How to Buy a House When You Have Bad Credit

Buy a House with 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 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

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?

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 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 VA loan limits fall outside of this change, so if you need to know the specific loan maximums for any program, in any area, just get in touch!

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 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 real estate market.  If so, come as you are and let’s learn how to rock a low appraisal value today. 

Smells like teen spirit,

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 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 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!!!

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 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 if you don’t know how much of a loan for which you can qualify.

But buyers and borrowers got it bad (so bad!) because they don’t teach “how to buy a home” in school.  So it’s less about the education that you missed and probably more about the education you never got.  But in just five fun minutes we’ll cover:

  1. What’s a pre-approval?
  2. How much does it cost to get a pre-approval?
  3. Will a pre-approval application hurt your FICO score?
  4. What happens once you’re pre-approved?
  5. How long is a pre-approval good for?

Grab your pencil and let’s learn how to rock a mortgage pre-approval!

I don’t feel tardy,

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 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:”

  1. Paying discount points.
  2. Choosing an ARM over a fixed rate loan.
  3. Considering an interest-only mortgage program.

Wanna buy a home this year but not end up “house poor?”  Let’s wind on down the road of some of the most effective strategies.

Really makes me wonder,

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???”

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.