preapproval: 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)
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preapproval: 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)
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preapproval: How to Buy a New Home Before Selling Your Current One!!!
- 08/04/22 09:09 PM
How to Buy a New Home Before Selling Your Current One!!!
Living in a "crowded house" but can't find a way to buy that perfect new home before selling your existing one? Don't dream it's over! There are mortgage programs that are specifically created to allow you to use proposed rental income from your existing home --- also known as a "departing residence" in this case --- to help with your mortgage qualification. After all, most Americans are working hard enough to afford one mortgage payment, let alone two.
If you've been told that you don't qualify for a new home until you … (3 comments)
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preapproval: How to Rock a Mortgage Pre-Approval!!!
- 06/23/22 07:37 AM
How to Rock a Mortgage Pre-Approval!!!
Buying your first home is a daunting task and can be a huge undertaking for the first-time buyer. Shoot, even for a move-up buyer, the experienced downsizer or a seasoned investor, it can sometimes be difficult to know where to begin. But getting a mortgage pre-approval often remains the best first step in the process, and it's also a likely reality that your Realtor won't seriously consider showing you property until you are either pre-approved or pre-underwritten by a mortgage lender or broker. After all, it's really tough to know your purchase power and your budget … (3 comments)
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preapproval: 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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preapproval: 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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preapproval: How to Rock a Mortgage Application Without Hurting Your FICO Score
- 03/24/22 07:48 AM
How to Rock a Mortgage Application Without Hurting Your FICO Score
"What's your rate?"
"How much will I qualify for?"
"Are you a banker or a broker or a lender?"
Nope, nope and nope. None of these are the #1 question we get before a prospective borrower makes an application for a pre-approval. So what is the most asked question?
"Will making a mortgage application hurt my FICO score?"
Yep, that's it. That's the one that keeps some otherwise strong and qualifiable buyers on the sidelines and paralyzed by the irrational fear that simply by having a lender make a hard credit inquiry, and access their Equifax, … (6 comments)
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preapproval: Five Tips to Rock Home Buying in 2022
- 02/24/22 08:00 AM
Five Tips for Rocking Home Ownership in 2022
If you searched unsuccessfully for a home and suffered one heartbreak after another in 2021, 2022 hasn't necessarily greeted you with open arms either. Near non-existent inventory in many areas, fierce competition and rising interest rates have all conspired to make the landscape rockier still.
Despite this, I've found five tips can be a universal help in getting you into contract, regardless of your own individual circumstances. Rock them with me on Youtube:
Ready to find Paradise City? Please give me a like or subscribe on YouTube!
Welcome to the jungle,
Rob Spinosa
SVP of Mortgage Lending
Guaranteed Rate
NMLS: 22343
Cell/Text: … (3 comments)
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preapproval: The Four Horsemen of Deals Dead
- 09/03/21 07:48 AM
The Four Horsemen of Deals Dead
My wife likes to joke that all I do for my job is talk to people. "I hear you in there yucking it up all day..." So maybe there is always an element of the truth in jest, but an aspect of these conversations that she does not take into consideration is the near-constant battle I fight fending deals from The Four Horsemen; Delay, Indecision, Unfounded Expertise and The Unreasonable Pursuit of Perfection. When these vigilantes appear over the horizon of any real estate transaction, having a powerful defense can turn them away and save even … (21 comments)
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preapproval: Median Home Price, Meet Median Buyer
- 07/23/21 08:14 AM
Median Home Price, Meet Median Buyer
A very long time ago I saw an email address that read 'averageandhappy@...' and I thought, "Wow, here I've been my whole life trying not to be mediocre and then someone just goes and finds happiness in all of it." I wasn't sure if I should be resentful or relieved...
Years have passed and I've had the opportunity to observe the real estate market in my corner of the universe, namely the San Francisco Bay Area, which includes Marin County, the city of SF, Oakland/East Bay and the Silicon Valley. Few would consider this an "average" market … (2 comments)
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preapproval: Can I Get a Jumbo Mortgage with an H-1B Visa?
- 07/03/21 08:38 AM
Can I Get a Jumbo Mortgage with an H-1B Visa?
Right now, immigration is a hot topic in the United States. Also right now, real estate is a hot market in the United States. And also right now, at the intersection of these two, I field a lot of questions from those with H-1B visas who are looking to get a jumbo mortgage in order to buy or refinance a home. Here are the three most common:
"Can I get a jumbo mortgage if I am on an H-1B visa?" "What are the requirements for getting a jumbo mortgage if I am … (4 comments)
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preapproval: Buying a Home All Cash, Then Getting a Mortgage
- 04/14/21 07:59 AM
Buying a Home All Cash, Then Getting a Mortgage
Back in a real estate market a long time ago and in a mortgage galaxy far, far away --- otherwise known as 2009/2010 --- some buyers needed to purchase a home with cash, then hope to refinance after they had the keys in hand. The reason for this? Bad credit? Nope. Extinction of stated income loans? Sorry, try again. The reason was often that the homes were not eligible for financing --- many had been ravaged by the neglect of economic downturn. Plumbing was torn out, there were holes in the walls and … (26 comments)
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preapproval: What Are Credit Tradelines?
- 09/27/20 09:12 AM
What Are Credit Tradelines?
I think I've made it clear before that I find no shame in talking about how hard we work for our clients. My assistant, Jamie, and I see a good number of mortgage applications come across our desks every week and in 2019 and 2020, a high percentage of them have been for jumbo home loans, which means that our borrowers must demonstrate strong credit depth by way of an adequate number of tradelines on their credit report. Gone are the days when one could just have a decent FICO score in order to cross credit concerns off of the loan approval list.
When … (12 comments)
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preapproval: How Long Is a Pre-Approval Good For?
- 07/19/20 07:55 PM
How Long Is a Pre-Approval Good For?
You've decided to make the leap and enter the real estate market as a buyer. You've been looking at homes online, the temptation has become too strong and you realize it's time to hit the street and actually start looking at properties. Your Realtor almost immediately informs you that not only will she not participate in your search before she knows you're pre-approved, but also that in this pandemic day and age, without a pre-approval letter no serious listing agent will even let you step foot in the home for a viewing. And so you … (15 comments)
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preapproval: Your Pandemic Guide to a Jumbo Mortgage
- 05/23/20 08:17 AM
Your Pandemic Guide to a Jumbo Mortgage
"Our Realtor said it's very difficult to get a jumbo loan these days."
"We tried to do a cash out jumbo refi on our place but our bank told us that they're not doing those anymore."
"We wanted to refinance our jumbo loan but by the time we did the research the rates weren't any lower than what we have already."
"Is it possible to refinance a jumbo loan without having to move our savings and investments to the bank who's making the mortgage?"
"We have a 20% down payment and are looking to buy a house that requires … (5 comments)
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preapproval: 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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preapproval: I'm Here to Help You
- 04/18/20 10:03 PM
I'm Here to Help You
Be clear. Be specific. Reduce uncertainty. Speak to the most pressing need. Keep running. You still have a long way to go.
No, I did not just come down off the mountain of some Tony Robbins motivational speech. No, I did not use the featureless timescape of shelter-in-place to read all of the self-help books heretofore exerting their gravitational pull on my office's shelves. Instead, I am recalling one long night in June of 2019.
Some of you know I dabble in the sport of ultramarathoning. These are (usually) trail races that exceed a distance of 26.2 … (3 comments)
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preapproval: Part-Time Jobs, Second Jobs and Your Mortgage Application
- 02/14/20 06:44 AM
Part-Time Jobs, Second Jobs and Your Mortgage Application
I remember thumbing through the Recycler in Los Angeles when I first moved out there as a teenager. Living on a shoestring budget, I was especially intrigued by the ads that promised the ability to make thousands per month while sitting in the comfort(?) of your home. In my mind, that meant I could keep my day job, practice guitar eight hours and day and still have some other check rolling in without too much trouble. Who wouldn't like that? I never actually pursued any of these trinket-making, envelope-stuffing, part-soldering side hustles, but the reality … (5 comments)
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preapproval: What Is an Alternative Mortgage?
- 02/03/20 08:24 AM
What Is an Alternative Mortgage?
Every so often in popular music, movies, art and culture, the unconventional becomes the rage, the "alternative" becomes mainstream. When it does, it usually reshapes people's ideas of what's "normal" and it can redefine what's acceptable --- even preferred --- for a generation or more. But...mortgage lending is not quite that exciting.
No, instead, alternative mortgage lending, also known as "non-QM" or "uncoventional mortgage" or even yesteryear's "Alt-A," simply provides a viable solution to home loan scenarios that don't quite fit in the relatively narrow box of convenional mortgages. Conventional loans include mainstream conforming loans, FHA and VA … (19 comments)
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preapproval: Howdy, Partner! How's the Income Look on Your Mortgage Application?
- 01/18/20 05:31 AM
Howdy, Partner! How's the Income Look on Your Mortgage Application?
I don't care how successful your S-Corporation or partnership may be. When you go to get a home loan, there will be a new sheriff in town --- your mortgage lender. So before your loan process gets hung up at high noon, I thought I'd let you in on a secret about how most lenders will qualify your income. Let's go, amigo. We're burnin' daylight.
Check Yourself
Most of what we focus on below will pertain to the self-employed partner or owner in an S-corp. The widely-accepted definition of 'self-employed' is greater than a 25% … (12 comments)
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The Most Frequently Asked First-Time Homebuyer Questions
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