What You Need to Know About Getting a Mortgage When Self-Employed
Being self-employed can be amazing! To many it sounds wonderful—you get to be your own boss, set your own hours, and work from anywhere! As many who are self-employed know, it’s not as simple as that (long days, making payroll, and no steady paycheck). There are many perks to entrepreneurship, including that invigorating feeling of creating a business, but some people worry that this path will make it difficult to qualify for big-ticket purchases like a home.
4 Reasons to Build an ADU
An accessory dwelling unit, or “ADU,” is a fancy phrase for a smaller stand-alone space on your property. They’re oftentimes referred to as guest houses, granny flats, or even pool houses. These modest spaces are functional, livable, and super convenient if you need more room but don’t feel like packing up and moving into a new home entirely.
The Benefits of Multigenerational Living
Everyone under one roof. The notion is becoming more and more common nowadays, especially during the pandemic. You have college students who no longer need to live on campus due to remote learning, adult children who are trying to save money, and aging parents who may need assistance but are not comfortable in a nursing home environment right now.
2021 Conforming Loan Limits
The Federal Housing Finance Agency (FHFA) has just increased the amount of money that can be borrowed through a standard home loan to almost $550K. In some areas, the limit is even higher. New limits will take effect in 2021. Ready to learn about a specific county?
Pre-Approval Can Add Certainty
We’re all searching for a little certainty nowadays. At a time when it seems like everything is changing, you can at least buy yourself a little peace of mind in the homebuying process by getting pre-approved. Now, we know what you’re thinking: I have a steady job, savings for a down payment and relatively predictable monthly expenses. Do I still need a mortgage pre-approval? The answer is yes. can benefit from pre-approval.
Second Home v. Investment Property
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.
There are a few differences between a second home vs. an investment property. They can impact your interest rate, down payment, ability to qualify, and even taxes. So make sure you’re clear on the goals for this property from the start.
WHAT TO DO IF YOUR HOME IS BURNED OR DESTROYED BY WILDFIRES
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.
Please find our answers to some of the most important questions you may have at this time regarding your home loan.
7 Things to Consider When Buying & Selling Simultaneously
There may be no greater example of multi-tasking than when you’re buying and selling a home simultaneously. It can feel like you went from 0 to 100 in no time flat! Whether you’re chomping at the bit to get settled into your new home or ecstatic about the price you secured for your current home, we know you have plenty of activity to go around.
5 Things to Consider if You’re Thinking of Relocating
Relocating is on the minds of many Americans right now for a few reasons. These include the current work-from-home (WFH) culture spurred by COVID-19, career changes and low interest rates. Companies like Facebook, Google and Twitter have even given many employees the permanent option of working from home. This is causing change in our major cities as workers consider where they would want to live if their job’s location wasn’t a factor.
Things to Look for When Choosing Your New Neighborhood
Moving to a new neighborhood can be so exciting! You’ve got a new home to make your own, a neighborhood to explore and different amenities at your disposal. This is a brand-new chapter filled with endless possibilities!
Once that novelty wears off, however, you want to feel confident you’re just as happy with your new neighborhood as you were when you first drove by it.
So consider these four factors before you lay down your next set of roots in a new neighborhood.
What Paying Off Your Mortgage Could Mean For You
Is it smart to pay off your mortgage early? It certainly can be, in certain situations. In other scenarios, it may make more sense to put that money to work elsewhere, or to keep it in the bank.
The advantages of paying off your mortgage early can be vast. You’ll save money in interest, build equity quicker and pay off your home sooner. These factors equate to extra cash in your pocket, the option to utilize a home improvement loan and debt-free living – at least in terms of your home!