rob spinosa: 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)
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rob spinosa: Lock Watch for the Week of 3/12/2018
- 03/12/18 08:47 AM
Lock Watch for the Week of 3/12/2018
Volatility-O-Meter:
High. A lot of reports this week and all against an ever-changing political situation.
Economicalendar (all times are Pacific):
Mon, 3/12: 3-Year Note Auction (8:30am), 10-Year Note Auction (10am).
Tues, 3/13: Consumer Price Index (5:30am), 30-Year Bond Auction (10am).
Weds, 3/14: PPI and Retail Sales (5:30am).
Thurs, 3/15: Jobless Claims, Philadelphia Fed Biz Outlook, Empire State Mfg Survey and Import and Export Prices (5:30am).
Fri, 3/16: Housing Starts (5:30am), Industrial Production (6:15am), Consumer Sentiment and JOLTS (7am).
10-Year Treasury History
2.88% Today
2.84% One Week Ago
2.86% One Month Ago
2.62% One Year Ago
"Rage to Master"
As the father … (1 comments)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: Lock Watch for the Week of 2/5/2018
- 02/04/18 07:48 AM
Lock Watch for the Week of 2/5/2018
The "Lock Watch" began, humbly enough, as an experiment to alert RPM Mortgage's Top 20 loan officers about economic events that could incite volatility in the mortgage market throughout any week. We didn't want to get blindsided by a bond market sell-off or potential rally that could have significant impact on the rates available to our clients, so early Monday I tried to outline the week ahead with an abbreviated calendar like the one you see below. Note that I am not an analyst --- hell, I barely made it out of high school. If … (1 comments)
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rob spinosa: Never Mind the Tax Cuts and Jobs Act, Here's the Homebuyers
- 01/21/18 05:17 PM
Never Mind the Tax Cuts and Jobs Act, Here's the Homebuyers
Side One:
Mortgage Interest Deduction: Reduced from $1MM to $750K. Grandfather: If you have a loan that was originated before 12/15/2017, and your mortgage balance exceeds $750K, you are still able to deduct the interest up to $1MM. You're grandfathered in, unless... Don't Fear the Refi: If you refinance a mortgage with a balance above $750K and your loan was originated before 12/15/17 AND via the refi the loan balance does not increase, you will "carry over" your $1MM cap. HELOC'd and Unloaded: The mortgage interest deduction on home equity lines of … (3 comments)
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rob spinosa: Once Bitcoin, Twice Shy: Can You Buy a Home with Bitcoin?
- 01/13/18 03:59 PM
Once Bitcoin, Twice Shy: Can You Buy a Home with Bitcoin?
Let's talk about what this post will NOT cover:
How bitcoin works. Whether or not you should invest in bitcoin. Is bitcoin the modern day equivalent of tulip bulbs?
What will we cover?
Using bitcoin to buy real estate. In other words, can you use bitcoin for your down payment? What will a mortgage lender ask for if you obtain a loan for your purchase? What else do I need to know before I cash out of the investment that's kept me sleepless for the last few months?
Using Bitcoin to … (2 comments)
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rob spinosa: 1984
- 01/06/18 04:30 PM
1984
Look, I realize I should be so lucky to think that someone from the Van Halen camp is going to bust me on a copyright infringement for using the image above. So if they come a calling, this is what I would tell them:
It was 34 years ago today that Van Halen's 1984 "album" was released. I was a dark-skinned, plenty-awkward eighth-grader settling in for a long Illinois winter. With no discernible basketball talent, no academic prowess and zero interest from the cute, middle-America girls who hailed from the Arrowhead subdivision and peopled the halls of our junior high, the basement my … (41 comments)
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rob spinosa: Fruitcakes, French Hens, Furs or (Gift) Funds?
- 12/05/17 05:59 PM
Fruitcakes, French Hens, Furs or (Gift) Funds?
It's that time of year again when holiday gift giving is on everyone's mind. But you know me, compulsive mortgage professional, I want to focus on but a single aspect of the loan process --- gift funds --- this same form of largesse that is received by a fortunate few for the purchase of a home. As we go into the holiday season, I want us all to keep in mind that right behind Santa's sleigh is Auld Lang Syne. And when we're talking tax implications for gift funds, this can matter.
Now next year, 2018, all bets … (4 comments)
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rob spinosa: Can I Consolidate My Student Loans with My Mortgage?
- 05/31/17 05:48 AM
Can I Consolidate My Student Loans with My Mortgage?
Let's face it, buying a home is hard enough. But if you've been able to do so while still holding some of the debt accumulated during your college and post-graduate years, your life is about to get a little easier.
New cash-out refinance guidelines make it easier for homeowners with student loan debt to refinance and consolidate their educational loans along with their mortgage, so long as the following requirements are met:
At least one student loan must be paid off. Loan proceeds must be paid directly to the student loan servicer at closing. Only student … (4 comments)
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rob spinosa: Imagine All the Savings
- 03/08/17 05:50 AM
Imagine All the Savings
In my life, I've originated a good number of 30-year fixed rate loans. And to this day, "a 30" remains the most popular of all loans. I would contend that it holds, and will continue to hold, this position not because most borrowers do a careful analysis of this mortgage's financial math and whether it aligns with their plans and needs, but because most homeowners simply do not want to contemplate any possibility of an adjustable rate mortgage at any time in their future.
But "life is what happens while you're busy making plans for other things" and life … (9 comments)
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rob spinosa: Rent Back to Where You Once Belonged!
- 01/08/16 11:57 PM
Rent Back to Where You Once Belonged!
The last several years have witnessed “sellers’ markets” in many areas. For the uninitiated, this means that as a home buyer, it has been of utmost importance to present a strong offer to any seller in the hopes that it may be accepted over others that perhaps have fewer complicating factors. It would seem then that all sellers would benefit from this climate, however, circumstances change when some of those same sellers must immediately turn around and then become buyers themselves. One aspect of a home purchase that can bedevil the “move up” buyer has … (25 comments)
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rob spinosa: 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)
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rob spinosa: 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)
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rob spinosa: The Homebuyer's Guide to the Fully Documented Income Universe
- 04/29/15 10:30 AM
The Homebuyer's Guide to the Fully Documented Income Universe
It's hard to believe sometimes, but I've been in the mortgage business for nearly fifteen years. So please give me the benefit of the doubt when I tell you that not a day goes by when I don't hear a client or prospect utter something to the effect of, "Oh, but I don't remember having to provide all this information the last time!"
"Last time" is not hearkening back to, of course, some bygone paleolithic era of home lending. Remember, I measured my tenure in years, not millennia. In this case, I might only be … (0 comments)
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rob spinosa: Top 10 Things Buyers Can Do While Waiting for More Inventory
- 03/13/15 12:10 AM
Top 10 Things Buyers Can Do While Waiting for More Inventory
Years ago, when I had free time, I used to love watching Letterman. In fact, back then, he was on NBC and it used to be called "Late Night with David Letterman," and not "The Late Show." So that's how far back we're talking. Anyway, beginning in 1986, there was a Top 10 list every night. Often, by the time Dave got to Number 1, the audience would be rollicking in laughter.
Flash forward to winter/spring 2015, and for us on the buy side, both mortgage lenders and … (9 comments)
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rob spinosa: Do You Think We're in a Bubble?
- 09/11/14 11:31 PM
Do You Think We're in a Bubble?
Forgive me. While I may be one of Marin County's most recommended mortgage lenders, I am still only on the lowly home finance side of things. I'm not in the real estate purchase and sale trenches like most of the members on Active Rain and, presumably, I'm therefore not taking the brunt of this blog title's sentiment head on. Since I am hearing the question from my pre-approved buyers so frequently, I know that San Francisco Bay Area real estate agents must also be confronted with the "Do you think we're in a bubble?" concern. I thought … (2 comments)
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rob spinosa: Oh Captain, My Captain: Keeping the Gate of the American Dream
- 08/08/14 10:53 AM
Oh Captain, My Captain: Keeping the Gate of the American Dream
There is that great scene in the movie Dead Poet’s Society where the students are made to stand on their desks. The point of the exercise, of course, was to get them to see their ordinary classroom from an extraordinary perspective. I had an equally impressionable experience last week. Clients of mine, a young couple buying their first home, signed their closing paperwork --- a routine event in the life cycle of a successful home purchase.
So why then did this signing make a mark? In the … (25 comments)
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rob spinosa: 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)
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1031 Exchange Jumbo Mortgage
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