mortgage: 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)

mortgage: Should I Get a HELOC? - 07/01/19 07:50 AM
Should I Get a HELOC?
 
Thankfully, many of our clients are happy with their mortgages.  The interest rate, the terms, the peace of mind --- all are satisfactory and there's no motivation to change or refinance.  But what happens if there's a need to use the equity in the home to finance a remodeling project, a large purchase or to just have a "safety net?"  A home equity line of credit or "HELOC" can be used to meet these purposes, but should you get a HELOC and, if so, how do they work?
 
What Is a HELOC?
A home equity line of credit, or … (10 comments)

mortgage: 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)

mortgage: 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)

mortgage: 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 … (42 comments)

mortgage: What Is a Debt Service Coverage Ratio Mortgage? - 06/04/19 07:50 AM
What Is a Debt Service Coverage Ratio Mortgage?
 
Real estate investors have long turned to private money loans when conventional mortgage lenders have determined that either they, with their multiple property holdings, or the properties they are looking to buy, pose too great a risk.  But for its benefits of closing quickly and not involving an intrusive qualifying process based on ability-to-repay (ATR), hard money loans are expensive and most often have terms that require the investor to refinance or pay off the loan in the short term --- not an ideal fit for those who own, or are building, a portfolio … (1 comments)

mortgage: 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)

mortgage: The Lenders, The Dreamers and Me - 05/13/19 07:33 AM
The Lenders, The Dreamers and Me
 
Immigration, as a topic, has been in the news a lot lately. Without weighing in politically, at least overtly, this is a matter close to my heart as it's not hard for me to forget that my grandparents fit the classic Ellis Island mold that shaped the lives of countless Italian-Americans.  A couple of years ago, I was honored to write a piece for our industry's M Report, and in it, I tried to imagine what it was like for my immigrant grandfather to obtain his first mortgage here in the United States.  Just conjuring his … (3 comments)

mortgage: FHA FAQ - 05/07/19 07:17 AM
FHA FAQ
 
Maybe you just got the news from your loan officer that you need an FHA loan in order to qualify for your home purchase.  "Oh brother," you say, another acronym, additional lending jargon and still more ways to be confused about the whole mortgage process.  Or not?  What are the differences between an FHA loan and a "regular" or conventional mortgage?  Let's take a look at some of the most frequently asked questions that swirl around FHA loans and cut right to the chase of what you need to know in order to determine if an FHA loan is a … (11 comments)

mortgage: Lock Watch for the Week of 4/29/2019 - 04/28/19 08:06 AM
Lock Watch for the Week of 4/29/2019
 
Volatility-O-Meter:
FOMC meeting and announcement this week, but no rate change expected.  Still, watch the language and watch the employment report on Friday too.
 
Economicalendar (all times are Pacific):
Mon, 4/29:    Personal Income and Outlays (5:30am).
Tues, 4/30:     Case-Shiller HPI (6am), Chicago PMI (6:45am), Consumer Confidence and Pending Home Sales (7am). 
Weds, 5/1:     ADP Employment Report (5:15am), PMI Mfg Index (6:45am), Construction Spending (7am) and FOMC Announcement (11am).
Thurs, 5/2:    Jobless Claims and Productivity and Costs (5:30am), Factory Orders (7am).  Fed Balance Sheet (1:30pm).
Fri, 5/3:        Employment Situation and Int'l Trade in Goods (5:30am), ISM … (1 comments)

mortgage: 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)

mortgage: Lock Watch for the Week of 4/22/2019 - 04/20/19 07:44 AM
Lock Watch for the Week of 4/22/2019
 
Volatility-O-Meter:
And you thought Good Friday was last week...
 
Economicalendar (all times are Pacific):
Mon, 4/22:    Existing Home Sales (7am).
Tues, 4/23:     New Home Sales (7am). 2-Yr Note Auction (10am).
Weds, 4/24:     5-Yr Note Auction (10am).
Thurs, 4/25:    Jobless Claims and Durable Goods (5:30am), 7-Yr Note Auction (10am).  Fed Balance Sheet (1:30pm).
Fri, 4/26:        GDP (5:30am), Consumer Sentiment (7am).
 
10-Year Treasury History
2.58%     Market Open
2.56%     One Week Ago
2.44%     One Month Ago
2.98%     One Year Ago
(Need a rate quote for your specific scenario?  Click anywhere on this link.)
 
Hangin' Out at Dino's
If you listen to a "classic rock" … (0 comments)

mortgage: 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)

mortgage: Lock Watch for the Week of 4/15/2019 - 04/14/19 09:14 AM
Lock Watch for the Week of 4/15/2019
 
Volatility-O-Meter:
Fairly light week of reports that should mean no fireworks.  But beware every time you issue such a comment...
 
Economicalendar (all times are Pacific):
Mon, 4/15:    Empire State Mfg Survey (5:30am).
Tues, 4/16:     Industrial Production (6:15am), Housing Market Index (7am).
Weds, 4/17:     International Trade (5:30am), Beige Book (11am).
Thurs, 4/18:    Jobless Claims, Philadelphia Fed Bus. Outlook Survey, Retail Sales (5:30am), Business Inventories (7am) and Fed Balance Sheet (1:30pm).
Fri, 4/19:        Housing Starts (5:30am).
 
10-Year Treasury History
2.56%     Market Open
2.51%     One Week Ago
2.59%     One Month Ago
2.83%     One Year Ago
(Need a rate quote for your … (2 comments)

mortgage: 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)

mortgage: Lock Watch for the Week of 4/8/2019 - 04/05/19 07:03 AM
Lock Watch for the Week of 4/8/2019
 
Volatility-O-Meter:
Inflation readings and auctions should backdrop an interesting week.
 
Economicalendar (all times are Pacific):
Mon, 4/8:    Factory Orders (7am).
Tues, 4/9:     JOLTS (7am), 3-Yr Note Auction (10am).
Weds, 4/10:     CPI (5:30am), 10-Yr Note Auction (10am), FOMC Minutes and Treasury Budget (11am).
Thurs, 4/11:    Jobless Claims and PPI (5:30am), 30-Yr Bond Auction (10am) and Fed Balance Sheet (1:30pm).
Fri, 4/12:        Import and Export Prices (5:30am), Consumer Sentiment (7am).
 
10-Year Treasury History
2.51%     Market Open
2.49%     One Week Ago
2.62%     One Month Ago
2.78%     One Year Ago
(Need a rate quote for your specific scenario?  Click anywhere on this link.)
 
Paying … (1 comments)

mortgage: Is Your Mortgage Lender Requiring Flood Insurance? - 04/02/19 07:40 AM
Is Your Mortgage Lender Requiring Flood Insurance?
 
Up until this point, everything was going great.  You loved the house, it fit your budget and, by the grace of God, your offer got accepted.
 
But then it was your mortgage lender, Dasher of Dreams, who let you know that the property sits in a special flood hazard area, and that it will require flood insurance.  I know --- this is something that should have been revealed earlier in the process, and most often it is, but this time around, the fact that the property may be susceptible to flooding risk came up late and … (2 comments)

mortgage: 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)

mortgage: Lock Watch for the Week of 4/1/2019 - 03/23/19 07:26 AM
Lock Watch for the Week of 4/1/2019
 
Volatility-O-Meter:
Full slate of reports this week, capped by employment numbers on Friday.  But the bond market may be poised for a correction and higher rates this week.  Stay on your toes.
 
Economicalendar (all times are Pacific):
Mon, 4/1:    Retail Sales (5:30am), PMI Mfg Index (6:45am), Business Inventories, ISM Mfg Index, Construction Spending (7am).
Tues, 4/2:     Durable Goods Orders (5:30am).
Weds, 4/3:     ADP Employment (5:15am), ISM Non-Mfg (7am).
Thurs, 4/4:    Jobless Claims (5:30am).  Fed Balance Sheet (1:30pm).
Fri, 4/5:        Employment Situation (5:30am).
 
10-Year Treasury History
2.49%     Market Open
2.43%     One Week Ago
2.76%     One Month Ago
2.73%    … (0 comments)

mortgage: Lock Watch for the Week of 3/25/2019 - 03/23/19 07:26 AM
Lock Watch for the Week of 3/25/2019
 
Volatility-O-Meter:
"I don't know where I'm going, but I sure know where I been..."  We are in uncharted waters this week and the Fed's statement last week creates a new backdrop for rates.  There has been much volatility since the statement and I would expect more still given this week's reports and auctions, but the rate trend is downward, without question.
 
Economicalendar (all times are Pacific):
Mon, 3/25:     Quiet.
Tues, 3/26:     Housing Starts (5:30am), Case-Shiller HPI (6am), Consumer Confidence (10am). 2-Yr Note Auction (10am).
Weds, 3/27:     International Trade (5:30am).  5-Yr Note Auction (10am).
Thurs, 3/28:    GDP and Jobless Claims (5:30am).  … (0 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

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