American Pacific Mortgage aims to help more borro💫wers qualify for a home loan than its competitors. It does this by expanding its underwriting criteria so more people qualify and by offering more types of home loans to suit people with different needs.

This makes American Pacific Mortgage a great choice if you’re having trouble getting a loan with other lenders. However, the drawback is that bad credit loans are generally more expensive. By not disclosing the costs of its loans upfront, American Pacifi♑c Mortgage doesn’t do much to assuage those fears.

Pros Explained

• Several mortgage options: Whether you’re looking for a standard conventional loan or a loan for unique needs like mobile home financing, chances are American Pacific Mortgage has the type of loan you need.
• Fast closing timelines: American Pacific Mortgage is able to close on some types of home loans in as little as 21 days, compared to as many as 52 days with traditional lenders.
• More accepting of bad credit: You may still be able to qualify for a standard 30-year fixed-rate loan with a credit score as low as 560, much less than what other lenders allow. There are other credit-flexible options, such as FHA, USDA, and VA loans. 
• Many local offices around the country: It’s a large lender operating online, but American Pacific Mortgage also operates 350 branches around the country where you can meet face-to-face with over 1,000 loan consultants. 

Cons Explained

• Confusing to get started: The “Apply Now” and “Get Started on Your Pre-Approval” sections of its website direct you to a form to submit so a representative can contact you. It’s not clear whether you’re actually applying or getting pre-approved.
• Past legal issues: American Pacific may operate legally today, but the State of Washington and the federal government have sanctioned American Pacific Mortgage in the past for deceptive advertising. 
• New York residents are not eligible: American Pacific Mortgage is available in every U.S. state except New York. 
• Not transparent about loan costs: You won’t find details such as the APR range for its loans listed on American Pacific Mortgage’s website. It’s similarly unclear about its fees.

Types of ꦺMort꧟gage Loans Offered by American Pacific Mortgage

One of the biggest beꦚnefits that American Pacific Mortgage offers is a wide range of mortgage options. These loans may be available with fixed rates or variable rates over a 15- or 30-year term:

• VA loan: If you’re connected to the military in some way, American Pacific Mortgage can help you get your Certificate of Eligibility so you can take advantage of this consumer-friendly loan. It offers loans to purchase a new home or refinance your current VA loan with a credit score as low as 640.
• FHA loan: If you have a credit score above 600, you may be able to qualify for a popular FHA loan with a down payment as low as 3.5%. However, you’ll have to pay additional fees for mortgage insurance, which boosts your loan costs.
• USDA loan: Borrowers living outside of major metro areas may be able to get a USDA loan with no down payment. You’ll need to meet other qualifications, however, such as being under certain income levels and home purchase prices for your area.
• Jumbo loan: Many mortgage lenders aren’t comfortable lending for homes worth more than $766,550 (in most areas of the country). American Pacific Mortgage will underwrite loans larger than this, though, with a 10% minimum down payment and a credit score over 700.
• Conventional loan: The bread and butter for most other mortgage lenders, American Pacific Mortgage also offers conventional loans as a part of its loan smorgasbord. As usual, though, you’ll need to pay for 澳洲幸运5官方开奖结果体彩网:private mortgage insurance if you’re putting less than 20% down on your home.

These are just some of the options that Americ𒊎an Pacific Mortgage offers if you’re looki🃏ng to buy a home. It also offers other types of home loans, including:

• Bridge loans
• Renovation loans
• Construction loans
• Reverse mortgages
• Cash-out refinance loans
• Rate-and-term refinance loans
• Home equity loans and HELOCs

American Pacific Mortgage Loan Features

As a nationwi🅰de lender, American Pacific Mortgage offers plenty of tools to help facilitate closing on your mortgage—and it doesn’t disappoint.

• Mobile app: Although the interface looks rather basic, American Pacific Mortgage offers a mobile app that lets you plan out your mortgage in advance, contact a local lender, and speed through the loan-closing process with document upload options.
• Great resource guides: You can read plenty of guides about all the different types of mortgages online (澳洲幸运5官方开奖结果体彩网:including on Investopedia). But sometimes, it’s handy to reference them while you’re working with your lender. American Pacific Mortgage offers an extensive library.
• Financing calculators: Run the numbers when you're evaluating any financial decision. American Pacific Mortgage offers many different calculators to help.
• 1% Home program: If you earn below 80% of your area’s median income, have a credit score of 620 or higher, and have between 1% and 3% to put down toward a home worth up to $275,000, American Pacific Mortgage will boost your down payment by an additional 2% ($4,500 max) toward one of its home loans.

How to🧸 Apply for a 💮Loan With American Pacific Mortgage

Another of American Pacif♏ic Mortgage’s strengths is its faster-than-average closing times. Here’s how the process works.

1. Contact a local lender: Even though the website has many buttons proclaiming you can “Apply Now,” they’re really just contact forms that can put you in touch with a local lender. That’s when the real application process begins, with your local lender serving as your guide for the rest of the process.
2. Submit documents: Your lender will ask for documents showing your identity, such as your driver’s license. You’ll also need to provide the most recent copies of many financial documents, such as W-2s, pay stubs, tax returns, investment, and bank account statements. 
3. Get pre-approved for a loan: Your lender will take all of your documents into account and walk you through the different loan options that you’re eligible for. If you select one, they’ll write up a 澳洲幸运5官方开奖结果体彩网:pre-approval letter for you, which you can submit to the sellers when you put in an offer on a home. 
4. Find the right home: Find a real estate agent to help you find the best home. When you’re ready, you can put in an offer—and if approved, reach out to your American Pacific Mortgage advisor so you get a jump start on the next steps.
5. Complete underwriting checks: You’ll go through all of the normal closing procedures for your loan type. For most loans, this includes getting a full appraisal, purchasing a 澳洲幸运5官方开奖结果体彩网:homeowners insurance policy (and 澳洲幸运5官方开奖结果体彩网:flood insurance, if applicable), checking to ensure the home has a clear title, etc. 
6. Sign your final documents: Get your pen ready. You’ll need to spend some time going through all of the documents for your new mortgage, in addition to other paperwork required by your state. You may be able to sign the final document package online or in person. 

American Pacific Mortgage’s Rates and Fees

One of American Pacific Mortgage's biggest drawbacks is the total lack of information on its website about the rates and fees it charges for its home loans.

You can rest assured that you’ll get access to your own rate before you sign on the dotted line to accept the loan (by law, you’ll get at least three days). But that doesn’t help if you’re trying to decide which lenders to shop a🦩round in the first place. American Paꦇcific Mortgage doesn’t give you enough information to decide in advance. 

Online Experience

American Pacific Mortgage’s website is easy to use as long a♈s you’re not looking for any concrete details about the cost of its loans. It offers an abundance of helpful articles and tools.

For example, it provides many different financial calculators directly on its webs𒀰ite that can help you better plan out your mortgage experience, and its mobile app allows you to take pictures of important documents and send them to your ꦇlender. That can help speed up your loan process. 

Customer Service

It’s fairly easy to reach out tꦯo American Pacific Mortgage’s corporate office, especially with its online live chat feature. Unfortunately, the company doesn’t disclose when the customer support team is actually available to interact with you൲. Keep in mind, too, that American Pacific Mortgage operates by ferrying you to an individual who may have their own availability and ways and means of contacting them. 

Customer Satisfaction

Amerꦰican Pacific Mortgage’s re🔴putation varies wildly, depending on which review website you consult. With a few exceptions, however, they tend to be mostly positive:

• Yelp: 4.7/5 stars, based on 175 reviews
• Zillow: 4.98/5 stars, based on 4,263 reviews
• Better Business Bureau: 1.75/5 stars, based on 4 reviews
• Consumer Financial Protection Bureau: 114 complaints since 2012

Account Management

Like many lenders, American Pacific Mortgage may contract out your loan servicing to another company after the closing dust settles. American Pacific Mortgage will remain the owner of the loan in this case, but you’ll work with a loan servicing company to handle a🦄ll of the regular interactions, such as making extra payments, catching up withꦚ late payments, or getting financial assistance if you run into problems.

If you’re unsure who your loan servicer is, American Pacific Mortgage offers a page ꦍon its website where you can enter your loan number to connect with the company it has hired to manage your loan.

Other Banking Services and Loans Off🥂ered by Americ♈an Pacific Mortgage

American Pacific Mortgag𒊎eꦜ does not offer any other financial products besides the home equity loans and refinances mentioned above.

Compare American Pacific Mortgage With Other Mortgageꦡ Loan Lenders

The Bottom Line

American Pacific Mortgage’s strength is its diversity of offerings. If it’s possible for you to get a home loan at all, your odds of being approved are probably j🍨ust as good or better with American Pacific Mortgage than with any other lender. Given that American Pacific Mortgage is more readily available to people w💮ho may not qualify with other lenders, it’s important to know its costs. 

Lenders typically charge more if you don’t have stellar qualifications, which 💟can impact the amount of home you can buy and how much you’ll pay for it. Perhaps most telling, American Pacific Mortgage is very unclear about its rates and fees, while other lenders put this information front and center. It’s well worth your time to consider American Pacific Mortgage but shop around. 

Frequently Asked Questions (FAQs)

Is American Pacific Mortgage a Direct Lender?

Yes. American Pacific Mortgage is 澳洲幸运5官方开奖结果体彩网:not a broker or a rate-comparison website for different lenders. It underwrites and funds its own mortgages. Keep in mind, however, that once your loan is made, American Pacific Mortgage🐓 (and many other lenders) may hire a partner servicing company to handle your loan or even sell it to another group. 

How Big Is American Pacific Mortgage?

American Pacific Mortgage has over 3,000 employees and 350 branches across the country, lending in every state except New York. According to data from the 澳洲幸运5官方开奖结果体彩网:Home Mortgage Disclosure Act, American Pacific Mortgage made over 31,000 loans in 2023.

How Long H👍as American Pacif🦄ic Mortgage Been in Business?

American Pacific Mortgage opened in 1996. In recent years, it’s been aggressively purchasing other 澳洲幸运5官方开奖结果体彩网:mortgage lending businesses, some of which—like Sunstreet—are allowed to 🍌operate under their original names and have unique company histories. 

How Do I Pay My American Pacific Mortgage?

You can make a 澳洲幸运5官方开奖结果体彩网:mortgage payment for your American Pacific Mortgage by entering in your loan number on the payment page of the lender’s website to connect with the right servicer. It’s a clunky process, and it’s generally better to set up autopay so you don’t have to dea♏l with it. 

Is American Pacific Mortgage a Bank?

American Pacific Mortgage is considered a 澳洲幸运5官方开奖结果体彩网:mortgage banker, not a deposit bank like where you’d keep your checking and savings accounts. Its sole businesꦑs is ꦑlending money for real estate purchases.

How We Review Mortgage Lenders

In March 2024, we conducted a consumer survey, collecting 500 responses from current or prospective homebuyers and mortgage borrowers to understand what is most important when selecting a lender. We asked them 41 questions about the home-buying and mortgage-shopping experience and learned what features and services were most important to them. Our team of researchers analyzed the results, and this information fueled our list of 38 mortgage lender🎐s and 55 criteria for our rubric.

We then collected over 2,000 data points, surveying mortgage lenders and collecting data via media contacts, websites, and customer service between May 31 and June 28, 2024. To develop our list of the best mortgage lenders, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean the most to borrowers. The score for each company’s overall star rat𝔉ing is a weighted average of those criteria i🐓n the following categories:

• Customer Experience: 48%
• Operational Features: 16% 
• Reputation: 14%
• Loan Types: 11%
• Loan Costs and Requirements: 11%

Read more about our process in our full 澳洲幸运5官方开奖结果体彩网:mortgage lender methodology.