American Pacific Mortgage

About

American Pacific Mortgage is a privately held mortgage lender and servicer that offers a range of mortgage products to individuals and families looking to buy, refinance, or invest in residential properties. The company's niche in the market is providing personalized service to each of its clients, along with a wide range of loan products to meet the diverse needs of borrowers.

The company was established in 1996 in Roseville, California, by Kurt Reisig and his wife, Leslie. They started the company with the goal of providing a better mortgage experience to consumers, and the company has grown significantly since then. Today, American Pacific Mortgage has over 1,500 loan advisors and 200 branch locations across 31 states in the U.S.

American Pacific Mortgage offers a range of mortgage products, including conventional, FHA, VA, USDA, jumbo, and renovation loans. The company also provides reverse mortgages, investment property loans, and down payment assistance programs. In addition to these loan products, American Pacific Mortgage provides a range of services, including pre-approvals, loan processing, underwriting, and loan servicing.

The company's mission is to create a culture of ownership and empowerment for its loan advisors, which in turn benefits its clients. By investing in its loan advisors' training and development, American Pacific Mortgage believes it can provide a higher level of service to serve its clients and help them achieve their homeownership goals.

Overall, American Pacific Mortgage is a well-established mortgage lender that provides a friendly and personalized experience to its clients while offering a wide range of loan products to meet their needs. With its strong focus on loan advisor training and development, the company is poised for continued growth in the years to come.

Key Features

Some key features of American Pacific Mortgage include:

1. Wide range of mortgage products. American Pacific Mortgage offers a variety of mortgage products, including conventional, FHA, VA, USDA, jumbo, and renovation loans. This allows borrowers to find the right mortgage product for their specific needs and circumstances.
2. Personalized service. The company places a strong emphasis on personalized service, with loan advisors who work with borrowers to understand their unique needs and goals. This helps ensure that each borrower receives the right mortgage product for their individual situation.
3. Investment in loan advisor training. American Pacific Mortgage invests in the training and development of its loan advisors, providing them with ongoing support and education to help them provide the best possible service to clients.
4. Down payment assistance programs. The company offers down payment assistance programs to help borrowers with the upfront costs of homeownership. This can be especially helpful for first-time homebuyers or those with limited funds for a down payment.
5. Nationwide presence. American Pacific Mortgage has a nationwide presence, with over 200 branch locations across 31 states in the U.S. This makes it easy for borrowers to find a local loan advisor and receive personalized service wherever they are located.

Pros and Сons

Pros

• Various lending options are available, such as reverse mortgages and specialized financing.
• Provide an ICE Mortgage Technology-based online mortgage application.
• Android and iOS apps accessible at no cost.
• Uses Key on Time Program for a complete home loan approval.
• Free mortgage tools and advice online.

Cons

• Are not authorized to conduct business in the state of New York.
• Do not make the interest rates on mortgages or the fees charged by lenders public.
• Does not provide a lot of specifics regarding the loans at the beginning of the loan application procedure.

Products

American Pacific Mortgage offers a range of mortgage products to meet the needs of borrowers. These products include:

1. Conventional Loans. Conventional loans are mortgage loans that are not insured or guaranteed by the government. They are typically fixed-rate or adjustable-rate loans with a range of repayment terms.
2. FHA Loans. FHA loans are government-backed loans insured by the Federal Housing Administration. They are designed to make homeownership more accessible to low- and moderate-income borrowers with lower credit scores and smaller down payments.
3. VA Loans. VA loans are loans guaranteed by the Department of Veterans Affairs and are available to eligible veterans, active-duty service members, and surviving spouses. They offer competitive interest rates and require no down payment.
4. USDA Loans. USDA loans are government-backed loans designed for borrowers in rural areas who meet certain income requirements. They offer competitive interest rates and require no down payment.
5. Jumbo Loans. Jumbo loans are large mortgage loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. They are typically used to purchase high-value properties.
6. Renovation Loans. Renovation loans are mortgage loans that can be used to finance home improvements and repairs. They allow borrowers to combine the cost of the home purchase or refinance with the cost of renovations or repairs.
7. Reverse Mortgages. Reverse mortgages are a type of loan that allows homeowners aged 62 or older to convert some of their home equity into cash. They can be useful for homeowners who need to supplement their retirement income.
8. Investment Property Loans. Investment property loans are mortgage loans that are used to finance the purchase of a rental property or other investment property. They typically require a higher down payment and have stricter qualification requirements than traditional mortgages.

In addition to these loan products, American Pacific Mortgage also offers down payment assistance programs to help borrowers with upfront costs, and has a variety of options for first-time homebuyers.

Reliability

American Pacific Mortgage has a reputation for reliability and has been in business for over 25 years. The company has received positive reviews from customers, with many noting the personalized service and helpful loan advisors.

The company is licensed to operate in all 50 states and has over 1,500 loan advisors and 200 branch locations across 31 states in the U.S. This extensive network of loan advisors and branches allows the company to provide personalized financial service to to borrowers across the country.

American Pacific Mortgage is also a member of the Mortgage Bankers Association and the National Association of Mortgage Brokers, which are both industry associations that promote ethical and professional standards in the mortgage industry.

Overall, American Pacific Mortgage appears to be a reliable, efficient and reputable mortgage lender with a long track record of providing personalized service to borrowers. However, as with any financial decision, it is important for borrowers to do their own research and consider their individual circumstances before choosing a mortgage lender.

Funding a Loan

The specific steps to funding a loan from American Pacific Mortgage may vary depending on the type of loan and other factors, but the general process typically involves the following steps:

1. Pre-Approval. The borrower submits an application for a mortgage loan and provides documentation of their income, assets, and credit history. The loan advisor reviews the application and determines whether the borrower is pre-approved for a mortgage.
2. Property Selection. Once the borrower is pre-approved, they work with a real estate agent to find a property that meets their needs and budget.
3. Loan Application. The borrower submits a formal loan application, which includes additional documentation and information about the property they wish to purchase.
4. Processing. The loan advisor begins processing the loan application, which involves verifying the borrower's income and assets, ordering an appraisal of the property, and conducting a title search.
5. Underwriting. The loan application is sent to an underwriter who reviews the borrower's credit history, income, assets, and other factors to determine whether the borrower qualifies for the loan.
6. Approval. If the loan is approved, the borrower receives a Loan Estimate, which outlines the terms of the loan, including the interest rate, closing costs, and monthly payment.
7. Closing. The borrower signs the loan documents and provides funds for the down payment and closing costs. The lender funds the loan and the borrower takes possession of the property.

Throughout the loan process, the borrower works closely with their loan advisor, who provides guidance and support to ensure a smooth, quick and successful transaction.

Additional Services

In addition to mortgage lending, American Pacific Mortgage offers a range of additional services to help borrowers with their homebuying and homeownership needs. Some of these services include:

1. Refinancing. American Pacific Mortgage offers refinancing options to help borrowers reduce their monthly payments, shorten their loan terms, or tap into their home's equity.
2. Homebuyer Education. The company offers homebuyer education and counseling services to help first-time homebuyers navigate the homebuying process and make informed decisions.
3. Down Payment Assistance. American Pacific Mortgage provides down payment assistance programs to help eligible borrowers with the upfront costs of buying a home.
4. Home Equity Lines of Credit (HELOCs). HELOCs are a type of loan that allows homeowners to borrow against their home's equity. American Pacific Mortgage offers HELOCs to eligible borrowers.
5. Mortgage Protection Insurance. The company offers mortgage protection insurance to help protect borrowers from financial hardship in the event of job loss, disability, or death.
6. Commercial Lending. American Pacific Mortgage also offers commercial lending services to help businesses finance the purchase or renovation of commercial properties.

Overall, American Pacific Mortgage provides a range of additional services to help borrowers with their homebuying and homeownership needs beyond just mortgage lending. These services can be useful for borrowers who need additional support and guidance throughout the homebuying process.

Terms and conditions

The actual specific terms and conditions for obtaining a mortgage loan from American Pacific Mortgage may vary depending on the type of loan and other factors. However, here are some general terms and conditions that borrowers may encounter:

1. Credit Score. Borrowers typically need a minimum credit score of 620 to qualify for a mortgage loan from American Pacific Mortgage, although some programs may have higher or lower minimums.
2. Debt-to-Income Ratio. Borrowers typically need a debt-to-income ratio (DTI) of 43% or less to qualify for a mortgage loan, although some programs may allow higher DTIs.
3. Loan Amount. The minimum and maximum loan amounts for American Pacific Mortgage's mortgage loans vary depending on the program and the borrower's qualifications.
4. Interest Rate. The interest rate for the mortgage loan will depend on various factors, including the borrower's credit score, loan amount, and the type of loan.
5. Closing Costs. Borrowers will need to pay closing costs, which typically include fees for the loan application, appraisal, title search, and other services. The exact amount of closing costs will depend on the loan amount and the location of the property.
6. Prepayment Penalty. Some mortgage loans may have a prepayment penalty, which means the borrower will need to pay a fee if they pay off the loan early.
7. Loan Term. The loan term will depend on the type of loan and the borrower's qualifications. Common loan terms include 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, and adjustable-rate mortgages.

It is important for borrowers to carefully review the terms and conditions of any mortgage loan before signing the loan documents. Borrowers should also ask their loan advisor for clarification on any terms or conditions they do not understand.