American Pacific Mortgage has been servicing customers since 1996. With over 170 branch offices across 19 states, American Pacific Mortgage employs over 800 loan advisors dedicated to helping homeowners and potential homeowners find the most effective mortgage product for their specific financial condition. Headquartered in Roseville, California, American Pacific Mortgage offers a wide variety of mortgage products as highlighted below.
American Pacific Mortgage Types
Fixed-Rate Mortgage: American Pacific Mortgage offers a traditional fixed-rate mortgage option with interest rates set for the entire term of the loan. The fixed-rate mortgage comes in two varieties, a 30-year fixed and a 15-year fixed rate mortgage. The 30-year is the more popular of the two but the 15-year fixed typically has lower interest rates.
Jumbo Mortgage: Jumbo loans are available to American Pacific Mortgage customers seeking mortgages ranging from $417,000 to $3 million. Interest rates are typically higher on these loans as they carry more risk due to the high loan amount and the fact that these loans can not be sold to Fannie Mae or Freddie Mac in the secondary market. American Pacific’s Jumbo loans also require a higher down payment.
Adjustable-Rate Mortgage (ARM): Under American Pacific Mortgage’s adjustable-rate mortgage program customers have the option of locking in a lower fixed-rate interest rate for the first 5, 7, or 10 years of a 30 year mortgage. After the chosen initial term, the interest rate will adjust annually through the remaining portion of the mortgage term.
Interest Only Loans: Under the interest only loan option customers are only required to pay the full monthly interest on the loan for a fixed period which can range from 5 to 10 years. When the fixed period ends customers are required to start paying the principal in addition to the interest.
Reverse Mortgage: Under the Reverse Mortgage program, homeowners age 62 or older can access the equity built up in the house tax free providing significantly monthly savings. We discuss the pros and cons of the reverse mortgage process here. The main appeal of the reverse mortgage is eliminating monthly mortgage payments, especially for seniors entering prime retirement years.
FHA Mortgage: American Pacific offers a low down payment option under its FHA mortgage program. This program allows first time home buyers with reasonable credit (600+) the opportunity to purchase a home with a down payment as low as 3.5%. Mortgage rates under the FHA program can be structured as fixed-rate or variable rate.
Veteran Affairs (VA) Mortgage Program: Active duty military, veterans and surviving military spouses are eligible for American Pacific Mortgage VA loans. Under this program, customers are able to finance 100% of the home’s value with 0% down and no mortgage insurance requirement. A streamlined refinancing option is also available for those qualifying under the VA program.
USDA: For customers looking to purchase a home in a designated rural area, American Pacific Mortgage offers a USDA mortgage loan. A USDA home mortgage loan is a no down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. In addition to no down payment, the USDA mortgage loan has low credit score requirements and no PMI insurance needed.
American Pacific Mortgage Reviews & Complaints
At time of publication, American Pacific Mortgage maintained an A+rating according to the Better Business Bureau (BBB) with a clean record of no regulatory actions enacted against the company in its history. There have been 19 complaints filed with the CFPB with most of the complaints centering around the application process. Relative to the entire mortgage lender industry, American Pacific Mortgage stands firm with nothing substantial really standing out from a complaints perspective.
American Pacific Mortgage Rates
American Pacific Mortgage seems to provide pretty competitive rates across the board for its mortgage products but as a common practice we suggest homeowners and potential homeowners shop around for the best rates. As such we recommend checking out our mortgage rate comparison wizard to find the best mortgage rates available for you today.
American Pacific Mortgage Specialty Loan Products
American Pacific Mortgage also offers a some of the most innovative specialty mortgage loan products on the market today including:
SecureLock: With SecureLock customers are able to lock in today’s rates while still shopping for a home, in the process of selling a home, or while the home is under construction. A float down option is also available if rates go down prior to signing loan documents.
Keys on Time: This program guarantees customers full underwriting loan approval with 20 days. If the loan does not close within the 20 day time period American Pacific Mortgage will credit you $895 in closing costs.
Home Buyers Gift Advantage: Under this program gift funds can be used for 100% of the down payment on a conventional mortgage loan.
Dream Home Renovation: Customers are able to purchase a home with the cost of potential repairs included within the mortgage. Requirements for this program include a a minimum 640 FICO score and 110% loan to value maximum limit.
Back in the Game: Allows customers to qualify for financing in as little as one year after a financial hardship. Customers must have a minimum 600 FICO score to be eligible. Other restrictions may apply.
FHA Fresh Start: Under the FHA Fresh Start program, customers can get back to homeownership with an affordable loan. This is a chance to recover from a pre-foreclosure sale, deed-in-lieu, or foreclosure due to job loss.
Seller’s Edge: This program gives home sellers the ability to attract more buyers and sell faster by offering closing cost credits. Sell one home and buy another with secured financing and a competitive edge. Receive a gift card for discount off of closing costs for your next home purchase.
STaR Loan Program: Under the STaR Loan Program current full-time employed teachers, police, and firefighters receive several benefits when it comes to obtaining a mortgage. Benefits come in the form of reduced lender fees, down payment assistance, and lower mortgage insurance payments amongst other things.
Income Solutions: Self-employed borrowers can qualify for a mortgage loan with supporting bank statement documentation under this program. Two years of self-employed history and business bank statements may qualify you for this income-based loan program. Income Solutions is also an excellent program option for those with derogatory credit, or past short sales, bankruptcy, or foreclosures.
Home Possible: If you are looking to purchase a home with a low down payment and flexible sources of funds, the Freddie Mac Home Possible Advantage offers the most flexibility for maximum financing. 3% down payment, down payment assistance, and lower mortgage insurance coverage requirements are just a few benefits of this program.
Home Ready: Home Ready is a conventional 3% down mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.