Get peace of mind from a stabilized mortgage payment
Did you select an adjustable rate mortgage for its low payment and low initial interest rate? An ARM is an ideal loan program for many home buyers, but the initial rate period offers the most benefits for only a determined amount of time.
The length of time you plan on staying in your home is the biggest factor in selecting a loan program designed to stabilize your mortgage payment.
Our American Pacific Mortgage loan advisors are experienced with helping homeowners out of rising interest rates and into a new loan that offers security and stable payments. Find an advisor who will explain your options, help you compare new loan programs side by side, and guide you confidently through the refinance process.
Wondering what your new monthly payment could be? Our mortgage calculator can show you how much a new loan can save you each month, so you know how to budget and plan for your future. Apply online today to stabilize your payment.
Consider a fixed rate mortgage. The long term stability of a fixed rate makes it the most popular loan option. Lock in a competitive rate, and budget around a monthly payment that will remain the same for the life of your loan. A shorter term will pay your home off faster, while a longer term will provide a lower payment each month.
Refinancing into another adjustable rate mortgage may allow you to lock in a lower interest rate. ARMs generally provide a much lower interest rate for this initial period, making it a valuable tool when your goals for the home are short-term. This gives you the dual benefit of a stable monthly payment with higher monthly cash flow.
The peace of mind of a fixed rate and payment is the right choice for most borrowers.
*Please visit our Disclosures page for more details for all loan typesconventional
mortgage
fha
mortgage
jumbo
loans
reverse
mortgage
usda
loans
va
mortgage
When you have short term lending goals, an adjustable rate may be right for you.
*Please visit our Disclosures page for more details for all loan typesconventional
mortgage
fha
mortgage
interest
only
jumbo
loans
reverse
mortgage
va
mortgage
1. |
Get
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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
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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
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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
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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
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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
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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!
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.