998 Edgewood Ave., Mill Valley, CA, 94941 w/ REX 12.5% Down Payment

Mortgage and Lending with Guaranteed Rate, Marin County, CA NMLS: 22343

998 Edgewood Ave., Mill Valley, CA, 94941 w/ REX 12.5% Down Payment Option


Using RPM Mortgage and REX Homebuyer, this home can be financed today as:


Purchase Price:  $1,949,000

REX Down Payment:  $243,625

Your Down Payment:  $243,625

Monthly P&I Payment:  $6362


Rob Spinosa Marin Mortgage


Here are the terms for the scenario above:


Loan Amount:  $1,461,750

Loan Program:  7/1 ARM*

Interest Rate / APR:  3.250% / 3.145%


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 a 7/1 ARM adjusts after 7 years and annually thereafter.  At adjustment, the rate will be the average of the Interbank offered rates for one year, U.S. denominated deposits in the London market (LIBOR) as published in the Wall Street Journal, plus a margin of 2.5%.  Rates are subject to a 5/2/5 cap.  A 5/2/5 cap may adjust no more than 5 points on the first adjustment, no more than 2 points at any annual adjustment thereafter, but in any event no more than 5 points higher than the rate during the life of the loan.  The APR of ARM's may increase after consummation.  Loans are for 30 years and are fully amortized.  No loan requires a balloon payment.  Rates assume a FICO score of 780 or greater for a first lien on a single-family, primary residence.  Information is accurate as of this date and is subject to change without notice.  Your interest rate and precise loan terms will depend upon the specifics of your transaction.  This is not a commitment to lend.  Rates are current as of 7/30/14.


Through this innovative new program, FirstREX will typically provide up to half the down payment needed to buy a home. The money from FirstREX is an equity investment, not a loan, which means there are no monthly payments or interest. Instead, FirstREX will receive a share of the change in value of the home, up OR down, when the homeowner decides to sell. REX HomeBuyer Agreements are provided exclusively by FirstREX Agreement Corp. Certain restrictions apply and transaction terms may vary. “FirstREX” is a trademark of FirstREX Agreement Corp., a wholly owned subsidiary of Real Estate Equity Exchange, Inc. California BRE License #01524819. FirstREX is an independent investor and is not affiliated with any bank, lender, or real estate brokerage firm. FirstREX 50 California St., San Francisco, CA 94111 


Rob Spinosa
Mortgage Loan Originator
NMLS: 22343  CalBRE: 01297944
Cell:  415-367-5959     Fax:  415-366-1590
rspinosa@rpm-mtg.com     www.rpm-mtg.com/rspinosa 
1058 Redwood Highway, Frontage Road, Mill Valley, CA  94941


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RPM Mortgage, Inc - BRE# 01818035 – NMLS# 9472 - CA Bureau of Real Estate, Real Estate Corporation License. Equal Housing Lender.



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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Rob I must have missed your previous post about REX what is this? Sounds very interesting, Endre

Jul 30, 2014 04:34 PM #1
Rob Spinosa
Guaranteed Rate, Marin County, CA - San Anselmo, CA
Vice President of Mortgage Lending, Marin County

Endre --- REX is a program we've got here in CA that allows the luxury buyer to come in with half of the normal down payment.  It's not a second mortgage, but instead an equity share agreement.  It gets paid back out of a portion of the appreciated value at the time the agreement is ended (usually the sale of the home).  Here is the link to the original post, and which explains a bit more:


I recently closed a REX deal in the Cheviot Hills area.  $2MM purchase price, $1.5MM loan, but the buyer only put down $250K on this purchase.   They kept the rest of their savings in reserve in order to remodel the home.

Jul 31, 2014 01:34 AM #2
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Rob Spinosa

Vice President of Mortgage Lending, Marin County
Can I Get a Jumbo Loan with 10% Down?
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