SECOND/ VACATION HOME
If you're are thinking about buying your first home? We'll show you how...
YOUR SECOND HOME IS WAITING
Where have you been dreaming to call home? Are you looking for an
ocean front view, a place to ski, or something adjacent to the green?
Whatever your dream, your second home is a special place, with special
home finance considerations. Let’s get you there.
Second homes will have special considerations for financial and lending
requirements. We can help you determine the affordability of a vacation
home, and guide you through the specific lending requirements that are needed for your second home.
With our large selection of loan options available, we can find the perfect financing for the other home you have been dreaming of. We can tell you the requirements necessary to make your vacation home a reality
THE LOAN PROCESS
Based on your income and credit information, we can give you a written statement stating our preliminary determination that you would qualify for a specified loan amount under our loan guidelines. A pre-approval letter is usually good for 60 to 90 days.
2. CHOOSE A REALTOR
A good realtor can help you find the home you are looking for, in the area you want, and can help you with offers, negotiations and contracts.
3. CONTINGENCY PERIOD
Once you have found your home and made an accepted offer, you will sign a contract, which is legally called a “contingent contract.” This means you are agreeing to purchase the property contingent upon certain conditions being met. The most usual contingency is that the home must be free of major defects, subject to inspection by a qualified home inspection. The contract has a contingency period that typically allows you 10-18 days to collect more information and decide whether you want to proceed or not, without forfeiting your deposit. During this time, you will work with
Your realtor to:
review and approve the Seller's Real Estate Transfer disclosure Statement
review and approve the Preliminary Title Report
arrange for inspections
approve inspection reports
Your loan originator (that’s us!) to: Satisfy any loan contingencies in the purchase contract
4. HOMEOWNER'S INSURANCE
You must have arranged for homeowners insurance before close of escrow. If your new home is in a flood zone, you will need flood insurance — we can help you with that determination and recommend appropriate insurance companies.
5. DOCUMENT SIGNING
We will prepare the necessary documents for your signature and will send them to the escrow company for signing. We will give you copies of all title and loan documents you sign.
6. DOWN PAYMENT & CLOSING COSTS
Several days before closing, you will be asked to go to the escrow company to sign documents and make a down payment (you need to bring a cashier’s check for this). The escrow officer will walk you through a Buyer’s Estimate Closing Statement, which will itemize your costs and credits associated with the purchase. Note that this is an estimate, but it will closely resemble your final amounts.
As your loan originators, we will receive your signed loan documents and any other loan condition documentation from the escrow company. When we have reviewed and approved the documentation, we will wire your loan funds to the escrow company.
8. CLOSE OF ESCROW
When the escrow company verifies the funds transfer, they arrange for the deed of title to be recorded in your at the office of the County Recorder.
Thomas Nguyen, NMLS #1555493, Loan Consultant, Licensed in CA
2220 Douglas blvd., Ste 220, Roseville CA 95661. Branch NMLS #1299922
Phone: (916) 521-5508 Email: Thomas.Nguyen@apmortgage.com
Licensed by the Dept. of Business Oversight under the California Residential Mortgage Lending Act. Equal Housing Opportunity
©2020 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply.