American Pacific Mortgage

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Today's Refinance Rates $300,000 - 2.475 % APR 15yr fixed. Get quote

DIFFERENCES BETWEEN A SECOND HOME vs. AN INVESTMENT PROPERTY 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. INTEREST RATE... There is a noticeable difference between interest rates on a second home vs. an investment property. Second home loan rates are more like a primary home, while an investment property is much higher. It’s typically 1 3% higher, depending on credit and LTV. DOWN PAYMENT A typical down payment on a second home is 20%, though options do exist with as little as 10% down, depending on your credit and other qualifiers. An investment property, on the other hand, tends to require 20% to 25% down. RESERVES Some lenders require reserves on second homes and almost always require them on investment homes. These reserve requirements can range from two to more than six months of your total housing payments. Debt-to-Income RATIO Since this home is in addition to your primary home, you’ll have to include the mortgage on your primary residence, plus this new mortgage, into your debt-to-income (DTI) qualifying ratio. PROXIMITY To qualify for a second home, lenders generally require at least a 50-mile distance between your primary home and this new home. An investment borrower, on the other hand, can live as close or as far from their rental property as they like. CREDIT SCORE As expected, a high credit score is always favorable for any type of additional home purchase. A second home borrower will typically need a score of at least 640. This can hold true for investment buyers as well, though a score above 680 is preferable.

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Great house in Roseville. Are YOU thinking of buying a house this year? Now may be one of the BEST TIMES to buy and lock in a SUPER LOW interest rate on your mortgage.... To get qualified, message me or reach me directly at 916-521-5508. I am here to help.

If you’re really serious about refinancing, be sure to actually submit a loan application. If you want to see the true low interest rate, your best bet is to submit the application. When to re refinance your mortgage: Switch your loan type: If you have an Adjustable Rate Mortgage (ARM) that dreamy low interest rate you got in year one could easily turn into a nightmarishly high rate in year five. That kind of unpredictability is a recipe for disaster. But you can refi...nance your way out of your ARM and into a fixed-rate mortgage. Reduce your loan term i.e., 15 year in lieu of 30 year and become debt-free faster. Yes, lock in that lower interest rate: You have a high interest rate loan and want to lower your mortgage payment Get rid of your private mortgage insurance (PMI) See more

Front-Line Workers: We’ve got a Mortgage Discount for YOU! You’re a STAR in APM’s eyes and we want to make sure you know that. The STAR loan program provides qualified borrowers such as doctors, nurses, EMTs, first responders, teachers, firefighters, police officers) with discounts in underwriting and processing fees, which can add up to big savings when you’re buying or refinancing! Contact us today to hear more about borrower qualifications and to get started.

Are YOU thinking of buying a house this year? Now may be one of the BEST TIMES to buy and lock in a SUPER LOW interest rate on your mortgage. To get qualified, message me or reach me directly at 916-521-5508. I am here to help.

WHEN TO REFINANCE MORTGAGE... The time to refinance is when the consumer wants to make a less-than-desirable mortgage better with a new interest rate. Do a break-even analysis to see if refinancing is something worth doing in your situation. ... In general, refinancing makes the most sense if the consumer fall into one of these categories: Have an Adjustable Rate Mortgage (ARM) The Length of the Mortgage Is Over 15 Years Have a High Interest Rate Loan Second Mortgage Is More Than Half of Your Income

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Understanding Credit Scores Components of the Score There are a variety of scorecards at each credit bureau that are used to calculate credit scores. Though the model evaluates each data element with respect to recency, frequency and severity, the most important of these is recency.... 35% - Payment History Age of last late payment Public records and collections 30% - Amount of Debt This portion of the score assesses how wisely an individual utilizes their credit. Ideally a consumer should have between 3-5 credit lines. Number of accounts with balances 15% - Length of Credit History Length of time accounts have been established Time on specific credit accounts 10% - Type of Credit in Use This portion of the score reflects what the scoring engine determines a good mix of credit types. 10% - Inquiries Because the bureaus assume that applying for multiple trade lines within a short period of time may be indicative of financial trouble, this portion of the scoring examines the number of inquiries over time made to an individual’s credit report. Your credit report is a crucial part of the loan approval, so it is important that you review your individual report on an annual basis. For more information on your credit report and how it may affect your mortgage qualification, talk to your American Pacific Mortgage Advisor today

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The low mortgage rate environment led to a refinancing boom in 2020, and the trend is likely to continue with rates holding steady at all-time lows. While a refi may seem like a no-brainer for many homeowners, it can be confusing to weigh immediate savings vs. long-term implications. Here are four ways to demystify the process. What is refinancing anyway? In general terms, a refinance occurs when a debtor chooses to revise the interest rate, payment schedule and terms of ...an existing credit agreement. While there may be other reasons to refinance - a change in salary or other personal financial circumstances - a substantial change in the interest rate environment is the typical reason. How does it impact monthly mortgage payments? The primary reason for a refinance is to lower monthly payments. A drop in interest rate from just 4.5% to 3.5% could lower monthly payments by several hundred dollars a month. But the shorter-term benefits of refinancing can also lengthen the life of the loan, which means paying more interest in the long run. A younger or middle-aged homeowner could save a significant amount of money over time by refinancing. On the other hand, a person closer to retirement may want to consider the implications more carefully.

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