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When you are thinking about becoming a homeowner, the idea of coming up with a large down payment can feel like an overwhelming feat. Depending on what type of mortgage loan you choose, you may need anywhere from 3.5% to 20% for your down payment*.
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If you’ve had to foreclose on your home in the past, you may be wondering if you’ll ever have the chance to be a homeowner again. After going through a foreclosure, it may take some time to recover, but it is possible to eventually own another home of your own.
Have you filed for bankruptcy and are wondering if buying a home is now completely out of the question for you and your family? While it may be tricky to get a mortgage loan after filing for bankruptcy, it is still possible. Even families who have a Chapter 7 or Chapter 13 bankruptcy on their credit report may be able to buy a home after some time has passed.
Interest rates are constantly fluctuating, leaving homebuyers wondering when they should lock in their rate? At American Pacific Mortgage, we have created a specialty program called SecureLock, which allows you to lock in today’s competitive rates while you shop for the home of your dreams. It’s just another way we help homebuyers achieve their goal of home ownership.
Are you a firefighter currently employed full time with the city, county or state? If so, we want to help you get into the home of your dreams. We created our Star Loan Program to celebrate everyday heroes like you. We think you do a selfless job day in and day out and want to make the process of obtaining a mortgage a little bit easier for you.
Qualify for a low down payment mortgage with the Home Ready Program
Home Ready by Fannie Mae is a specialty American Pacific Mortgage Program designed to serve your unique needs. It is an alternative to the Federal Housing Administration (FHA) program, with even more flexible income qualification guidelines and 3% needed for the downpayment.*
The mortgage industry is constantly changing. New laws are signed, which then affect buyers—sometimes in their favor, sometimes against them. With a new president in office, there have been recent changes to the Federal Housing Administration (FHA) loans. We simplify those changes below and let you know how they could affect you if you are looking to buy a home.
Condominium properties can offer many benefits for first-time homeowners. They can often be more affordable and require less maintenance than traditional single-family homes. If you are considering buying a condo, make sure and ask these seven questions first.
If you’re looking to purchase a home, you may have heard that discount points can help lower your interest rate and monthly payments. Lenders offer discount points through a one-time, upfront fee. The points lower your monthly payment and can help make the mortgage more affordable for the life of the loan.
Knowing what your credit score is can be empowering to you as a first-time homebuyer. Your credit score is an important factor in getting a loan and securing a competitive interest rate when buying a home.
If you’re looking to purchase your first home, then make sure you look into and consider an Adjustable Rate Mortgage (ARM). An ARM can be a powerful tool for first-time homeowners.
New maximum loan limits were announced by the Federal Housing Finance Agency for conforming loans. The loans will vary by county, but for most of the United States, the 2017 maximum loan limit for one-unit properties will be $424,100, an increase from $417,000 (the level set back in 2006).
There are so many different terms and phrases when it comes to buying a home. We want to simplify this process for you and help you understand the different terms that come with the homebuying process.
Buying a home is an exciting process. You get to put your own spin on how you’ll decorate. You decide what plants you will put in your garden. And you get to make decisions on wall colors and changing out flooring.
There’s nothing quite like coming home daily to your very own home. It’s important to plan appropriately when you’re thinking of buying a home. Planning your finances will help prepare you for any unknowns that could come up as a homeowner.
FHA loans are a popular term in the mortgage industry and one you have probably heard of before. Find out everything you need to know about FHA Loans and if this home loan meets your needs.
Is it better to rent or buy a home? It’s a question that most adults will ask themselves at one point or another. Before deciding which option works for you, consider the following factors.
There are several components to consider when deciding whether to rent or buy. Things like your personal situation, taxes, investment opportunities, financial stability and long-term goals all play a role in whether renting or buying is more beneficial.
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.
