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.

Torise Wooldridge

We were feeling the weight of living in an apartment paying higher and higher rent prices every year. We had intended to speak with a loan officer or broker to determine where we stood in terms of buying a house. We thought it would take at least another year before we would be in a position to move forward with this type of purchase. After speaking with Tanisha Broadway and reviewing our background she determined we per-qualified for a home in the price range that we were comfortable in for a monthly rate that worked for our budget. As the excitement grew and we began feeling like the Jefferson's moving on up, we began our house search. Through this process and doing research we had many questions along the way. Tanisha was always there to answer night and day. Buying a home is one of the toughest things I've ever done but Tanisha walked us through to the finish line giving us the confidence needed to complete the journey. This is a big step in life but we are in our new home and are VERY happy with our purchase as we work to start our family. I highly recommend Tanisha to any home buyer. I seriously advise folks who are out there working hard and have a decent income but aren't sure of where they stand in buying a home to reach out to Tanisha. For first time home buyers, you may be really surprised at what is available to you. Tanisha will help to assist you here as ever case may be a little different but she is a rock. Thank you again, Tanisha!

06-05-2018

Amy Sanderson

Honestly I don't know what we would have done without Jason's help. He explained/taught us about various first time home buyer options that we otherwise had no idea about. He consistently was trying to find us the absolute best interest rate, and share recommendations for how to increase our credit score so our mortgage insurance could be less per month. We never felt overwhelmed or confused, he always made sure that we had all the information we needed. I never realized how straightforward and easy this process could be- I'm sure it's because of how efficient and knowledgeable Jason and his team are. Throughout the entire process, he was incredibly responsive to texts/calls, patient with any question asked- it's obvious that he genuinely cares about what he does. And knows so much about it! On top of that, every person we were in touch with through the approval process was also incredibly friendly and helpful. I couldn't recommend Jason more, and I surely will whenever any friends or family are ready to buy a home. Thank you Jason for everything you do!!

04-23-2018

Dan W

Jason Mata and the APM team were extremely professional, attentive, and informative. Jason was wonderful in explaining the home loan financing process from start to finish, and was patient in addressing all of our questions and concerns. His customer service is top rated, and he was warm, personable, enthusiastic, and supportive. He was easily reachable and extremely quick to respond to any needs or questions that arose. The value added services Jason provided are not things that can be easily quantified but were extremely valuable, including his responsiveness and initiative in following up with the seller's side to help bolster our financial case, and his close coordination with our realtor in getting everything in order and successfully taken care of. The bottom line: Jason and his team got things done. Thank you!

05-12-2018

Lewis Colin

American Pacific Mortgage Corporation, is available, knowledgeable and helpful. I have used John more than five times and have been satisfied every time. He has taken time to educate me, he is always willing to help and he is available. Even if all I am doing is researching he is my litmus test by which I can make a more informed decision. I highly recommend his services.

04-26-2018

J T

Jason was fantastic! He went over all my options and helped me choose the right product for my situation. He was quick to respond every time I had a question and I felt like he was with me every step of the way. He even helped me close earlier than expected! I would definitely recommend Jason and I will use him again for any future home purchases. I highly recommend Jason and his team!

05-04-2018

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

Skye L.

Jeremy made the whole process of buying a home so simple! My wife and I decided to buy our first home while I was 8 months pregnant! Everyone told us that...

2018-04-10

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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