by Chris Thompson Updated April 07, 2023
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American Pacific Mortgage is a full-service mortgage lender that offers a complete selection of conventional, jumbo, government and specialized home loans. Residents in all 50 states and Washington, D.C. can apply for a mortgage with this lender. Hundreds of branch locations are spread throughout these states.
American Pacific has received multiple commendations from throughout the mortgage market. From 2013 to 2017, Mortgage Executive Magazine named it one of the top 15 mortgage companies in the U.S. Scotsman Guide similarly titled it one of the best national mortgage lenders from 2012 to 2017.
American Pacific Mortgage is licensed to originate loans in all 50 states and the District of Columbia.
Fixed-rate mortgage: Fixed-rate mortgages are meant to provide a level of certainty to your home lending experience, as the rate you get the day you’re approved is the rate that will remain for the duration of the loan. At American Pacific, this can be in the form of either a 30- or 15-year mortgage, affording you the option to select what best fits into your plans for the future.
Adjustable-rate mortgage: Some mortgage customers are only planning on being in their new home for five to seven years. If this describes your situation, American Pacific’s group of adjustable-rate mortgages (ARMs) offer an opportunity to get a better fixed interest rate during that time. The lender has both 7/1 and 5/1 ARMs in its arsenal, with the first number representing how many years the initial rate will apply. The “1” refers to the fact that your rate will change according to the market index that American Pacific uses, hence the adjustable-rate.
Interest-only loan: Whereas ARMs start you off with a better interest rate that will eventually rise, interest-only mortgages are fixed-rate loans that allow you to choose between paying towards solely interest or both interest and your principal balance. However, American Pacific only allows this to be the case for a prespecified period of time, though it can still help new homeowners accrue some capital before larger mortgage payments settle in.
Jumbo loan: In most areas of the U.S., if a customer needs a mortgage for more than $726,200, it’s considered to be a jumbo loan. These inherently require larger down payments than conforming loans, and credit requirements can be more stringent. Fixed and adjustable-rate terms are each available.
FHA loan: Although you may have the income to support making monthly mortgage payments, coming up with a sizable down payment to meet the typical 20% to 25% prerequisites may not be so easily done. The Federal Housing Administration insures FHA loans for just this type of consumer. In fact, you may find that your down payment could be as low as 3.5% of your total home value, along with dampened credit score stipulations necessary for approval.
USDA loan: USDA loans offer similar low down payment stipulations to its FHA counterpart, though they can be used for as much as 100% of your home purchase price. So what’s the catch? U.S. Department of Agriculture-insured mortgages are only valid for use in certain rural and suburban zip codes across the nation.
VA loan: Veterans, surviving spouses of veterans, current military members and those in the National Guard or reserves (for at least six years) can apply for a $0 down payment VA mortgage. You also will not need to pay private mortgage insurance (PMI) with this loan, though a funding fee will need to be paid to the VA. But even this can be financed, making your likely upfront costs extremely low.
Refinance loan: The two most common reasons that someone would refinance with American Pacific is to lower their monthly payments or shorten the term length of their loan. However, it originates mortgages to help customers cash out based on equity or consolidate their debt from sources other than their home. More specifically, this lender offers basically every style of loan to refinancing borrowers that it does to those who are making a purchase.