Other Loan Options

Fixed-Rate Mortgage

A fixed-rate mortgage, as the name suggests, is one in which the interest rate on your home loan remains constant during its term. This is distinct from a loan in which the interest rate fluctuates over time, such as an adjustable-rate mortgage, owing to the allure of a stable mortgage payment amount during the life of the loan.

Mortgages with a 30-year fixed rate

The classic 30-year fixed-rate mortgage has a fixed interest rate and fixed monthly payments. If you intend to stay in your house for at least seven years, this may be a suitable option. If you expect to move within seven years, fixed-rate loans are usually less expensive.

Adjustable-Rate Mortgages

An ARM (adjustable-rate mortgage) is a loan with a variable interest rate. Unlike fixed-rate mortgages, which have a constant interest rate for the life of the loan, the interest rate on ARM changes regularly. Because the initial interest rate of an ARM is lower than that of a fixed-rate mortgage, it may be a smart alternative to consider if you only plan to keep your home for a few years; you foresee an increase in future wages, or the current fixed mortgage interest rate is too expensive.

FHA Mortgage

An interest-only mortgage, as the name implies, is one in which borrowers only pay interest for a set period of time. The principal balance remains unaltered during this time, allowing for lower monthly mortgage payments early in the loan term. Borrowers who take out interest-only home loans may be able to cut their payments, allowing them to put more money toward retirement, college tuition, or other savings goals.

Jumbo Mortgage Programs

A jumbo mortgage, also known as a non-conforming loan, can help you acquire a mortgage in a high-cost area. A jumbo loan is one that is larger than the maximum Fannie Mae high-balance or conforming loan limit. While this varies by location, the current Fannie Mae loan ceiling in many high-cost areas is $822,375. If you need to borrow more than the conforming loan limit, a jumbo mortgage may be the greatest option for obtaining a large and attractive home.

Interest Only Mortage

Borrowers pay only interest on an interest-only mortgage for a set period of time. The principal, the balance remains unaltered during this time, allowing for lower monthly mortgage payments early in the loan term. Interest-only home loans allow borrowers to cut their payments, allowing them to redirect their income flow toward retirement, college tuition, or other savings goals.

VA Refinancing

VA Home Loans

Copyright©2021 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity | Powered by Tribu Marketing and Advertising.

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