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Being self-employed or owning your own business can be an exciting adventure that comes with many benefits. That’s why so many people have chosen to head down the path of self-employment. According to the Bureau of Labor Statistics, roughly 10% of U.S. workers are self-employed. But along with the benefits and the satisfaction of working for yourself come a few hurdles.
We hear about identity theft almost daily now, sometimes from data breaches and sometimes from individual thefts. The biggest data breach in 2017 was the Equifax data breach, affecting millions of consumers. During the breach that lasted from mid-May through July, hackers accessed names, social security numbers, birthdates, and addresses as well as hundreds of thousands of credit card numbers. With this type of information hackers can easily take out loans your name, empty your bank accounts, and rack up credit card debt - all of which can negatively impact your credit score.
The Federal Housing Finance Agency (FHFA) recently announced that conforming loan limits will be increased for the second straight year. The first 2017 increase was the first increase since 2006. But why does the increase in loan limits matter to you as a potential home buyer? It means that even with rising home prices, there still may be affordable loan options for you!
Maybe you’ve been dreaming about becoming a homeowner, but news about competitive real estate markets has made you nervous. According to Redfin’s recent report, the number of homes for sale has dropped significantly, leading to low inventory and increasing prices. This has created a market where buyers may have to compete for available homes. You’re wondering - do you have a chance of buying a home or should you wait?
You finally own that home you always wanted. You’re benefiting from the financial perks, but with a new home comes a new monthly mortgage payment … and perhaps a new interest rate to consider.
You may not know this, but at the beginning of your mortgage, a lot of that monthly mortgage payment goes toward interest. That’s because your loan balance is still at or near the original amount you borrowed, since you’ve just started paying it off.
You’re about to take that leap into the world of homebuying, but you’ve discovered the housing inventory in your area is currently low. That means the market is competitive. Don’t let that intimidate you! You should still be able to find a great home for your family - you just need a few tips to navigate this competitive market as a first-time homebuyer.
There are a number of financial perks and tax breaks when you purchase a home. It’s no longer uncommon for house payments in many areas to be lower than monthly rental costs. Sometimes the benefits can be a little harder to measure, such as taking a tax deduction for utilizing a portion of your home as a home office. It is always best to consult with your tax advisor, but generally speaking, here is a list of common financial perks for first-time homebuyers:
You’re getting ready to purchase that home you found in the perfect neighborhood. But what happens between the time your offer gets approved and the keys are handed to you? If you have never purchased a home, the home loan closing process may seem like a bit of a mystery and an overwhelming number of steps to complete. We’re here to walk you through the process so you know what to expect and are prepared for what’s to come next.
Have you been dreaming about homeownership? Maybe now is the time to join the world of homebuyers! We can help you decide if buying a home now is an option for you with tips for first-time home buyers, helpful programs and resources, and more. Here’s what else you need to know in order to take that first step in your home-buying journey:
You decide to start the process of purchasing your dream home but suddenly realize that you are going to run into issues when you have to prove your income level. Maybe you’ve had problems getting a loan in the past due to unsteady income. You have a high level of assets, but can’t show a consistent monthly paycheck, so what can you do? Thankfully there are high asset home loans that can open the door to your homeownership dream! American Pacific Mortgage offers an Asset Inclusion Loan Program that might be an option for you.
The FHA 203(h) mortgage may be used to finance the purchase of a new home with no down payment and favorable terms.
- 100% financing available
- Financing options available for FICO scores as low as 640
- FHA mortgage limits range from $275,665 to $636,150 in high cost areas
- No borrower income limit
- If you plan on purchasing a new home, the new home need not be located in the area where the previous house was located.
- Renters that were displaced within a declared disaster area are also eligible for this program.
During the home buying process, one critical component to consider is your mortgage rate. Home loan interest rates vary widely from lender to lender. You might wonder if the lowest rate is the correct way to go; there are other factors to take into consideration besides an advertised rate. American Pacific Mortgage believes in giving you the tools you need to make educated decisions. We have compiled a list of tips to help give you confidence as you enter down the path of home ownership or refinancing a current home loan.
As you begin the process of achieving your homeownership dream and navigating the world of mortgages, you’ll come across a lot of terms that may be new to you. You’ll hear terms like “conventional loans”, “conforming loans”, “non-conforming loans” and “conforming loan limits” to name a few. We’re here to make these mortgage terms easy to understand and help you confidently consider and discuss your mortgage needs. Let’s talk about conforming loans and conforming loan limits - what do they mean to you? And where do conventional and non-conforming loans fit in?
Getting ready to buy your first home is an exciting and sometimes overwhelming time. You may have heard that there are benefits to being a first-time home buyer. Can first-time home buyer programs really make the difference and help you achieve your homeownership dream? American Pacific Mortgage is here to help explain these programs and make it easier for you to take the next step toward buying your home.
Is it your time to buy? Time to buy the home that really fits your family; time to make your backyard into an oasis; time to experience the peak of home ownership. American Pacific Mortgage can help you realize those dreams with new home loan programs. Our brand new Peak loan programs can make buying a home more affordable and help you get access to the equity you need.
It can be challenging for some to qualify for a mortgage, even with a high net worth.
Are you dreaming of moving into a new home or condo that better fits your lifestyle, but don’t know how you can confidently buy a new home while you sell the one you’re in?
At American Pacific Mortgage, we are committed to helping you make an informed decision during the mortgage process. After getting to know you, our loan advisors use their expertise to make loan recommendations that fit your particular needs. We are able to pull from a variety of options, including our specialty loan programs that were developed to help solve barriers our borrowers face.
