How to Rock Escrows (aka Impounds)!

~ Rob Spinosa ~ Leave a comment

When you buy your first home, you probably expect that you’ll need to make a mortgage payment every month.  Common sense, right?

But what about your property taxes and homeowners insurance, and PMI, and HOA dues and impounds and escrows, etc.?  Are you just a bit stressed now?

In the short video below, we cover the most important points about your monthly housing payment — what’s in it, how you can pay it, when your payments are applied and who can waive and not waive an escrow account.

If you want to make a “killer” decision about whether or not to have an impound account on your mortgage, take a look on the “bright side” of this topic with me today!

I just can’t look, it’s killing me,

Rob Spinosa
Mortgage Loan Officer

NMLS:  22343

415-367-5959 Cell/Text

rob.spinosa@usbank.com

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by U.S Bank and do not necessarily represent the views and opinions of U.S Bank.  In no way do I commit U.S Bank to any position on any matter or issue without the express prior written consent of U.S Bank‘s Human Resources Department.

The Most Frequently Asked First-Time Homebuyer Questions

~ Rob Spinosa ~ Leave a comment

I realize it may seem daunting to ask what you feel may be the simple or even, er, “stupid” questions when you are a first-time homebuyer.  But by all means, DO NOT let your “pride” get in the way.

Questions like:

  • What is a pre-approval and how long is it good for?
  • Do I need 20% down?
  • Will applying for a mortgage hurt my credit?
  • Should I shop multiple lenders?
  • What’s the best type of loan to get?
  • When can I lock an interest rate?
  • How much are closing costs?
  • How does my lender get paid?

You’d be surprised to realize how many would love to know these answers and this short, fun video below covers each of them.

Still haven’t found what you’re looking for?

Rob Spinosa
Mortgage Loan Officer


NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@usbank.com

Marin Office:  700 Larkspur Landing Circle, Suite 199, Larkspur, CA  94939 

*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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

What Kind of Insurance Do You Need When You Buy a Home?

~ Rob Spinosa ~ Leave a comment

Walls shakin’?

Earth quakin’?

Hurricane comin’?

Flood waters risin’?

Forest fires burnin’?

If you own a home and you have a mortgage, homeowner’s insurance will be a fact of life.  But in this short video, we cover what kinds of coverage you’re required to take when you buy a home, as well as some of the other types of policies that exist and where and when they may be required.

Sure, your lender is not an insurance professional, but together with your carrier of choice we can help you make sure that your risks are covered.

Back in black!

Rob Spinosa
Mortgage Loan Officer


NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@usbank.com

Marin Office:  700 Larkspur Landing Circle, Suite 199, Larkspur, CA  94939 

*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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock Getting a Mortgage If You’re Self-Employed!!!

~ Rob Spinosa ~ Leave a comment

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 industry make it so tough on the self-employed? Some of the reasons can certainly be viewed as valid but others rea just legacy guidelines that really don’t make much sense anymore, but in the this short video we’ll cover:

  1. Who do lenders consider to be self-employed?
  2. What types of business entities apply to the self-employed?
  3. What documentation do the self-employed need when they apply for a loan?

While we can’t spare the business owner some additional work to get a great home loan, we can help them understand and prepare for what the mortgage industry will throw at them.  So, let’s learn how to rock getting a mortgage if you’re self-employed!

Workin’ overtime!

Rob Spinosa
Mortgage Loan Officer


NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@usbank.com

Marin Office:  700 Larkspur Landing Circle, Suite 199, Larkspur, CA  94939 

*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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock a Personal Loan!!!

~ Rob Spinosa ~ Leave a comment

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 want to entirely deplete your savings?
  • Or, perhaps, want to get your home painted and cleaned up and ready for sale, so that you can get top dollar?

Need the miracle of a few, quick bucks but don’t have your own personal Jesus to perform that miracle?  Don’t want to give up your great low, mortgage rate on your home through a cash-out refinance and don’t want to add an adjustable rate HELOC either?  Give us a call or click on this link and let’s see if our no-fee personal loan is a match made in heaven!!!

Reach out and touch me, 

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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Buy a House When You Have Bad Credit

Buy a House with Bad Credit
~ Rob Spinosa ~ Leave a comment

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 you have bad credit!

Do you know where you are?

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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Get Rid of PMI on Your Mortgage

~ Rob Spinosa ~ Leave a comment

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 through cancellation.  

Whether borrower-requested, lender-required or value driven, let’s rock all the ways you can eliminate PMI!

Have mercy!

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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

Does Shopping for a Mortgage Hurt Your Credit?

~ Rob Spinosa ~ Leave a comment

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 free fall.  Let alone the multiple credit inquires that sometimes accompany shopping for the best mortgage rates and terms.

So let’s not back down and let’s have some rockin’ fun with how credit inquiries and mortgages really work.

Runnin’ down a dream,

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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock the 2023 FHA Loan Limits!!!

~ Rob Spinosa ~ Leave a comment

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 go from $970,800 all the way up to $1,089,300.  And that means that the maximum purchase price with the minimum down payment approaches $1,129,000 in those counties!

Been a long time!

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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How (NOT) to Destroy Your Mortgage Approval!!!

~ Rob Spinosa ~ Leave a comment

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 refinance encounter the God of Mortgage Thunder.  Don’t be next! 

Get up, everybody’s gonna move their feet!

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 not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.