Real estate blog entries tagged with real estate by Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

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real estate: How to Get Rid of PMI on Your Mortgage - 12/09/18 08:24 PM

How to Get Rid of PMI on Your Mortgage

Nearly every home buyer initially hates the "P" word --- PMI, or private mortgage insurance. Years and years of conditioning have taught generations upon generations of first-time buyers that PMI is something to be avoided at all costs, and even though I daily go to great lengths to demonstrate this is patently untrue, even those that come to see the light about PMI and find themselves with a form of private mortgage insurance will soon arrive at their next concern: "When can I remove the PMI from my payment?"

Good Housekeeping
In the spirit of … (5 comments)

real estate: 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)

real estate: Can I Get a Cosigner for a Jumbo Mortgage? - 09/12/18 07:35 AM

Can I Get a Cosigner for a Jumbo Mortgage?

Parents have been helping their kids buy homes since, I'd guess, kids have been buying homes, but in today's lending environment, it's important that both borrowers and real estate professionals avail themselves of the most current options, advantages and guidelines. After all, knowledge is power and there are really only two main approaches, gift funds and co-signing, that come into widespread use when we talk about introducing family help into the mortgage approval process.

Gift Funds
Borrowers of all stripes use gift funds and do so far more often than the general public would estimate. But on … (12 comments)

real estate: Lock Watch for the Week of 9/3/2018 - 09/01/18 03:58 PM

Lock Watch for the Week of 9/3/2018

Volatility-O-Meter:
Short week, but some important reports throughout and an employment focus at the end.

Economicalendar (all times are Pacific):
Mon, 9/3: Markets closed.
Tues, 9/4: PMI Mfg Index (6:45am), ISM Mfg Index and Construction Spending (7am).
Weds, 9/5: International Trade (5:30am).
Thurs, 9/6: Jobless Claims and Productivity and Costs (5:30am), Factory Orders and ISM Non-Mfg Index (7am).
Fri, 9/7: Employment Situation (5:30am).

10-Year Treasury History
2.86% Friday's Close
2.84% One Week Ago
2.95% One Month Ago
2.07% One Year Ago

I Have a Dream
Tuesday of last week came and went and it … (1 comments)

real estate: Buy Before Selling? Four Sure Four Sure! - 08/22/18 08:08 AM

Buy Before Selling? Four Sure! Four Sure!

In strong sellers' markets, like the San Fernando Valley, the San Francisco Bay Area and many other areas across the country, making a contingent offer is a virtual impossibility. That is, when a buyer must sell his current home first in order to close on the new one, and when the purchase offer on the new home is specifically written to alert the seller that the two transactions are interdependent, it is said to be "contingent." Another, less subtle, way to describe contingent offers might be, "dead on arrival." This is because the seller knows … (30 comments)

real estate: Poor Richard, the First Time Home Buyer - 08/15/18 07:27 AM

Poor Richard, the First Time Home Buyer

If I've learned anything in the current political environment it's that you can't make people see things they choose not to look for. But what about the opposite? What happens when the truth is hard to find? Or, better still, what if the question at hand involves a bit of both? That is, what if people don't have the inclination to look for something that is a bit difficult to locate? With the help of one of our Founding Fathers, we're going to dispense some wisdom and address this dilemma in the context of a first time … (3 comments)

real estate: Three Ways to Get a Great Jumbo Loan for Under $20 - 07/28/18 02:48 PM

Three Ways to Get a Great Jumbo Loan for Under $20

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, Debbie, and I see a good number of mortgage applications come across our desks every week and in 2018, 60% 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 … (3 comments)

real estate: Lock Watch for the Week of 7/2/2018 - 07/01/18 08:39 AM

Lock Watch for the Week of 7/2/2018

Volatility-O-Meter:
While it may be a holiday week, there are a number of big reports, including employment on Friday. Short staffing at trading desks could heighten bond market volatility.

Economicalendar (all times are Pacific):
Mon, 7/2: PMI Manufacturing Index (6:45am), ISM Manufacturing (7am) and Construction Spending (7am).
Tues, 7/3: Factory Orders (7am).
Weds, 7/4: Independence Day.
Thurs, 7/5: ADP Employment (5:15am), Jobless Claims (5:30am), ISM Non-Mfg Index (7am). FOMC Minutes (11am).
Fri, 7/6: Employment Situation and International Trade (5:30am).

10-Year Treasury History
2.85% Today's Open
2.89% One Week Ago
2.94% One Month Ago
2.35% One … (0 comments)

real estate: Lock Watch for the Week of 6/25/2018 - 06/24/18 06:18 AM

Lock Watch for the Week of 6/25/2018

Volatility-O-Meter:
There is enough economic data on the calendar to keep things interesting, but escalating trade war actions may be the driver (again...).

Economicalendar (all times are Pacific):
Mon, 6/25: Chicago Fed National Activity Index (5:30am) and New Home Sales (7am).
Tues, 6/26: S&P/Case-Shiller Home Price Index (6am), Consumer Confidence (7am) and 2-Yr Note Auction (10am).
Weds, 6/27: Durable Goods (5:30am) and Pending Home Sales (7am). 5-Yr Note Auction (10am)
Thurs, 6/28: Jobless Claims and GDP revision (5:30am). 7-Yr Note Auction (10am)
Fri, 6/29: Core PCE (5:30am), Chicago PMI (6:45am) and Consumer Sentiment (7am).

10-Year Treasury History
2.89% Today's Open
2.92% One Week … (0 comments)

real estate: VA Jumbo Mortgages in California - 06/05/18 07:51 AM

VA Jumbo Mortgages in California

I marked this year's Memorial Day with a weekend full of kids' activities --- my son's t-ball season wrapped up and then there were about a half-dozen birthday parties that followed. Fairly typical, I am told, for parents these days. But quick on the heels of the three-day weekend, I realized the anniversary of D-Day was coming up and that just a couple of years ago I had the good fortune to visit the beaches of Normandy, France. The two occasions together got me thinking about our nation's veterans and how our industry helps them use one of … (0 comments)

real estate: Lock Watch for the Week of 5/21/2018 - 05/20/18 07:50 AM

Lock Watch for the Week of 5/21/2018

Volatility-O-Meter:
"The beatings will continue until morale improves."

Economicalendar (all times are Pacific):
Mon, 5/21: Quiet.
Tues, 5/22: Richmond Fed Mfg Index (7am). 2-Yr Note Auction (10am).
Weds, 5/23: PMI Composite Flash (6:45am) and New Home Sales (7am). 5-Yr Note Auction (10am). FOMC Minutes (11am).
Thurs, 5/24: Jobless Claims and Existing Home Sales (7am). 7-Yr Note Auction (10am).
Fri, 5/25: Durable Goods (5:30am) and Consumer Sentiment (7am).

10-Year Treasury History
3.07% Today
2.99% One Week Ago
2.96% One Month Ago
2.25% One Year Ago

Liberace
Pop culture can be especially cruel in retrospect, and I think … (0 comments)

real estate: Calling Up Your Asset Reserves - 04/11/18 07:12 AM

Calling Up Your Asset Reserves

Whether or not you believe that the United States presently has a "border crisis," I'm sure most of us take comfort in the fact that our country can rely on its reservists to step in where and when needed and lend additional support to our nation's active military. And it's not too much unlike this in the lending industry when a borrower seeks to obtain some kinds of mortgages --- especially jumbo loans, which have amounts that exceeds the conforming loan limits in any area.

The active military of any loan qualification, in our example above, would be the … (7 comments)

real estate: Be A.G.G.R.E.S.S.I.V.E. with a 5% Down Jumbo Mortgage - 03/29/18 07:39 AM

Be A.G.G.R.E.S.S.I.V.E. with a 5% Down Jumbo Mortgage

I never so much as played a single down of varsity football, but that didn't help me escape the Friday night lights, the pep rallies and late-game chants of the Tigerettes:

Be aggressive! B.E. aggressive! B.E. A.G.G. --- R.E.S.S.I.V.E!

Yes, when the game was fiercely competitive, when it seemed the team was down to its last drive, the attitude of everyone needed to change. The cheerleaders set the gears in motion. Gone were the soft-touch tactics --- the pom poms needed to come off. It was time to be aggressive. We're seeing that it's no different … (3 comments)

real estate: 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)

real estate: How High Can You Get with 10% Down? - 03/06/18 08:56 PM

How High Can You Get with 10% Down?

First and foremost, let me declare emphatically that I would pass any drug test at any time. You show up at Casa Spinosa at 4am in the morning, drag me out into your unmarked van, make me tinkle in a cup and take a lock of my graying hair, and you're still not going to find a trace of anything illegal. Nothing. Nada. But I don't know why I have to defend myself when that's not even close to what this post is about...

No, instead, I want to tell you about our 10% down … (3 comments)

real estate: Lock Watch for the Week of 3/5/2018 - 03/03/18 09:28 PM

Lock Watch for the Week of 3/5/2018

Volatility-O-Meter:
High. No surprise here. There are enough reports below to make things interesting even if trade wars weren't so easy to win.

Economicalendar (all times are Pacific):
Mon, 3/5: ISM Non-Mfg Index (7am).
Tues, 3/6:   Factory Orders (7am.
Weds, 3/7: ADP Employment (5:15am), International Trade (5:30am) and Productivity and Costs (5:30am).
Thurs, 3/8: Jobless Claims (5:30am).
Fri, 3/9: Employment Situation (5:30am).

10-Year Treasury History
2.84% Today
2.86% One Week Ago
2.77% One Month Ago
2.49% One Year Ago

Fraunces Tavern
In December of 1783, George Washington bid his troops farewell at the Fraunces Tavern in lower … (1 comments)

real estate: Niche Jumbo Mortgage in California - 02/28/18 07:37 AM

Niche Jumbo Mortgage in California

Not all mortgage scenarios in California --- and especially in the high-cost areas we often see in the San Francisco Bay Area, Silicon Valley and in the greater Los Angeles environs --- fit squarely in "the box." "The Box" is the narrow definition of what it takes to qualify these days, and for a jumbo mortgage that falls outside of the parameters of a conforming or "government," loan, such as FHA or VA. When you find yourself outside and looking in, sometimes the best solution is a "niche" mortgage program.

Now if visions of subprime loans and sky-high rates … (1 comments)

real estate: Lock Watch for the Week of 2/26/2018 - 02/25/18 12:37 PM

Lock Watch for the Week of 2/26/2018

Volatility-O-Meter:
Mid. I expect the GDP report on Weds to be the week's driver. Otherwise, we remain in a volatile environment for both stocks and bonds, possibly exacerbated by unpredictability in the political arena.

All times are Pacific:
Mon, 2/26: New Home Sales (7am) and Dallas Fed Mfg Survey (7:30am).
Tues, 2/27: Durable Goods (5:30am) and Consumer Confidence (7am).
Weds, 2/28: GDP (5:30am) and Chicago PMI (6:45am).
Thurs, 3/1: Jobless Claims (5:30am), PMI Manufacturing Index (6:45am) and ISM Mfg Index (7am).
Fri, 3/2: Consumer Sentiment (7am).

10-Year Treasury History
2.84% Today
2.88% One Week Ago
2.66% … (3 comments)

real estate: Toxic is Trending! - 02/06/18 07:07 AM

Toxic is Trending!

A brief review at recent environmental headlines says it all:

January 31, 2018: President Mulling Major Cuts to Clean Energy Research (Washington Post)
January 15, 2018: EPA Loosens Regulations on Toxic Air Pollution (EPA)
January 10, 2018: Climate Change Websites Censored Under President (Envirodatagov.org)
.....
October 9, 2017: EPA Poised to Scrap Clean Power Plan (New York Times)

The list goes on and on. So I thought I'd get on the bandwagon and talk a little trash about how toxic loan features, as designated by the Dodd-Frank Wall Street Financial Reform Act, are making a totally terrific, trending comeback in the world of jumbo mortgage … (2 comments)

real estate: Happenstance, History and Hamilton - 01/28/18 02:05 PM

Happenstance, History and Hamilton

A while back, my little boy was attending a birthday celebration for one of his friends at a playground in the Hamilton neighborhood of Novato, CA. Hamilton was a WWII-era Air Force base and you can still see the remnants of it in some of the Spanish Revival-esque buildings --- a few of which are now in a serious state of disrepair. Since I had a fairly low tolerance for Frozen and face painting that day, I decided to cut out of the party for a bit and take a short walk. Ultimately, I found myself peering into the … (6 comments)

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