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?
BUYING A SECOND HOME
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.
See where we’re going with this? Fortunately, you can keep your relationships intact if you take a proactive approach to buying a home with family. That starts with answering a few questions.
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.
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.
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 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.
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!
BUYING A HOME DURING COVID-19
Life may not be completely back to normal, but many cities are reopening businesses and services as we emerge from quarantine orders caused by COVID-19. Returning to work and to the office will also give Americans a better sense of what their finances may look like in the near term.
With the country returning to some semblance of normalcy, it naturally follows that the home buying and selling landscapes will also return to a familiar state of activity. This has some people wondering what home buying and borrowing may look like in a post-quarantine world. That’s where we come in…
Before you ask what home improvements add value to your home, it’s smart to sit down and think about the answers to some important questions. These questions will help you personalize your home to truly meet your needs.
The Benefits of Using a Local Lender
Real estate is a localized market. You wouldn’t ask a Midtown Manhattan real estate agent whether you should buy a four-bedroom, three-bath home with a detached garage in Cleveland, right? Just as you wouldn’t ask a Los Angeles mechanic to winterize your Pennsylvania car, or your Dallas-based colleague what she thinks about the public school system in Seattle.
Financial Empowerment Toolkit
The toolkit has information and worksheets which helps you achieve goals and work through challenges. Created and presented by Consumer Financial Protectin Bureau (CFPB), this is provided for you as a free resource.
