Consolidate Your Debt To Reach Your Financial Goals
Debt consolidation can be a simple way to cut interest rates
and streamline your monthly payments.
Ready to get a head start on your financial freedom?
Debt Consolidation: A Powerful Tool For Your Financial Goals.
You don’t have to be overwhelmed by mounting bills or rising monthly expenses. If you want to get out from under high interest rate charges from credit cards, student loans, or other forms of debt, then a cash-out refinance might be the solution for you.
Consolidating your debt by refinancing allows you to put existing debt into your mortgage—typically at much lower interest rates. The result is a single interest rate and single monthly payment. Generally, you’ll end up paying less each month than you do now, paying all the bills separately.*
Not sure how it works? Our American Pacific Mortgage loan advisors can give you a one-on-one consultation, and map out exactly how debt consolidation can work for you. We can show you what your new monthly payment might look like based on going rates.
Try our debt consolidation calculator, which will tell you how much your monthly payment might decrease, how much you’ll save in interest, and how long it will take you to pay off the newly consolidated loan. Apply online to start consolidating.
*Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating credit debt or multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay off your debt sooner. While this may decrease your monthly cash flow it will increase the total amount of debt. By understanding how consolidating your debt may benefit you, you'll be in a better position to decide if it is a good option for you.
Popular Options
Credit Card Consolidation
Pay off high-interest credit card debt with a cash-out refinance of your home. Exchange multiple, high-interest credit card payments for one low-interest mortgage payment.
Experience the instant savings on interest each month, the convenience of only one bill to pay, and you may have the added benefit of replacing non-deductible credit interest with tax deductible mortgage interest.**
Want to really get ahead of the game? Use the money you save on interest payments to pay down your principal balance even faster!
Loan Consolidation
What is the amount of interest you are paying on auto loans, school loans, medical bill loans, or personal loans?
Consolidate your loans with a cash-out refinance, and take control of your monthly payments.*
Eliminating a Second Mortgage
If you have a second mortgage on your house with a higher interest rate than your first, a refinance can consolidate both into one single interest rate with one lower monthly payment.
* American Pacific Mortgage does not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. A debt consolidation may reduce your monthly payments but may increase the total amount of your debt because your mortgage may be financed over a longer period of time than the debts consolidated. We encourage all consumers to research and examine their options carefully before consolidating debt
**We are not licensed tax professionals. Please consult your tax advisor for specific tax information.
Let us help you find the home loan to reach your financial goals.
CONVENTIONAL MORTGAGE
A conventional mortgage is a home loan that falls under the conforming loan limit of $453,100 (which is set annually by the Federal Housing Finance Agency)
FHA MORTGAGE
A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans allow for down payments as low as 3.5%* and lower credit scores than most conventional loans. There are maximum loan amounts that vary by county.
JUMBO LOANS
Loans for premium real estate areas that exceed the conventional conforming loan limits (ranging between $453,100-$679,650 depending on area)
REVERSE MORTGAGE
If you are 62 or older, leverage the equity on your primary residence.
USDA LOANS
A loan to fund your small town dreams of rural home ownership, with lenient down, income and credit requirements.
VA MORTGAGE
Loans for veterans, servicemembers or surviving spouses. With qualifying income and credit, you can buy a primary residence with no money down at a fantastic rate.
American Pacific Mortgage Programs
The Loan Process
1. |
Get Pre-Approved |
This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.
2. |
Select Your Loan Program |
Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.
3. |
Loan Application |
Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. You will need to provide documentation, including a photo I.D., pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don't worry, we will let you know exactly what is needed for the loan application so you can be fully prepared.
4. |
Processing and Underwriting |
Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.
6. |
Close the Loan |
With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!
APM NMLS Consumer Access Link: https://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1850
Copyright © 2022 American Pacific Mortgage Corporation | Privacy Policy | Contact Us | Legal/Licensing | Accessibility Statement
All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.
808 134th St SW, Suite B205, Everett WA, 98204 | NMLS: 1062505
Equal Housing Opportunity