APM BLOG

Your credit score is a number between 350 - 850 on a scale created by the Fair Isaac Corporation (FICO). This number is known as your FICO® score, and it is used by lenders as a snapshot of your credit history and a summary of risk involved to lending to you. The score is calculated based on an analysis of a person's credit history and files.

 The higher the credit score, the lower the risk to the lender and generally means a lower interest rate to you as a borrower. A lower credit score equates to more potential risk to lenders and generally higher interest rates to you as a borrower.

At American Pacific Mortgage we are fully committed to doing what it takes to get your loan funded on or before the close of escrow. That’s why we created our Keys on Time Program. Our specialty program gives you a 20-day close and backs your offer by the purchasing power of a full loan approval.

Like most things in life, everyone has their own opinion about the homebuying process. When you start thinking about making your dream of owning a home a reality, you learn that there is a lot of competing information out there.

Becoming a first-time homeowner is an exciting adventure. While there are several steps involved, our goal is to simplify the process so you can find your perfect home.

Getting pre-approved for a home loan is the first step on your path to becoming a homeowner.

So, here you are. You decided to take a dive into homeownership. First of all, we want to say, congratulations. We know that being a homeowner will give you a sense of pride and security, both to you and your family. Like they say, there's truly no place like home.

You are ready to take the next step. You have decided you are ready to buy a home. Before you open up that web browser and tackle the home listing websites, there are a few things you should be doing.

Whether you are just finishing up college or have been out for a few years, getting your feet underneath you with a new career is typically priority number one! But as time moves forward some millennials could consider making a financial investment in their futures by becoming a home buyer. It’s not as intimidating as some may think.

NOW Could Be the Time to Buy

Setting down some roots in a home and a neighborhood that works for you can be one of the most important decisions you ever make. If you are wondering when a good time to buy is, it may be now. With the sun shining, it may be the time to pack up those boxes and start your future. 

The mortgage loan process doesn’t need to be complicated for you as a first-time homebuyer.

Interest rates fluctuate and are impacted by economic data, inflationary pressure, the stock market, the federal reserve, geo-politics and other global events. Therefore, you may have questions as to whether now is a good time to lock in that rate. American Pacific Mortgage is here to answer those questions.

Lenders offer discount points to buyers to lower the interest rate and make the mortgage more affordable. A discount point is like prepaying interest for a lower interest rate. One point usually translates into .125 to .25 percent less on your loan rate. Another consideration: discount points are typically tax deductible.

A credit score is more than just a financial “grade.” The rating represents something much more important, and could have a big impact on your wallet. Many first-time homebuyers are curious about improving credit scores, and how that will come into play when applying for a loan.

Does it seem like all your friends are in the process of buying a home? You may be at the point in your life when all of your friends are transitioning into the homeownership realm. There will likely be no bigger or exciting purchase in your life than a new home. Maybe it’s your turn too?

If you are ready to become a first-time home buyer, the initial step is to get pre-approved for a home loan. To do that, you will need to get a handle on your credit history and credit score. If your credit is challenged, you may want to consider methods of increasing your score so that you can begin the process of buying your first home.

If you’re thinking about buying a home, you’ve probably crunched the numbers time and time again. Undoubtedly, you know a thing or two about the components of a mortgage payment, including the principal and interest you will pay. While it’s prudent to know about your monthly mortgage bill, there are other expenditures associated with homeownership that you’ll pay before and even during the life of your loan.

Buying a home is a transaction with a lot of moving pieces. Both the buyer and seller have power to control some aspects, but a bump in the road can appear when you least expect.

Why Homeownership Can Be a Smart Decision

It all comes back to the phrase “home is where the heart is.”

Owning a home is ingrained in the American spirit. It provides a sense of stability in that there is a place to call home that will always serve as a spot to unwind and to be with the ones you love.There is another aspect in play when it comes to why being a homeowner is a smart decision. Owning a home is a good financial decision that very often pays off over the long run.

Here are just a few reasons why homeownership can be a smart decision.

The Four Modern Guidelines of Home Buying

Buying a home can be an overwhelming process. But in the end, it can be one of the most rewarding experiences you and your family will ever have. Home ownership provides security, a source of pride, equity, a financial roadmap to the future and numerous other perks, both personal and financial.