American Pacific Mortgage review 2024

The Yahoo view: American Pacific Mortgage is a good option for low-down-payment or specialty mortgages, as its offerings in these categories are robust. It’s not the best for low rates or fees, though.

American Pacific Mortgage is a nationwide that offers a wide variety of mortgage options for all sorts of buyers. There are traditional loans — like conventional mortgages and government-backed FHA, USDA, and VA options — as well as more specialty products, like ITIN mortgages, self-employed loans, non-QM loans, and bridge loans. The lender also offers home equity lines of credit (HELOCs).

While American Pacific’s rates and loan fees tend to be higher than the industry average, the lender has several options to reduce borrower costs, including a 1% down option, several rate buydown programs, and .

Key benefits

• option

• Several rate buydown and down payment assistance programs are available

• Offers a wide variety of traditional and specialty loan programs

• Operates in 49 states

• Has more than 350 branches

Need to know

• Rates and fees tend to be higher than industry averages

• You’ll need to work with a loan officer to get a rate quote

• No (though it does have HELOCs)

• Does not offer loans in New York

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American Pacific home loan product offerings

offers the following types of home loans:

• Purchase loans

• Conventional loans

• FHA loans

• VA loans

• USDA loans

• Jumbo loans

• Fixed-rate mortgages

• Adjustable-rate mortgages

• 1% down mortgages

• Renovation loans

• Construction loans

• Reverse mortgages

• Non-QM loans

• ITIN mortgages

• Bridge loans

• Self-employed mortgages

• Manufactured home loans

• Buydowns

• Accessible dwelling unit (ADU) loans

• Piggyback loans

• Refinancing

• Cash-out refinancing

• Investment property loans

• Second home loans

• HELOCs

American Pacific Mortgage does not offer the following types of home loans:

Read more: .

American Pacific Mortgage for FHA borrowers

While conventional loans make up the majority of American Pacific’s origination business, nearly a third of its mortgages are — a program designed for first-time homebuyers and those with low-to-moderate incomes.

American Pacific allows for down payments as low as 3.5% and credit scores down to 600 on its FHA loans, and you can choose between fixed or adjustable interest rates. The lender also participates in the FHA Within Reach program, which offers down payment assistance via a forgivable loan.

If your score is under 600, you can shop for other . Many accept scores as low as 580 with a 3.5% down payment.

American Pacific Mortgage for home equity lending

American Pacific Mortgage offers two options if you’re looking to tap your home equity: cash-out refinancing and HELOCs. It does not offer home equity loans.

American Pacific Mortgage home equity line of credit

American Pacific’s comes with a 10-year, interest-only draw period and a 30-year term. Owner-occupied and second homes are eligible, and you can borrow up to $350,000.

Borrowers can apply with self-employment income, and credit scores as low as 680 are allowed. You can use these HELOCs as a standalone second mortgage or as a when purchasing your home.

American Pacific Mortgage HELOC fees

AP Mortgage does not post HELOC fee information on its website. To learn more about HELOC charges, you’ll need to contact a loan officer.

American Pacific home mortgage loan rates 2024

American Pacific is great at breaking down what drives interest rates, offering videos, infographics, and articles on the topic. However, it isn’t very up-front about what rates it currently offers customers.

You’ll need to fill out a short form to find out what rate you might get with American Pacific. This requires information about your loan purchase, timeline, location of the property, price range, down payment, and credit score. Then, wait for a loan specialist to reach out to you.

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How American Pacific Mortgage scores on mortgage rates and loan costs

Yahoo Finance uses 2023 Home Mortgage Disclosure Act data comprising 10 million home loan applications to score mortgage lenders on issued mortgage rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).

For example, with mortgage rates a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2023. A higher score would indicate a lender granted lower-than-median home loan interest rates to borrowers in 2023.

With total home loan costs, a lower score would indicate that a lender charged higher than median total home loan costs in 2023. A high rating would mean that a mortgage lender offered lower than median all-in home loan costs in 2023.

American Pacific home loan rates score: 2 out of 5 stars

American Pacific total loan costs score: 1 out of 5 stars

What this means: American Pacific Mortgage offered a higher-than-median mortgage rate of 6.75%…