Last Updated: 04/18/2025
Preferred Rate Mortgage
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Last Updated: 04/18/2025
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Highlights
Credit Score Range
Starting at 620
Amount Range
Up to $510,400
Loan Term (Years)
15 - 30
Preferred Rate Mortgage Review
Preferred Rate Mortgage is offered by American Pacific Mortgage (NMLS #1850), a direct lender founded in 1996 and based in Roseville, CA. Preferred Rate Mortgage are available in 31 states.
Key Takeaways
- Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
- Wide selection of mortgage programs offered. Preferred Rate Mortgage offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
- Financing for single-family and multi-family properties. However, American Pacific Mortgage does not offer financing for manufactured homes.
- Standard interest rates types. Preferred Rate Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
- Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- High maximum LTV ratio. Preferred Rate Mortgage has a maximum loan to value ratio of 97%, which is higher than average. Most lenders want you to have at least 20% equity.
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Preferred Rate Mortgage.
- Debt-to-income ratio less than 40%. Preferred Rate Mortgage requires a debt-to-income ratio of less than 40%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by your monthly income and multiplying by 100.
Preferred Rate Mortgage Pros & Cons
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Preferred Rate Mortgage FAQ
How much can you borrow via American Pacific Mortgage?
Preferred Rate Mortgage allows borrowers to apply for loan amounts of up to $510,400. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with Preferred Rate Mortgage?
Preferred Rate Mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What mortgage rates does American Pacific Mortgage offer?
Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.
Do they charge mortgage origination fees?
Yes, Preferred Rate Mortgage may charge a loan origination fee .
What mortgage programs are available?
Besides conventional mortgages, Preferred Rate Mortgage offers the following mortgage types:
- FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency.
- USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
- VA loans: A zero down payment mortgage or a refinance of up to 100% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.
What property usage types does Preferred Rate Mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Preferred Rate Mortgage allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Investment properties and house flipping projects
What is the customer service phone number?
The customer service number for Preferred Rate Mortgage is (916) 960-1325.
What is the support contact email?
The support contact email for is info@apmortgage.com.
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