interest rates move higher and home values flatten or even go lower, many owners strive to preserve their great mortgage rates and focus on getting rid of that extra monthly insurance payment … (2 comments)

mortgage: 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)

mortgage: How (NOT) to Destroy Your Mortgage Approval!!! - 12/07/22 08:41 PM
How (NOT) to Destroy Your Mortgage Approval!!!
  
Ever wondered about the most common (as well as lesser known) ways mortgage borrowers sabotage their own loan process?
 
Do they dispute credit items and try to fix their FICO scores? Do they change jobs without telling their lender or broker? Do they mistakenly wire their down payment to a cyber criminal in Russia?  
All of the above can be mortgage destroyers --- and not like the KISS kind of Destroyer --- the one that captivated me as a child.
 
So, let's take the mask off the Top 10 ways unsuspecting homebuyers and those looking to … (4 comments)

mortgage: How to Rock the 2023 Conforming Loan Limits!!! - 12/01/22 08:46 AM
How to Rock the 2023 Conforming Loan Limits!!!
  
I ain't foolin'!
 
Even though there's been a whole lotta interest rate hikes in 2022.  And even though there's been a whole lotta rumbling about home values declining in some areas, the FHFA will again be increasing the conforming loan limits into 2023.
 
This means that where the one-unit conforming limit was $647,200 in 2022, it will become $726,200 in 2023.
 
And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you may see the conforming limit go from $970,800 all the way up to $1,089,300.
 
Note that FHA and … (5 comments)

mortgage: The 10 American Indian Commandments - 11/26/22 09:27 AM
The 10 American Indian Commandments
  
This Thanksgiving weekend, while we enjoyed time with family, gave thanks for our great fortune as Americans and even let our 4th grader relay to us what he'd learned about the origin of the holiday itself, I did also manage to find a few minutes to do some housekeeping on the many images stored on my phone.  
 
One that stood out and stopped me in my tracks was a poster of the Indian Ten Commandments, which I had snapped on a stopover in Lee Vining, CA, several years ago.  Lee Vining is a small town (graduating high school … (11 comments)

mortgage: 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)

mortgage: How to Rock a Low House Appraisal Value!!! - 10/24/22 09:07 PM
How to Rock a Low House Appraisal Value!!!
  
You found the perfect home...
 
And the seller accepted your offer...
 
And your mortgage application is underway...
 
Until your appraisal comes in low.  What now???
 
Never mind all the bad advice that swirls around this dilemma.  There are a handful of effective ways to deal with an appraisal value that comes in under your offer price, so if you find yourself in this stressful situation today, get in touch.  Or perhaps you're a Realtor or buyer looking to better understand all of the tactics and tips that you can use to negotiate a low appraisal in today's challenging … (9 comments)

mortgage: How to Rock an FHA Home Loan!!! - 10/06/22 08:16 AM
How to Rock an FHA Home Loan!!!
  
Are FHA loans just for first time home buyers?  
 
Is an FHA mortgage the best choice if you have bad credit?
 
What if you have a low down payment, or even no down payment from your own savings?
 
If you're ready to quit renting right here and right now, let's learn how to rock an FHA home loan:
 
 
Watching the world wake up,
 
 
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 … (9 comments)

mortgage: How to Rock Shopping for Mortgage Rates!!! - 09/22/22 07:59 AM
How to Rock Shopping for Mortgage Rates!!!
  
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)

mortgage: How to Rock a Housing Recession!!! - 09/08/22 01:18 PM
How to Rock a Housing Recession!!!
  
Is now a good time to buy a house?
 
Are we headed into another housing recession?
 
What happens if mortgage rates keep going up?
 
Should I just keep renting while we wait to see what happens with the economy?
 
Since these have been the predominant questions on our clients' minds, I thought I would take a step back to the basics and look at how to make the best decisions possible in uncertain times.
 
Are the lights going down on the real estate market?  Let's take a look...
And the sun shines on the bay,
 
 
Rob Spinosa
SVP of Mortgage Lending
Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com
 
Marin … (5 comments)

 
Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

Rob Spinosa

Mortgage Loan Originator, Marin County

Larkspur, CA

More about me…

US Bank

Address: 324 Sir Francis Drake Blvd., San Anselmo, CA, 94960

Office: (415) 367-5959

Mobile: (415) 367-5959

REX Homebuyer Participating Lender

80-10-10 Loans

What Happens if My Appraisal Comes in Low?

Can I Get a Cosigner on a Mortgage?



Listings

Links

Archives

RSS 2.0 Feed for this blog