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  Preferred Rate Mortgage
Preferred Rate Mortgage
in Home Loans from American Pacific Mortgage · NMLS ID #1850
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Preferred Rate Mortgage

Unaffiliated
in Home Loans from American Pacific Mortgage · NMLS ID #1850
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Highlights
Loan Amount Up to $510,400
Loan Term (Years) 15 - 30 years
Credit Score Range Starting at 620
No Origination Fee N/A

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 is available in 31 states across the USA.

Key Takeaways

  • Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
  • 4 different 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.
  • Considers personal use and investment properties. 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.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Preferred Rate Mortgage.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Preferred Rate Mortgage.
  • Maximum DTI ratio. Preferred Rate Mortgage has a maximum debt-to-income ratio of 40%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by you monthly income and multiplying by 100.

Preferred Rate Mortgage Pros & Cons

Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Available in 31 states.
  • Charges an origination fee.
  • Charges prepayment fees.

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 ($548,250 as of 2021).
  • 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 120% 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 this business credit card is info@apmortgage.com.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 31 states
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • North Carolina
  • Nevada
  • Ohio
  • Oklahoma
  • Oregon
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin

Feature Breakdown

Credit Score Range 620 -
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Maximum LTV 97%
Minimum Age 18
Minimum Down Payment Starting at 3%
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Income
  • Loan Payoff Statements
  • Employer Identification Number
Investment
Primary Residence
Mortgage Features
  • Cash-Out Refinance
  • Instant Online Preapproval
Loan Amount Up to $510,400
Loan Term 15 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • USDA
  • VA
  • Jumbo

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