rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: How to Rock a Personal Loan!!!
- 02/23/23 08:07 AM
How to Rock a Personal Loan!!!
Since I've been a mortgage lender my entire professional career, the idea of borrowing a few dollars without having to undergo the home loan process intuitively strikes me as strange. But, there are some situations for which a personal loan --- that is, one that is not secured by the collateral of your home --- can be a great fit:
Need to consolidate high-interest rate credit cards? Need to do a minor remodeling project around your home? Need to eliminate, once and for all, a pesky medical bill? Need to make a major expense and don't … (4 comments)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: How to Rock the 2023 FHA Loan Limits!!!
- 12/18/22 03:38 PM
How to Rock the 2023 FHA Loan Limits!!!
I ain't foolin'!
Even though it seems like there's been nothin' but a whole lotta interest rate hikes in 2022, thankfully FHA borrowers, including first-time homebuyers, will see an increase to the FHA loan limit in 2023.
This means that where the one-unit conforming limit was $420,680 in 2022, it will become $472,030 in 2023. That puts a house purchase of nearly $490,000 into range with FHA's lowest down payment requirement of 3.5%.
And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you will see the FHA limit … (3 comments)
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rob spinosa: 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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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: How to Rock Adding a Co-Signer on a Mortgage!!!
- 08/25/22 08:17 AM
How to Rock Adding a Co-Signer on a Mortgage!!!
When your fantasy of owning a home meets the reality of qualifying mortgage, it can sometimes mean that you'll need a little help. And in more than a few of those cases, the most elegant solution can be a co-signer, technically known as a "non-occupant co-borrower" within the mortgage industry.
So, who makes a good co-signer and who's just "bad company?" Let's learn how co-signers can impact, both good and bad, the three most critical elements of any loan approval; income, assets and credit.
I won't deny it,
Rob Spinosa
SVP of Mortgage Lending
Guaranteed Rate
NMLS: 22343
Cell/Text: 415-367-5959
rob.spinosa@rate.com
Marin … (10 comments)
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rob spinosa: 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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rob spinosa: How to Rock a 10% Down Payment!!!
- 07/14/22 12:17 PM
How to Rock a 10% Down Payment!!!
Why go home to your grungy apartment when you can buy your first home instead? Oh, what's that? Haven't saved the full 20% down payment? Live in a part of the country where home prices and loan sizes easily outpace the capacity of conforming, FHA and even VA loans?
Let's learn how to rock the best of the 10% down jumbo mortgage options, some without PMI, and jam on why with a changing real estate market, you may be in luck with half the down payment you thought it might otherwise take.
Jeremy's spoken,
Rob Spinosa
SVP of Mortgage … (3 comments)
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rob spinosa: 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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rob spinosa: 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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rob spinosa: How to Rock Second Home or Rental Property?
- 05/19/22 11:55 AM
How to Rock Second Home or Rental Property?
Mortgage guidelines are positively prehistoric when compared to newer companies like AirBnB and VRBO, which have gained popularity as interest in short-term rentals has increased.
But when it comes to getting a home loan on a property that is not your primary residence, you have to state on your mortgage application whether you have a second (or vacation) home or you have a rental (aka investment) property, and there is no middle ground for a "vacation rental." However, there can be real consequences if you get the classification wrong.
So, let's rock the distinction between vacation … (11 comments)
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Is a Bank Statement Mortgage Right for You?
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