American Pacific Mortgage

American Pacific Mortgage

Thursday, June 1, 2023



I know you will all agree with me that the gloomy wet weather needs to depart Southern California, so we can return to Sunny SoCal!


Home prices continue to rise, albeit more slowly.  We are seeing a stronger return to the market for buyers for the spring home buying season.  However, we continued to be plagued with low inventory which is causing a shift again to a strong seller’s market with multiple offers being received for most properties.

For those property owners who might consider selling but are held back by higher interest rates for a purchase, remember this:  rates will come down and mortgages can and will be refinanced. 


·        Some pesky fees for certain loans have been reversed by the Agencies, e.g. Fannie and Freddie.  This is great news for homebuyers who would have faced higher rates for some loans.  There was a great outcry by the mortgage industry and the additional fees were removed.

·        Bank statement loans for self-employed individuals are gaining in popularity as their rates are now competitive with standard full-documentation home loans.

·        Buying investment property is gaining in popularity and made much simpler with Debt Service Coverage Ratio loans.  These programs qualify the buyer for financing based on the anticipated rental income coverage of the Mortgage payment, taxes and insurance.   The buyer does not qualify for a loan based on her or his income, but on the property cash flow.

·        Income from an ADU may now be considered when qualifying for a mortgage.  We have construction loan programs that can finance the construction of an ADU.


We are off for a quick weekend visit to the wine country north of Santa Barbara.  We have a couple of tasting events scheduled in the Foxen Canyon area, and will be tent-camping at El Capitan with friends in their new RV. 

We also have a family camping adventure scheduled for late July at Carpinteria State Beach.  All the kids and grandkids will be joining us.  Can’t wait for some fun in the sun on the beach with games, biking, swimming etc.

We just spent the Memorial Weekend celebrating our fallen warriors with the Dana Point Yacht Club.  There were many boats anchored in the marina to make space for visiting sailboat racers.  The raft-up is always filled with fun, food and live Music on Sunday. 

Please reach out to us with questions!  We are here to help!


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