Tag: finance

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.

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 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 a 10% Down Payment!!!

~ Rob Spinosa ~ Leave a comment

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 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 “Second Home or Rental Property???”

~ Rob Spinosa ~ Leave a comment

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 home and investment property because if you work with your lender and you know the rules, you can, just like the Long Cool Woman in a Black Dress, have it all!

Temperature’s startin’ to rise,

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 a Family Opportunity Loan

~ Rob Spinosa ~ Leave a comment

Looking to purchase or refinance a home for your elderly parents who wouldn’t otherwise be able to obtain a mortgage on their own?

Looking to assist a disabled or special needs adult child with housing or his/her own?

Or how about putting a college-bound child into off-campus housing that you decide to purchase?

All of these are both common scenarios and often difficult ones as viewed by the inflexible guidelines in the mortgage industry.  Until now…

The Family Opportunity Mortgage can be a great way to thread the needle of otherwise detrimental occupancy requirements for primary homes, second or vacation homes and investment/rental homes.  And if used in the right situation, the Family Opportunity loan will often permit you to obtain lower rates and lower down payment requirements.

So, let’s get so low in the weeds like sisters Anne and Nancy Wilson of Heart and ambush this beneficial mortgage program today! 

Grateful to know about the Family Opportunity loan?  Give me a like or subscribe on YouTube!

Ooh, barracuda!

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

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709
 

*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 Cannabis Income on a Mortgage Application

~ Rob Spinosa ~ Leave a comment

Fifty years ago, when the Doobie Brothers were flying high and the folks in China Grove were rising for another day, it would have been hard to imagine that marijuana would eventually be legal in some states.  But, not legal in all states and not legal at the Federal level and that means those who work in the marijuana and cannabis industries can see their mortgage opportunities go up in smoke if not aligned with a lender who knows which programs and investors can navigate this relatively new industry.

So let’s take it to the streets and find out just how a homebuyer or homeowner can get a mortgage approval if they are employed in a cannabis business and get income from a business in the cannabis space.

Need some solid advice about mortgages and marijuana and cannabis income?  Give me a like or subscribe on YouTube!

Listen to the music,

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 Cryptocurrency As Your Down Payment

~ Rob Spinosa ~ Leave a comment

The mere mention of the words “bitcoin” or “cryptocurrency” or “blockchain” is sure to evoke comments and reactions that will be far-reaching.  There will be the speculators who rolled the dice and came up winners, or who are still white-knuckling their wild ride.  There will be financial technicians who have been forced to grasp how this technology has the potential to disrupt the exchange of currency as we know it.  But more than the reactions of either of these two subsets, you’ll encounter the expressions of the mostly and mildly bewildered.  Because really, when it comes to cryptocurrency, most people are downright confused:

  • About what it is.
  • About how it works.
  • And for us in the real estate world, about whether you can use bitcoin and other digital currencies to buy residential real estate.

So take a quick video tutorial with me on how to rock the use of cryptocurrency as your down payment!

Thinking about rocking the rebel currency on your next home purchase?  Give me a like or subscribe on YouTube!

Ground control to Major Tom,

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

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709
 

*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.

Divorce Buyout Refinancing Explained

~ Rob Spinosa ~ Leave a comment

It’s a sobering fact that nearly 50% of married couples will decide to go their separate ways each year. But what happens when there’s jointly owned real estate involved? And what if that home has a mortgage on it as well? What’s the process for one spouse “buying out” the other and how can any couple best plan for this division?

Obviously, a marital separation is stressful enough.  The short video below aims to make it a little less so, at least when it comes to understanding the home loan options.  Oh, and we rock some Frontiers-era Journey while we’re at it…

Ready to take a journey with us and rock the divorce buyout process?  Please give me a like or subscribe on YouTube!

Break those chains that bind you,

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

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709
 

*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.