APM BLOG

Protecting your credit is important all the time, but especially when you’re in the middle of—or about to begin—the homebuying process, it’s even more crucial to protect your credit. That’s because there aren’t many other times in our lives where we need a loan of this size. 

That means that in addition to getting your finances and paperwork in order, you’ve got to protect your credit like nobody’s business. Thankfully, there are a few easy, low-cost ways of doing this so your housing dreams don’t get derailed.

Interest rates are low, and it seems like open houses are springing up everywhere now that COVID restrictions are lifted. You may even have friends who recently purchased a new home, leading you to wonder whether you should be buying instead of renting. 

There are so many options out there that promise to help you build wealth. High-interest rate savings accounts can make a few drops in the bucket, but not many. The stock market is certainly a vehicle for making money, but you have to know what you’re doing, what you’re buying, and when to get out. Retirement accounts can be a great way to accrue money over time, but 65 is a long way off for some people. Then there are cryptocurrencies. A year ago, it seemed the sky was the limit for these virtual coins. This year, it’s a whole different story.

It’s the age-old question: when is it a good time to buy a home? The problem with that question is it has no right answer. You can have the most favorable market conditions in the world—low listing prices because it’s a buyer’s market, low interest rates, loose qualification standards—but if you’re not in the right position to buy, it’s still not a good time to buy a home. 

In today’s competitive housing market, there’s a good chance that your offer won’t be the only one a seller is entertaining. It’s not uncommon to hear sellers have more than 10 offers for one property . . . or that some buyers have put in offers on more than 20 homes, just to lose out time and time again.

In a market like this, it’s not enough to simply have your ducks in a row and walk in with a pre-approval. A market like this takes work if you want to win a bidding war. 

Do you want to achieve the dream of homeownership but dread the looming down payment you’ll need? Figuring out how to come up with a down payment for a house can seem like a huge hurdle, especially for those with little to no savings.

Believe it or not, there are many, many people who want to see you in the home of your dreams. We know that dream doesn’t always seem attainable. Money can be tight, and a down payment is just one more thing you have to save for.

Interest rates are still attractive, and inventory is creeping up, which means now is a great time to jump into the housing market! Here’s the thing, though. While “Zillowing” has become one of America’s favorite pastimes, actually buying a home isn’t as simple as jumping into the market. Unless you’re a cash buyer. In which case, bravo to you! 

Low interest rates, even lower housing inventory, and tons of competition. That’s today’s housing market in many areas around the country, and that can be frustrating for buyers.

Having been in business for over 25 years and witnessed many real estate cycles, we know how you feel. That’s why APM has focused all its energy on making sure you are in the best possible position to have your offer accepted.

That’s why we developed our Keys on Time™ program. Here’s how it works: You get your loan approved before you shop for a home. That’s right. We will give you full approval of your financing before you ever find a home . . . this is not your average pre-approval!  Once approved, you go shop for your home, secure in the knowledge that your financing is in place. 

There are times to DIY (do it yourself), and there are times to call in an expert. Buying a home is not the time to try your hand at real estate negotiations. Can you buy a home without an agent? Of course you can—just as you can sell a home without an agent—but those decisions tend to cost you in time, energy and, most of all, money!

Getting into debt can be fun for a moment (hello, last-minute trip to Cabo!), but that debt hangover will last long after those margaritas have made their way out of your system. Once your splurge is over, you’re left with a long-term debt obligation that may grow ever larger, thanks to compounding interest.

Let’s face it, debt is the pied piper that demands you sacrifice current and future wants and needs for past spending. It can also prevent you from achieving your goals if this debt hurts your credit score or results in a high debt-to-income ratio, making it harder to borrow more money.

So, nip that obligation in the bud and get that piper off your back by managing debt effectively.

There are so many VA home loan benefits that make this the ideal lending vehicle for service members, veterans, and surviving spouses. But you can’t use these benefits to buy a home if you don’t understand what they are—or who qualifies for them.

So let’s get right to it.

As an active-duty service member, veteran, or surviving spouse of a veteran, you’ve made your country proud and, now, we hope to do the same for you. That’s why American Pacific Mortgage is honored to work with you to obtain affordable VA loans that can help our service members and their families achieve their American Dream.

You’d love to own a vacation home (who wouldn’t?!) but you’re not sure if you can afford it, or even qualify, on your own. Buying a vacation home with family can be the best of both worlds: you get the option—and prestige—of owning a second home, but you only have to pay a fraction of the costs.

Sounds like a dream come true, right? Buying a home with family can be, but that all depends. There are many factors to consider before you plunk down your hard-earned cash, sign those documents, and show up to your new vacation home…only to find your sister’s car in the driveway.

You have your primary residence, but you’re thinking about buying a second home. Congrats! Being in a position to purchase another residence is a major accomplishment, and you should be proud of that.

The first thing you’ll want to do after celebrating your awesomeness is determine the function of this home. There are second homes that are exactly that—additional dwellings regularly used by you and your family. Then there are investment properties that are purchased with the explicit intent of renting them out as a source of income.

The American Dream is not one size fits all. For some borrowers, their goal includes owning a second home where their family can vacation while the asset builds equity. Whether that vacation home is a cabin in the mountains or a condo on the beach, this can be a totally attainable goal—as long as you understand the process of qualifying for a second home loan.

Identifying your dream home is an important step in the homebuying process – but you’ve still got to close the deal! Putting in an offer on a home can be nerve-racking. After all, once your offer is submitted, it’s out of your hands and up to the seller. This is why you should do everything possible beforehand to ensure your offer stands out from the rest and looks as attractive as possible to the owner.

You’ve been amazing in your dedication to helping our country and communities as we grapple with the COVID-19 pandemic. While we know your job is far from over, we want to show our appreciation by offering front-line medical professionals a mortgage discount that puts a little more money back into their pockets.