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Tap Into Your Home Equity

You have choices.

Get Cash From Your Home And Put Your Equity To Work For You

If you’re considering a cash out refinance to cover the cost of home improvements, credit card debt, or unexpected medical expenses, we at American Pacific Mortgage are here to help.

To get cash from your home, you can do a couple of things. You can get a home equity line of credit (Heloc), or you can refinance your mortgage and get extra cash at closing through a cash-out refinance.

What is home equity? Equity is your ownership in your home, or the difference between what your home is worth and what you owe on the mortgages or liens.

You can build and increase the equity in your home in the following ways:

  • The appreciation of your home’s value over time
  • Renovations or improvements made that increase the value
  • Cash provided for the original down payment (depending on value and market conditions)
  • Payments made toward the principal balance of the mortgage

What can a cash out refinance be used for? Anything you want. Make improvements to your home, put money down on a second home or investment property, pay for school, take a vacation, purchase an automobile, fund your retirement … it is your cash, and you can do what you like with it!

A cash out loan with a low interest rate may be a better solution than high-interest credit cards if you have unexpected medical bills, unforeseen expenses, or surprise improvements that need to be made on your home.

How much cash can you get from your home? Our mortgage calculator can show you how much your monthly payments would be with a new loan or additional home equity line of credit. Apply online to get cash from your home today.

Wondering about your options? Our American Pacific Mortgage loan advisors can go over all of your refinance options to help you discover the perfect solution to your cash needs. We will show you the difference between a cash out refinance compared to a home equity line of credit so you can confidently choose the right program for you. Find an advisor to show you how to get cash from your home and guide you through the refinance process.

 

Cash Out Options


Cash Out Refinance

Refinance your existing mortgage and receive the cash equity from your home. A Fixed Rate term, will give you the peace of mind knowing that your rates and payments will remain the same throughout the life of your new loan. If rates drop lower in the future, you can always refinance to get a lower monthly payment.

Refinance with an Adjustable Rate for even lower interest and monthly payments for a determined period of time. If you have short term goals and want to maximize your available cash for a period of five, seven, or even ten years, an Adjustable Rate may help you reach them.

Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) allows you to draw and pay interest only on an amount that you need. Instead of taking all your equity out at once, you can have a draw period of many years in which you can access your cash when you need it. A HELOC typically only requires an interest only payment during the draw period, making it a flexible tool when you want to borrow only the amount you need when you need it.

Home Equity Loan

A Home Equity Loan is a one time loan with a fixed interest rate and the same payments each month, paid off over a determined amount of time. When you know exactly how much you need for a one time purchase, bill, or repair, a Home Equity Loan can be a valuable tool to access a lump sum.

 

Let us help you find the home loan to reach your financial goals.

American Pacific Mortgage Programs

Your offer backed by the purchasing power of a full loan approval. With our Keys on Time program, your offer will be the most attractive in a competitive market. Keys on Time Guarantee Want peace of mind for rising interest rates? You can lock your rate while you shop for a home, sell your home, or while your home is under construction. Certain fees may apply. Lock and Buy Want peace of mind for rising interest rates? You can lock your rate while you shop for a home, sell your home, or while your home is under construction. Certain fees may apply. Lock and Build Our Bridge Loan programs can help you purchase a new home before your existing home is sold. Bridge Loan Programs If you are looking to buy a home that exceeds conforming loan limits, we have multiple Jumbo loan programs to choose from. Jumbo Programs Our Peak Loan program allows you to buy a home up to $1.5M with only 5% down. Peak If you are looking to finance a home that exceeds conforming loan limits, our High Balance Solutions program may be the ticket you need. High Balance Solutions If you are looking to finance a home that exceeds conforming high balance loan limits, you can split the loan amount between a first and second with our Jumbo Solutions program. Jumbo Solutions With our Expanded Access program, we have opened the doors to borrowers who need access to financing but don’t "fit" the standard agency or jumbo program guidelines. Expanded Access Investor Advantage gives you the most purchasing power in the market today for investment properties. Investor Advantage A mortgage program that lets qualified borrowers factor in their assets as sources of qualifying income. Asset Inclusion If you can dream it, you can make it a reality. Finance the purchase of your fixer upper with the cost of repairs included in your mortgage. Dream Home Renovation Home Ready is a conventional 3% down mortgage loan with even more flexible income qualification guidelines. Home Ready by Fannie Mae Purchase a home with low down payment and flexible sources of funds. Home Possible A mortgage program dedicated to saving our selfless teachers and first responders a little money on their home loans. STaR Loan Program Financing provided for the purchase and refinancing of manufactured homes. Manufatured Housing

The Loan Process

1.

Get
Pre-Approved


This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.

2.

Select Your
Loan Program


Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.

3.

Loan
Application


Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. You will need to provide documentation, including a photo I.D., pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don't worry, we will let you know exactly what is needed for the loan application so you can be fully prepared.

4.

Processing and
Underwriting


Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.

5.

Loan
Approval


Before your loan is approved, you will receive pre-approval and a list of closing conditions that need to be met. These conditions can include verification that your employer is current and proof that homeowner’s insurance has been obtained. Once closing conditions have been satisfied, the underwriter issues a clear to close. Congratulations, your loan has been approved!

6.

Close
the Loan


With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!

What Can I Afford?

It doesn’t get easier than this.

Check out our user friendly Home Affordability Calculator to assess your debt-to-income ratio, down payment, loan amount, and mortgage payment all at once. It’s almost like your own personal loan expert at the click of the keyboard.

Use our Mortgage Payment Calculator to quickly and easily see current mortgage rates and determine your monthly payment.