Home > Blogs > Rob Spinosa's Blog
43,851 views

Rob Spinosa's Blog

By Rob Spinosa | Mortgage Broker
or Lender in Mill Valley, CA
  • Will Refinancing Cause My Property Taxes to Go Up?

    Posted Under: General Area in California, Financing in California, Home Ownership in California  |  July 9, 2014 8:23 AM  |  16 views  |  No comments

    "Will Refinancing Cause My Property Taxes to Go Up?"

     

    Because the current interest rate environment remains conducive to refinancing, a concern that some have about taking action stems from confusion related to how their property taxes are determined, and specifically the question, "Will refinancing cause my property taxes to go up?"  It goes without saying that nobody wants to save money via refinance, only to see it evaporate in the form of higher real estate taxes.  But is this a real threat?  Or is it safe to assume that simply by refinancing you would not see a change in your tax basis?

     

    Rob Spinosa Marin MortgageOur answer must first address, well, the address --- of the home, that is.  Since I'm a licensed loan officer in the state of California, working out of an office in Marin County, I'm only going to view this topic through our stylishly sunshaded eyes.  In California, properties are assessed to market value when they change ownership, and this does not happen in a refinance.  So if you purchased a home for $500,000 in 2008, and it appraises for $650,000 in 2014 when you obtain your refinance appraisal, the county assessor is still working off your original assessed value as far as your tax basis is concerned.  Behind the scenes is a more complex calculation that has to do with changes to the ad valorem portion of your tax bill, adjusted by the lesser of a 2% annual increase OR the rate of inflation, as dicatated by Proposition 13.  If you have questions about how to interpret your tax bill, give me a call or send me an e-mail any time and we'll review it together.  But again, the incremental adjustments to the original basis prevail here and not a jump to the appraised (or market) value at the time of refi.

     

    "But wait!" you say.  "My tax bill really did go up when I last refinanced!"

     

    Rob Spinosa Marin Home LoanOK --- let's look at this a little closer.  We know that a refinance alone would not trigger a reassessment, but are there some things that could cause a fluctuation in the amount of tax you’ve been paying?  In the downturn years, perhaps your home was eligible for a temporary reduction in its tax rate?  That may have recently reverted with rising values.  Or perhaps you have an escrow account?  Adjustments by your loan's servicer that are required to maintain a sufficient balance might show up as increases to your PITI payment.  Both of the above examples could have coincided with your refinance and they may have changed your tax payment amount, but they would not have been a result of the refinance itself.

     

    I realize that property taxes are a significant component of your total monthly housing payment.  After all, I pay them too!  So if you're thinking about refinancing to get into better terms or a lower payment, and you have been reluctant to do so because you feel a mortgage lender's appraisal and process could trigger an increase in your property tax bill, you can step back from the ledge and take a deep breath.  Refinancing, in and of itself, does not cause your property taxes to increase in California.

     

     

    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

     

        Google+ Inzopa Badge

     

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

     

  • 11 Dorian Way, San Rafael, CA, 94901 w/ REX 10% Down Payment Option

    Posted Under: Home Buying in San Rafael, Financing in San Rafael, In My Neighborhood in San Rafael  |  June 20, 2014 8:52 PM  |  95 views  |  No comments

    11 Dorian Way, San Rafael, CA, 94901 w/ REX 10% Down Payment Option

     

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

     

    Purchase Price:  $1,549,000

    REX Down Payment:  $154,900

    Your Down Payment:  $154,900

    Monthly P&I Payment:  $5393

     

     

    Here are the terms for the scenario above:

     

    Loan Amount:  $1,239,200

    Loan Program:  7/1 ARM*

    Interest Rate / APR:  3.250% / 3.149%

     

    How can we help?

     

    Property Info:  Julie Casady, 415-246-3200, j.casady@deckerbullocksir.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 6/20/14.

     

    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

     

        Google+ Inzopa Badge

     

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

     

  • 305 Scenic Road, Fairfax, CA, 94930 Mortgage Options

    Posted Under: Home Buying in Fairfax, Financing in Fairfax, In My Neighborhood in Fairfax  |  June 17, 2014 5:51 PM  |  84 views  |  No comments

    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 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 6/17/14.

     

    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

     

        Google+ Inzopa Badge

     

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

     

  • Your Credit May Be Good, But Is It Jumbo Good?

    Posted Under: General Area in California, Home Buying in California, Financing in California  |  June 16, 2014 9:58 PM  |  111 views  |  No comments

    Your Credit May Be Good, But Is It Jumbo Good?

     

    "I have an 800 FICO so I know I'll qualify."

     

    We, here at RPM, pride ourselves on being a great jumbo lender.  Because of our geography and clientele in the San Francisco Bay Area, we encounter a lot of higher loan amounts.  Our pricing is very competitive and we have 10+ investors who can cover the needs of just about every jumbo loan scenario that can realistically be done these days.  Moreover, we retain control of the underwriting of the vast majority of them, so we can exercise "make sense" judgment and get files approved where many other banks and brokers cannot.

     

    Yet, we are not immune to the quirks of the current state of jumbo mortgage lending and credit tradeline requirements definitely fall into the "quirk" category.  A theme that will emerge here, and true to our opening statement, is that FICO score alone does not a jumbo approval make.  As we'll see, the credit requirements for jumbo loans reach beyond a borrower's score and delve deeper into the components that comprise those very numbers, namely:

    1. Credit history --- depth and age of tradelines.
    2. Blend of credit --- distribution of open credit between mortgage, installment and revolving debt.
    3. Use of credit itself --- how recently have accounts been used?

     

     

    If you are in the market for a jumbo mortgage, it's important to work with a mortgage professional early, as some of these requirements simply cannot be met in the time period it would take to close a traditional escrow.  Let's look at one jumbo investor's credit profile requirements:

    • Minimum of 3 open tradelines with minimum of 12 month history for EACH borrower.
    • Authorized user accounts cannot be used to meet minimum tradeline requirement.
    • Credit depth must be a minimum of 2 years.
    • All 3 tradelines must have had current activity.

    Or another's: 

    • Minimum 3 tradelines open and active for at least 24 months.
    • At least one of the three tradelines must be a mortgage or installment loan.
    • Remaining tradelines must be rated for 12 months.

     

     

    So, a moral of this story might be that you may indeed have a very good FICO score.  But if you do not demonstrate to a jumbo mortgage investor that you can produce a high score by way of the behavior that they believe will most likely lead to repayment of their loan, you may find yourself on the outside looking in.  Remember, if you don't like to use credit --- if you pay cash for that auto, if you eschew credit cards --- this can be highly effective financial behavior from a personal standpoint, but it can leave the mortgage lender in the dark about whether you've got the right credit curriculum vitae.

     

    If you have questions about a jumbo home loan and/or about how your credit report and profile will be viewed by a jumbo lender, get in touch today.  I can help you make sense of what it takes to qualify for a jumbo mortgage, and in many cases, we can find just the right investor to work with your existing credit profile.  Your credit may already be excellent but we'll make sure it's jumbo good.

     

     

    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

     

        Google+ Inzopa Badge

     

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

     

     

  • 135 Marina Blvd., San Rafael, CA, 94901 Mortgage Options

    Posted Under: Home Buying in San Rafael, Financing in San Rafael, In My Neighborhood in San Rafael  |  June 12, 2014 3:35 PM  |  101 views  |  No comments

    135 Marina Blvd., San Rafael, CA, 94901 Mortgage Options

     

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

     

    Purchase Price:  $1,499,000

    REX Down Payment:  $149,900

    Your Down Payment:  $149,900

    Monthly P&I Payment:  $5219

     

     

    Here are the terms for the scenario above:

     

    Loan Amount:  $1,199,200

    Loan Program:  7/1 ARM*

    Interest Rate / APR:  3.250% / 3.154%

     

    How can we help?

     

    Property Info:  Robert Beadle, 415-464-3340, rhbeadle@coldwellbanker.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 6/12/14.

     

    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

     

        Google+ Inzopa Badge

     

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

     

  • 22 Frances Ave., Larkspur, CA, 94939 Mortgage Options

    Posted Under: Home Buying in Larkspur, Financing in Larkspur, In My Neighborhood in Larkspur  |  June 12, 2014 3:01 PM  |  96 views  |  No comments

    22 Frances Ave., Larkspur, CA, 94939 Mortgage Options

     

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

     

    Purchase Price:  $1,499,000

    REX Down Payment:  $149,900

    Your Down Payment:  $149,900

    Monthly P&I Payment:  $5219

     

     

    Here are the terms for the scenario above:

     

    Loan Amount:  $1,199,200

    Loan Program:  7/1 ARM*

    Interest Rate / APR:  3.250% / 3.154%

     

    How can we help?

     

    Property Info:  Yoko Kasai, 415-847-6519, yoko@frontporchrealtygroup.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 6/12/14.

     

    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

     

        Google+

     

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

     

  • 240 Hillside Ave., Kentfield, CA, 94904 Mortgage Options

    Posted Under: Home Buying in Kentfield, Financing in Kentfield, In My Neighborhood in Kentfield  |  June 11, 2014 10:31 PM  |  120 views  |  No comments

    240 Hillside Ave., Kentfield, CA, 94904 Mortgage Options

     

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

     

    Purchase Price:  $1,995,000

    REX Down Payment:  $249,375

    Your Down Payment:  $249,375

    Monthly P&I Payment:  $6410

     

    240 Hillside, Kentfield, CA

     

    Here are the terms for the scenario above:

     

    Loan Amount:  $1,496,250

    Loan Program:  7/1 ARM*

    Interest Rate / APR:  3.125% / 3.093%

     

    How can we help?

     

    Property Info:  Jennifer Boesel, 415-497-3383, jboesel@cbnorcal.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 6/11/14.

     

    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

     

        Google+

     

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

     

« Read older posts
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer