American Pacific Mortgage Overview
American Pacific Mortgage is a full-service mortgage lender that offers a complete selection of conventional, jumbo, government and specialized home loans. Residents in 21 states can apply for a mortgage with this lender. 170 branch locations are spread throughout 12 of those 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.
|30 year fixed||4.54%||4.59%||-0.05|
|15 year fixed||4.06%||4.14%||-0.08|
|30 yr fixed mtg refi||4.20%||4.28%||-0.09|
|15 yr fixed mtg refi||3.67%||3.77%||-0.10|
|7/1 ARM refi||4.03%||4.23%||-0.20|
|15 yr jumbo fixed mtg refi||3.87%||3.85%||+0.02|
National Mortgage Rates
Regions Served by American Pacific Mortgage
Does American Pacific Mortgage Operate in My Area?
Likely in reference to its name, American Pacific Mortgage is licensed to originate loans in 21 states, all but three of which are located in the western half of the U.S. This list encompasses Alaska, Arizona, California, Colorado, Florida, Hawaii, Idaho, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming.
American Pacific only operates branches in Arizona, California, Colorado, Hawaii, Idaho, Missouri, New Mexico, Nevada, Oregon, Texas, Utah and Washington, though.
What Kind of Mortgage Can I Get With American Pacific Mortgage?
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 $453,100, 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.
What Can You Do Online With American Pacific Mortgage?
Whether you want to get pre-qualified, pre-approved or simply get a rate quote for your specific financial situation, American Pacific can help. Although you can find all of these services at one of its branches, they’re all available online to accommodate customers as much as possible.
American Pacific has its own proprietary mobile app that both applicants and borrowers with the company can find value in. This app has the ability to notify you, your loan officer and your real estate agent whenever a new development occurs with your loan, or if action/documentation is needed. The home loan calculators that exist on its website can also be accessed from the app.
There’s a plethora of customer information available online from American Pacific. The company has its own blog that includes tips, tricks and other helpful articles for anyone that wants to learn about mortgages in general. It also boasts extensive home loan documents for specific types of customers. These are available on its website for download.
Would You Qualify for a Mortgage From American Pacific Mortgage?
Your personal credit score and mortgage payment history is quite possibly the principal factor that goes into whether or not your application is approved by American Pacific. While the lender obviously prefers applicants with a FICO® score of 700 and up, the fact remains that anyone who has at least reached the 600 score threshold will likely qualify for one of its home loans.
You will be required to verify your personal income when you apply for a loan with American Pacific. So before you apply, make sure you have access to your most recent pay stubs, any tax returns or W-2s from the last two years, a written confirmation of employment and possibly even more. Depending on your income levels, your debt-to-income (DTI) ratio will be examined. There are different stipulations for this ratio at every lender, but in the case of American Pacific, your DTI must be less than 43%.
What’s the Process for Getting a Mortgage With American Pacific Mortgage?
American Pacific Mortgage takes pride in simplifying its mortgage application and approval system as much as possible to ensure full customer satisfaction. In order to achieve this, the company has narrowed it down to six steps:
1. Get Pre-Approved: Although not required, American Pacific recommends getting pre-approved, as it will set you up for a speedy approval when you find the home you want.
2. Loan Application: At this point, you’ve found your home and are ready to prove to the lender that the financial claims you made during the pre-approval process are actually possible. It’s at this point that much of your personal documentation will likely be needed.
3. Select Your Loan Program: With seven different types of mortgages to choose from, this is one of the most important decisions you’ll make.
4. Processing and Underwriting: During this time, an underwriter will confirm your income, and simultaneously an approval is completed.
5. Loan Approval: If everything goes to plan, your loan is approved, but you must meet a list of last closing conditions.
6. Close the Loan: When you’ve closed and become a homeowner, the loan funds are disbursed and you must sign the remainder of your paperwork.
How American Pacific Mortgage Stacks Up
Lenders are becoming increasingly more transparent with not only their mortgage interest rates, but also the preconditions necessary to satisfy various mortgage programs. So although American Pacific does make its rates fairly accessible, it has not been as forthcoming with the specific information surrounding its loans. This can lead to some confusion for those who have little to no experience within the mortgage industry, making getting into contact with a loan officer virtually required.
American Pacific has no shortage of mortgages to choose from, though, with many different government, conventional, jumbo, fixed-rate and adjustable-rate options available depending on your personal needs. The company also employs a very simplified customer application process, which appears to improve its customer experience.
Education Resources for Mortgages
- SmartAsset’s financial advisor matching tool is a unique system that formulates the three best advisors for you depending on your responses to a series of questions regarding your current financial status and your goals. These fiduciaries often have a sizable pool of mortgage knowledge that they can not only teach you, but also apply to a long-term financial plan for you and your family’s future.
- Figuring out how much mortgage you can afford has many factors that come into play. Completing research into your own credit score and history, as well as normal mortgage rates for the market today is a great head-start, so be as proactive as possible.