property: 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)

property: 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)

property: What Is an Escrow Account? - 03/10/19 12:39 PM
What Is an Escrow Account?
 
When renters desire to become home buyers, they quickly learn once in the mortgage process that their single rent payment will morph into "PITI" or "principal, interest, taxes and insurance," or a "total monthly housing payment."  So, yes, there are additional monthly expenses to consider when you become an owner.  Historically, ownership has bestowed tax benefit on the buyer and that's been an offset to the higher cost of ownership and because of this, the "rent vs. own" calculation has been used to more fairly compare the cost of putting a roof over one's head.  Rent may be simpler, … (2 comments)

property: Closing in the Name Of - 01/21/19 12:54 PM
Closing in the Name Of
 
There will be no profanity in this post, just in case you get the cultural reference in the title.  I won't even repeatedly scream at you.  Instead we're going to cover a topic that sidesteps injustice, drama or even frequent occurrence, but it deals with a scenario that comes up occasionally and when it does, there is quite a bit we should know before taking action.  So let's talk about closing a residential real estate transaction in the name of an LLC or other business entity, like a partnership or a corporation.  Can you do that?  What's … (23 comments)

property: 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)

property: Are the Lights Going Down on Real Estate? - 10/09/18 06:22 AM
Are the Lights Going Down on Real Estate?
 
You know what's on a lot of my clients' minds right now?  No, not Journey of the the 1970's, but the real estate downturn of 2007/2008.  Many of these prospective buyers are getting a sense that maybe this is the top of the market and that perhaps they should sit things out and wait for real estate to go on sale --- just like it did during the downturn.  I have some advice for them, but it has little to do with market prognostication.  In fact, I'll be the first one to admit that … (43 comments)

property: Paying Your Marin County Property Tax Bill - 03/17/18 07:34 PM
Paying Your Marin County Property Tax Bill
 
As I write this in March of 2018, my very own Marin County property tax bills sit alongside my computer on my desk, awaiting payment of their second installment.  No doubt with the same procrastination exhibited by most fellow Marin County property owners, I still thought it was a ripe opportunity to share some basics on how, when and where to pay our real estate taxes and at the same time avoid the consequences of late payments.
 
Property Tax Bill Information and Due Dates
Secured property tax bills are mailed in October and payable in two installments:
First installment due date:  November … (1 comments)

property: 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)

property: Caution: Collateral Crossing - 08/01/17 06:36 AM
Caution:  Collateral Crossing
 
A while back, and in this post here, I talked about the four distinct ways that a homebuyer could purchase a new home without first selling his existing one.  And of the options, perhaps the least understood and most complex is the cross-collateralization program.  This is a type of financing where more than one piece of property serves as the real estate security for the loan and usually it implies that the existing home and the new home will BOTH make up the collateral value by which the loan-to-value (LTV) will be determined.  I thought I would provide a real … (5 comments)

property: Unlocking the Rate Lock Mystery - 06/27/17 08:07 AM
Unlocking the Rate Lock Mystery
 
Everyone who has financed a home with a mortgage, either for a purchase or refinance, has probably struggled at some point during that transaction with the dilemma of locking or floating the interest rate.  This critical decision does one of two things:
 
Commits both the borrower and the lender to a specific interest rate for a set period of time.  This “for better/for worse” proposition means that if rates move up or down, the commitment cannot be broken.  This action is known as “locking” a rate. Leaves the interest rate open to future market fluctuation, again for … (28 comments)

property: Non-Warrantable Condo Financing - 03/20/16 05:44 AM
 Non-Warrantable Condo Financing
 
The caps of our graduating class had barely wafted to the floor of the high school gymnasium when I packed up the old family car with my guitars, amps and all the naiveté a Midwestern teenager could muster and headed west to the glam metal capital of the world, Hollywood, CA.  Years later, people still ask me, “What was the name of your band?” or “So how did you end up in the San Francisco Bay Area?” or the most laughably absurd, “Did you go to UCLA on a literary scholarship?”
 
Well, I’m going to have to leave the arena … (17 comments)

property: Back to the Future - Prepaid Interest Explained - 08/03/15 12:19 AM
Back to the Future - Prepaid Interest Explained
 
It doesn't take a time traveler to appreciate the fact some folks are just inherently going to have a problem with paying today for something that won't come due until tomorrow.  Especially when that something is perhaps ill-explained and/or part of a complex real estate transaction.  Even with the rollout of the CFPB's new disclosure forms, the Loan Estimate (LE) and the Closing Disclosure (CD), consumers will likely still proffer some age-old questions about at least one component of a mortgage loan's cost structure.  So let's hop in our DeLorean and venture to find out what … (9 comments)

property: To Airbnb Or Not To Airbnb... - 07/19/15 01:34 AM
To Airbnb Or Not To Airbnb...
 
...is anybody even asking the question?  Shall we then conjure The Bard to determine not whether renting out some or all of your home(s) through Airbnb or VRBO is a good idea itself, but once done is done, to know how thee mortgage lenders may view thine income?  Whilst the "collaborative consumption" economy may be in full, progressive and dynamic bloom, a rose by any other name,  like the mortgage industry for example, can be quite slow to see the light.  True, our dagger may well be perceived dull held alongside the cutting edge of the Uber-net.
So to venture … (82 comments)

property: 59 Redwood Dr., Kentfield, CA, 94904 w/ REX 12.5% Down Payment Option - 07/13/14 02:25 PM
59 Redwood Dr., Kentfield, CA, 94904 w/ REX 12.5% Down Payment Option
 
Using RPM Mortgage and REX Homebuyer, this home can be financed today as:
 
Purchase Price:  $2,195,000
REX Down Payment:  $274,375
Your Down Payment:  $384,125
Monthly P&I Payment:  $6687
 

 
Here are the terms for the scenario above:
 
Loan Amount:  $1,536,500
Loan Program:  7/1 ARM*
Interest Rate / APR:  3.250% / 3.151%
 
How can we help?
 
Property Info:  Dana Johnson, 415-306-3824, dana.johnson@sothebyshomes.com
Mortgage Pre-Approval:  Rob Spinosa, 415-367-5959, rspinosa@rpm-mtg.com
 
*Rates will only apply for the initial period.  The initial period for this program above is seven years.  The payment … (0 comments)

property: 169 Spencer Ave., Sausalito, CA, 94965 w/ REX 10% Down Payment Option - 07/13/14 02:07 PM
169 Spencer Ave., Sausalito, CA, 94965 w/ REX 10% Down Payment Option
 
Using RPM Mortgage and REX Homebuyer, this home can be financed today as:
 
Purchase Price:  $1,599,000
REX Down Payment:  $159,900
Your Down Payment:  $189,100
Monthly P&I Payment:  $5440
 

 
Here are the terms for the scenario above:
 
Loan Amount:  $1,250,000
Loan Program:  7/1 ARM*
Interest Rate / APR:  3.250% / 3.152%
 
How can we help?
 
Property Info:  Sherrie Faber, 415-339-9200, sherrie@firstcaliforniarealty.com
Mortgage Pre-Approval:  Rob Spinosa, 415-367-5959, rspinosa@rpm-mtg.com
 
*Rates will only apply for the initial period.  The initial period for this program above is seven years.  The payment on … (0 comments)

property: 8 Saint Lucia Place, Tiburon, CA, 94920 w/ REX 12.5% Down Payment - 07/13/14 01:48 PM
8 Saint Lucia Place, Tiburon, CA, 94920 w/ REX 12.5% Down Payment Option
 
Using RPM Mortgage and REX Homebuyer, this home can be financed today as:
 
Purchase Price:  $1,695,000
REX Down Payment:  $211,875
Your Down Payment:  $211,875
Monthly P&I Payment:  $5533
 

 
Here are the terms for the scenario above:
 
Loan Amount:  $1,271,250
Loan Program:  7/1 ARM*
Interest Rate / APR:  3.250% / 3.150%
 
How can we help?
 
Property Info:  Penny Wright-Mulligan, 415-601-8191, penny.wright-mulligan@pacunion.com 
Mortgage Pre-Approval:  Rob Spinosa, 415-367-5959, rspinosa@rpm-mtg.com
 
*Rates will only apply for the initial period.  The initial period for this program above is seven years.  The payment … (0 comments)

property: 11 Dorian Way, San Rafael, CA, 94901 w/ REX 10% Down Payment Option - 06/20/14 05:09 AM
11 Dorian Way, San Rafael, CA, 94901 w/ REX 10% Down Payment Option
 
Using RPM Mortgage and REX Homebuyer, this home can be financed today as:
 
Purchase Price:  $1,549,000
REX Down Payment:  $154,900
Your Down Payment:  $154,900
Monthly P&I Payment:  $5393
 

 
Here are the terms for the scenario above:
 
Loan Amount:  $1,239,200
Loan Program:  7/1 ARM*
Interest Rate / APR:  3.250% / 3.149%
 
How can we help?
 
Property Info:  Julie Casady, 415-246-3200, j.casady@deckerbullocksir.com
Mortgage Pre-Approval:  Rob Spinosa, 415-367-5959, rspinosa@rpm-mtg.com
 
*Rates will only apply for the initial period.  The initial period for this program above is seven years.  The … (0 comments)

property: 305 Scenic Road, Fairfax, CA, 94930 Mortgage Options - 06/17/14 10:40 AM
305 Scenic Road, Fairfax, CA, 94930 Mortgage Options
 
Using RPM Mortgage and REX Homebuyer, this home can be financed today as:
 
Purchase Price:  $1,395,000
REX Down Payment:  $139,500
Your Down Payment:  $139,500
Monthly P&I Payment:  $4934
 

 
Here are the terms for the scenario above:
 
Loan Amount:  $1,116,200
Loan Program:  7/1 ARM*
Interest Rate / APR:  3.375% / 3.209%
 
How can we help?
 
Property Info:  Mary & Diane, 415-846-7530, team@maryanddiane.com
Mortgage Pre-Approval:  Rob Spinosa, 415-367-5959, rspinosa@rpm-mtg.com
 
*Rates will only apply for the initial period.  The initial period for this program above is seven years.  The payment on a 7/1 ARM … (1 comments)

property: 240 Hillside Ave., Kentfield, CA, 94904 Mortgage Options - 06/11/14 03:23 PM
240 Hillside Ave., Kentfield, CA, 94904 Mortgage Options
 
Using RPM Mortgage and REX Homebuyer, this home can be financed today as:
 
Purchase Price:  $1,995,000
REX Down Payment:  $249,375
Your Down Payment:  $249,375
Monthly P&I Payment:  $6410
 

 
Here are the terms for the scenario above:
 
Loan Amount:  $1,496,250
Loan Program:  7/1 ARM*
Interest Rate / APR:  3.125% / 3.093%
 
How can we help?
 
Property Info:  Jennifer Boesel, 415-497-3383, jboesel@cbnorcal.com
Mortgage Pre-Approval:  Rob Spinosa, 415-367-5959, rspinosa@rpm-mtg.com
 
*Rates will only apply for the initial period.  The initial period for this program above is seven years.  The payment on a 7/1 ARM adjusts … (2 comments)

property: The New & Improved Tips for Sabotaging Your Open House - 04/24/14 01:03 AM
The New & Improved Tips for Sabotaging Your Open House
 
I know you didn't think it was possible, but here is a an update to a list I began some time ago.  As a mortgage professional, I am fortunate to have somewhat of an outsider's perspective on our local broker tour --- I am not a real estate agent myself and as a result, certainly there are local agents who don't know me.  This also implies that they don't know that I'm not a Realtor.  I could very well be out on tour on behalf of the IDEAL buyer for their listing.  Here are some tried … (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

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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