September 17th, 2018

Mortgages

Of all the steps you will take in life, few will be as profound or as impactful as the moment that you purchase a home. It is likely to be the largest purchase you make, and one that will not only impact your financial future but every day of your life that you spend living within that home. And while finding a great home isn't that difficult thanks to the many options on the market, what can be difficult is finding the right mortgage for your needs.

There are numerous things to consider, but three points are the most important. If you're ready to start shopping for your home, you'll need to know which loan option is the best for you. Here's a look at the three key things to consider.

Mortgage Type

You'll have two options here - conventional loans or those that are backed by the government. Conventional loan options are guaranteed by private lenders, while government-backed loans are insured by a branch of the US government. Government loan options include:

FHA Loans

These are designed for first time home buyers and those who struggle to qualify for traditional loans

VA Loans

Insured by the Department of Veterans Affairs, these are available to current military members and veterans

USDA Loans

These loans are focused on rural areas and those who meet various income level requirements

Each of these loans are backed by the US government and as such will often have lower down payment requirements, lower credit score requirements, and - in most cases - lower interest rates. Conventional loans are backed by private entities and as such are often harder to qualify for. However, they may be the only option if you don't qualify for government loan programs.

Interest Rates

Obviously, you want to secure the lowest possible interest rate when you secure a loan. But you also need to decide on a fixed or adjustable rate mortgage. Both have pros and cons to consider.

ARMs

Adjustable rates mortgage start off with much lower interest rates, then increase after a period of time. This means that monthly payments start low, but over the years could increase dramatically.

Fixed Rates

Fixed rate mortgages have interest rates that never change throughout the loan. They start with a slightly higher interest rate than an ARM will have, but won't change over time.

In general, the ARM is a better option for those who plan on selling their home in the future, while the fixed rate option is better for those who are planning on staying in their home for years to come.

Loan Size

Finally, you'll have to decide on the size of the loan. Conforming loans are capped at $453,100 in most locations. Going beyond the conforming limit means that you may end up with much higher interest rates and need a larger down payment in order to get the loan.

No matter the type of loan that you are looking for, contact a local mortgage expert today to get the right loan for your home purchase.

AP Mortgage

980 9th Street Suite 1780, Sacramento, CA 95814 707-592-1732
At AP Mortgage, they embrace the concept of ownership with enthusiasm and optimism for the future of housing in America. As individuals, every employee at American Pacific Mortgage takes personal ownership in the process of originating home loans that will make your dream of ownership a reality.

Rachel Melnick

Jason was amazing! As first time home buyers, we were uncertain about what would be the best options for us (or if we even wanted to buy a home). Jason walked us through the process by being informative, never pushy and by helping us find loan options we didn't even know we qualified for. He was also always available whether it was an evening text or weekend call. We're now ecstatic in our home that closed in 22 days with his assistance. Thanks Jason!

04-26-2019

Denise Stratt

Jason and his team were simply amazing. If you are looking for a loan officer that is an expert within the housing industry, has a responsive professional staff, and is solution oriented then Jason and staff is for you. I cannot say thank you enough for walking me through this major purchase and explaining to me in detail all my financing options. I hope I meet you and your staff in person someday, you are all phenomenal.

04-25-2019

Don Murray

Jason and the American Pacific Mortgage team did an amazing job. I’m a first time homebuyer with ok credit. I was working with another lender for about a month on a $0 down loan. After we found a house and put in an offer, I was told that I would need to come up with $16,000. Luckily my amazing realtor, Nicole Weber, suggested I contact Jason at American Pacific Mortgage. Jason took all my information and quickly got me qualified for 3 loans, helping me get in with very little upfront capitol. Buying a home can be very stressful and frightening. The American Pacific Mortgage team really came together, functioning like a well-oiled machine. They not only were able to get my loan processed quickly, they stayed in constant contact with me, answering all my questions and providing me with a stress-free purchasing process. If you are thinking of purchasing a new house, I would recommend contacting American Pacific Mortgage for your loan. They will truly help take out all the tension normally felt during the purchasing process. I guarantee the only nervousness you will feel, is the joyful nervousness of stepping into your new home.

06-12-2019

Just Listen

Let me TELL YOU!!!! This has been one of the MOST STRESSFUL EVENTS IN MY LIFE!!! If it weren't for Jason & His Team I would have GIVEN UP!! Our Home buying process was dragged out for MONTHS! JASON'S TEAM was there EVERY STEP OF THE WAY!! 1st of All HE got us Approved Without Perfect credit. (I'm telling y'all what I read reviews looking for). Now we are in California its expensive as Sh!+. I'm in education my husband in Law enforcement. Jason & his team worked to get us a loan that required NO DOWN PAYMENT! Granted we still had to provide some "earnest money " but If Its Out there JASON'S & HIS TEAM WILL FIND IT!! He Answers Late Calls & is Always there to hold your hand Every Step of the Way!! We're First time home buyers & a HUGE part of that has to do with JASON & HIS TEAM!! HE even told us what to fix (credit wise) to quality! It was Quick Fixes (like pay this card to this amount ") Your Scariest part is Making the Call! DO IT NOW! B/c NO MATTER THE SITUATION HE WILL GET YOU IN A HOUSE!! (at a great Locked Rate) CALL HIM Today...Call him NOW!! N👏🏽O👏🏽W 👏🏽!!

05-17-2019

Matt Kaiser

Jason was great to work with as first time home buyers. He was extremely responsive to any questions and helped us close very fast.

06-03-2019

Misty W.

Jeremy was extremely helpful with the loan for our first home. He communicated every step of the way and was really easy to work with, which made the buying...

2018-03-20

Desiree S.

Jeremy was so calm and supportive and gave me direction every step of the way! Even when I was anxious out of my mind throughout the whole process. He kept...

2018-06-17

Adrian N.

Jeremy was with Brianna and I every step of the way. Any questions we ran into we're quickly answered in great detail. When we ran into an issue with...

2018-04-19

Melanie Jordan

Jeremy was really great to work with! He was very responsive to all of my requests and made the entire loan process very easy to understand. I highly recommend Jeremy to anyone looking to buy or refinance!

2018-01-09

Dustin Dravland Robinson

If you don’t think you can afford to own your own home or if you want the best pricing/terms on the purchase of an investment property, talk to Jeremy! Jeremy has amazingly innovative lending structures to help just about anyone (and anywhere) get onto the home ownership ladder and get off the rental circuit. I highly recommend Jeremy as a lender after he has consistently helped many of my clients get pre-approved and find their dream home after they never thought it was possible. Call/Text/Email Jeremy today! Sincerely, Dustin Dravland Robinson, Realtor who has sold over 100+ homes with over a decade of experience in California real estate.

2017-12-27

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