209.668.7000 info@goapm.com

Home Refinance Loans

 

American Pacific Mortgage offers several home refinance options:

Conventional Refinance

Conventional Refinance – Typical refinance of an existing loan

Rate and Term Refinance – defined as a refinance to lower the payment or improve the terms of the present loan (interest rate, convert to fixed from variable, shorter loan term)

  • Can be used to 97% of the value of a single family residence
  • Owner occupied 2-unit property – to 85% of property value
  • Owner occupied 3-4 unit property – to 80% of the property value.

Cash out refinance – Defined as loan where more than $2000.00 or 2% of the loan amount (whichever is more) is taken out as cash to the borrower. Combining a first and a second where the second was not used in the purchase of the property is considered cash out refinancing.

  • Can be used to 80% of the value of a single family residence
  • Owner occupied 2-4 unit property – to 75% of the property value.
FHA Refinance
  • FHA Refinance – HUD insured refinance of an existing loan – Rate and Term Refinance – defined as a refinance to lower the payment or improve the terms of the present loan (interest rate, convert to fixed from variable, shorter loan term)
    • FHA Streamline refinance can be done, FHA loan to new FHA loan, with no appraisal or income qualification (for lowering payments or improving terms only).
    • Special mortgage insurance rates for loans endorsed before May 31, 2009
    • Can be used to 97.75% of the value of a 1-4 unit owner occupied property.
    • Combining a first and a second line of credit where the second was not used in the purchase of the property is ok as long as there have been no draws on the line of credit in the past 12 months.

    Cash out refinance – Defined as loan where more than $2000.00 or 2% of the loan amount (whichever is more) is taken out as cash to the borrower.

    • Can be used to 85% of the value of a 1-4 unit owner occupied property
VA Refinance
  • Interest Rate Reduction Loans (IRRL) VA to VA refinance, available to 100% of the value of your home
    • Allows for limited income or property value qualification (restrictions may apply)
  • Simple rate reduction and cash out refinances available to 100% of the value of your property!
*USDA Rural Housing Program (RHS)
  • USDA Rural Housing Program (RHS) Refinance
    • *100% financing  (Qualifying or other factors may apply)
    • Designed for rural housing loans to lower your payments!

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Address:
American Pacific Mortgage
222 South Thor Street # 10
Turlock, CA 95380
Phone: 209.668.7000
Email:info@goapm.com
Hours:
Monday-Friday
8am-5pm
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