*Field Required
Buying a house isn’t just about the sticker cost or the monthly payment. A large part of your housing budget will also be your down payment. If you’ve seen lender ads before, you know that this number can be all over the board.
It’s tough out there, we know. Today’s competitive housing market can keep you trapped in a vicious cycle: Find a terrific house, make an aggressive offer, get your hopes up, get outbid, start over. Rinse and repeat. Some of the biggest competitors for homes on the market today pay cash, which can make it tough when YOU don’t have cash to buy the home outright yourself.
Just when you think you’ve got it all figured out, the housing market changes. Well, here’s the truth: No one has it all figured out. Being mortgage professionals, however, we do understand the ins and outs of the market and how today’s climate affects your homebuying ability and the mortgage process.
If you’re planning to finance your home, you need the support of an experienced and local mortgage loan officer. You’re probably aware that they’re the ones who collect all that tedious paperwork, but the value of a loan officer goes far beyond that during your home purchase.
We all know the drill: House-hunting is fun, but a mortgage application … not so much. Collecting tax returns, proof of income, bank statements, credit reports, pay stubs, and other documents just isn’t as exciting as attending an open house and visualizing your family inside those walls.
That’s okay, though: We’ll make applying for a mortgage simple so you can get back to the good stuff—securing your American dream!
It is possible to obtain a conventional mortgage if you have a low down payment, but the trade-off is having to accept private mortgage insurance—also known as PMI. If you’re putting down less than 20% on your home, this article is for you!
Here’s the lowdown on PMI, when you need it, how to pay for it, and some ways you can avoid it altogether.
You’re thinking about selling your home, but you’re stuck on the age-old question: Are you going to list your home yourself, or are you going to use a listing agent?
Buying a home is one of the biggest, most important decisions you’ll make. After debating the pros and cons of homeownership—and there are many—you may have a whole new set of questions about hiring a real estate agent.
Real estate agents are a dime a dozen, right? While it’s true that buyer’s agents and seller’s agents are in no short supply, a good real estate agent is something to appreciate. So how do you know if they’re good, and—even better—how do you know if they’re good for you?
Can you buy a home without a buyer’s agent? Of course you can. Just like you can sell a home without a seller’s agent. Here’s the deal, though: Those decisions tend to cost you time, energy and, most of all, money!
Naturally, having a good credit score and making a down payment of 20% or more can help you secure the best interest rate, but there’s something else you can do to lower that rate even further. It’s called a mortgage rate buydown.
A non-conforming loan is any loan that doesn’t adhere to the Fannie Mae and Freddie Mac lending guidelines. These government-sponsored enterprises (GSEs) have certain rules that loans—referred to as “conforming loans”—have to meet regarding loan amount and credit score.
Building a new home can bring about a ton of questions—you may be mulling over everything from picking a builder and finding a location to deciding on the specific features you want. And that’s to say nothing of the home’s financing. Unlike an existing home with a permanent mortgage, building a home typically requires a home construction loan—at least during the construction phase. Thankfully, our construction lending team has you covered! We’ve streamlined the construction home loan process so you know exactly what you’ll be dealing with.
If you or your loved ones have been affected by a wildfire, our hearts go out to you. In this time of hardship and loss, we at American Pacific Mortgage send you our deepest sympathies and can only hope for a sense of calm and safety to be restored for you as soon as possible.
Equity. The word alone sounds promising, doesn’t it? It should. Equity equals value, and it’s a great strategy for building wealth.
But before you can put that equity to good use, you should first understand what home equity is.
Jumbo loans. Their name kind of hints at their function. The jumbo loan program is designed for loan amounts that exceed the conventional conforming loan limits of the Federal Housing Finance Agency (FHFA). In other words, they’re big loans. Some might even call them “jumbo.”
A large loan amount can mean something different to everyone—especially depending on where you live—which is why the FHFA carved out some guidelines on jumbo loans. Understanding them will be key to understanding when you need a jumbo loan.
With all the specialized loan programs out there—FHA, VA, etc.—it’s easy for the standard, conventional loan to get lost in the shuffle. After sifting through all these programs, you may find yourself stepping back and asking, “Wait, just what is a conventional loan?”
The word “conventional” simply means the loan is not part of a specific government program like FHA and VA loans are. Instead, they’re offered by mortgage companies, banks, and credit unions. Conventional loans that follow specific guidelines set by Fannie Mae and Freddie Mac—two federally backed companies that buy and guarantee mortgages—are known as conforming loans.
What is an FHA loan? The literal definition of an FHA loan is pretty straightforward: It’s a mortgage that’s insured by the Federal Housing Administration. But that doesn’t really tell you much.
So … let’s try again. What is an FHA loan, really? FHA home loans are geared toward borrowers who have lower down payments or credit challenges that may make it difficult to buy a home. This makes these loans particularly attractive to first-time homebuyers.
