American Federal Mortgage Corporation Rates, Fees & Info

CHESTER, NJ

LEI: 549300KWKWPEKL40WD44

Tax ID: 22-2812732

5 stars - Updated: 4/14/24 - out of 5 stars, based on 27 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

American Federal Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. American Federal Mortgage Corporation has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Philadelphia, Trenton, Atlanta, and Allentown among others. We have data for 91 markets. (Some data included below & more in-depth data is available with an active subscription.)

American Federal Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. American Federal Mortgage Corporation is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.19% 4/14/24
30 Year Conventional Refi 6.22% 4/14/24
30 Year FHA Purchase 6.72% 4/14/24
30 Year FHA Refi 6.61% 4/14/24
30 Year VA Purchase 4.80% 4/14/24
15 Year Conventional Purchase 5.60% 4/14/24
15 Year Conventional Refi 5.75% 4/14/24
15 Year Cash-out Refi 5.75% 4/14/24
15 Year VA Purchase 4.69% 4/14/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

American Federal Mortgage Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from American Federal Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

755

Origination Dollar Volume (All Markets)

$296,465,000
Show all (12) awards

Relative Rate

American Federal Mortgage Corporation's average 30 year fixed mortgage rate was 6.52%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.04%.

Relative Fees (Closing Costs)

American Federal Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,549.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 341 $151,285,000 $443,651 $5,506 6.40%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 72 $27,510,000 $382,083 $5,258 6.38%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 22 $9,220,000 $419,091 $5,788 6.58%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 19 $7,415,000 $390,263 $5,860 6.67%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 19 $5,795,000 $305,000 $4,867 7.12%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 14 $5,570,000 $397,857 $5,484 6.32%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 14 $5,370,000 $383,571 $4,039 6.62%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $5,215,000 $347,667 $6,349 6.60%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 11 $4,535,000 $412,273 $5,294 6.27%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 12 $4,330,000 $360,833 $6,526 6.11%
PITTSBURGH, PA (FHA|USDA|VA) 9 $4,165,000 $462,778 $5,729 6.43%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 10 $4,150,000 $415,000 $6,567 6.56%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 14 $3,810,000 $272,143 $5,031 6.77%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 10 $3,350,000 $335,000 $4,668 6.28%
RALEIGH-CARY, NC (FHA|USDA|VA) 8 $3,150,000 $393,750 $3,129 6.55%
OCEAN CITY, NJ (FHA|USDA|VA) 6 $2,450,000 $408,333 $4,991 6.94%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 8 $2,370,000 $296,250 $5,105 6.23%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 5 $1,945,000 $389,000 $6,644 5.83%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $1,735,000 $347,000 $6,039 5.68%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $1,730,000 $288,333 $7,867 6.40%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 5 $1,585,000 $317,000 $6,426 6.33%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 4 $1,450,000 $362,500 $9,540 6.50%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 4 $1,450,000 $362,500 $4,744 6.88%
YORK-HANOVER, PA (FHA|USDA|VA) 3 $1,375,000 $458,333 $5,580 7.00%
COLUMBIA, SC (FHA|USDA|VA) 3 $1,335,000 $445,000 $4,187 7.33%
Outside of Metro Areas 5 $1,305,000 $261,000 $6,397 6.80%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $1,230,000 $307,500 $4,074 6.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,200,000 $300,000 $5,662 6.75%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,165,000 $388,333 $9,392 6.38%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 4 $1,150,000 $287,500 $5,413 5.88%
SALISBURY, MD-DE (FHA|USDA|VA) 3 $1,145,000 $381,667 $6,802 5.88%
EL PASO, TX (FHA|USDA|VA) 3 $1,135,000 $378,333 $6,390 6.08%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 4 $1,090,000 $272,500 $4,758 6.56%
WILMINGTON, NC (FHA|USDA|VA) 2 $1,060,000 $530,000 $3,758 6.19%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 4 $1,010,000 $252,500 $3,706 6.22%
SAVANNAH, GA (FHA|USDA|VA) 3 $1,005,000 $335,000 $9,142 6.13%
GAINESVILLE, GA (FHA|USDA|VA) 2 $1,000,000 $500,000 $6,058 6.38%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $960,000 $480,000 $7,078 6.56%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $880,000 $440,000 $4,101 6.81%
CLEVELAND, TN (FHA|USDA|VA) 4 $840,000 $210,000 $4,139 6.25%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $825,000 $275,000 $8,186 7.25%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 3 $775,000 $258,333 $6,317 6.13%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $770,000 $385,000 $10,890 7.50%
KNOXVILLE, TN (FHA|USDA|VA) 2 $680,000 $340,000 $4,238 6.25%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $655,000 $655,000 $6,418 5.88%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $645,000 $645,000 $5,380 6.88%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $615,000 $615,000 $5,283 7.25%
ROCHESTER, NY (FHA|USDA|VA) 1 $565,000 $565,000 $3,585 6.38%
Vineyard Haven, MA (FHA|USDA|VA) 1 $545,000 $545,000 $9,856 6.88%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 2 $520,000 $260,000 $3,613 6.25%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $520,000 $260,000 $6,197 6.81%
Oneonta, NY (FHA|USDA|VA) 2 $510,000 $255,000 $7,411 6.38%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $490,000 $245,000 $3,888 6.19%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $480,000 $240,000 $4,663 6.63%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $440,000 $220,000 $4,340 6.25%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $440,000 $220,000 $5,583 6.25%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 3 $425,000 $141,667 $4,443 6.75%
GAINESVILLE, FL (FHA|USDA|VA) 2 $410,000 $205,000 $4,966 6.06%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $405,000 $405,000 $5,631 6.88%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $375,000 $375,000 $3,664 5.63%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $345,000 $345,000 $4,343 6.38%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $335,000 $335,000 $4,449 7.13%
READING, PA (FHA|USDA|VA) 1 $335,000 $335,000 $4,015 5.88%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $335,000 $335,000 $5,076 5.88%
UTICA-ROME, NY (FHA|USDA|VA) 1 $325,000 $325,000 $6,276 7.25%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $305,000 $305,000 $2,839 6.00%
SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $285,000 $285,000 $10,894 5.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $285,000 $285,000 $8,316 5.88%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $275,000 $275,000 $4,552 6.13%
PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,522 5.63%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,026 7.75%
Huntsville, TX (FHA|USDA|VA) 1 $245,000 $245,000 $4,361 6.13%
WICHITA FALLS, TX (FHA|USDA|VA) 1 $245,000 $245,000 $3,168 5.88%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $225,000 $225,000 $3,892 6.63%
OCALA, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,998 6.13%
LUBBOCK, TX (FHA|USDA|VA) 1 $225,000 $225,000 $4,039 6.13%
Dayton, TN (FHA|USDA|VA) 1 $215,000 $215,000 $3,877 6.00%
Dublin, GA (FHA|USDA|VA) 1 $205,000 $205,000 $5,434 6.00%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $205,000 $205,000 $3,817 5.38%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $205,000 $205,000 $968 7.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $195,000 $195,000 $3,167 6.75%
BRUNSWICK, GA (FHA|USDA|VA) 1 $195,000 $195,000 $3,661 5.38%
Huntingdon, PA (FHA|USDA|VA) 1 $195,000 $195,000 $3,856 6.00%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $185,000 $185,000 $5,376 7.50%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $175,000 $175,000 $3,576 6.13%
Paris, TN (FHA|USDA|VA) 1 $165,000 $165,000 $2,347 6.00%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $165,000 $165,000 $4,211 6.50%
NEW BERN, NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,085 6.50%
Meadville, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,132 6.38%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $55,000 $55,000 $4,546 8.13%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $55,000 $55,000 $3,586 7.50%
American Federal Mortgage Corporation's top markets include New York, Philadelphia, Trenton, Atlanta, and Allentown among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against AMERICAN FEDERAL MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    TRI BORO
    Similarity Rank: 24
    Charter Oak Federal Credit Union
    Similarity Rank: 32
    Republic Bank
    Similarity Rank: 35
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    Chelsea Groton Bank
    Similarity Rank: 56
    Stafford Savings Bank
    Similarity Rank: 63
    SAFE FEDERAL CREDIT UNION
    Similarity Rank: 80
    The Torrington Savings Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 730 $285,120,000 $390,575 $5,272 6.45%
    FHA 20 $9,000,000 $450,000 $12,333 6.29%
    VA 5 $2,345,000 $469,000 $7,606 6.35%

    For 2023, American Federal Mortgage Corporation's most frequently originated type of loan was Conventional, with 730 originations. Their 2nd most popular type was FHA, with 20 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 690 $276,810,000 $401,174 $5,553 6.45%
    Refi 56 $16,400,000 $292,857 $4,303 6.42%
    Home Improvement 9 $3,255,000 $361,667 $6,779 6.28%

    For 2023, American Federal Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 690 originations. The 2nd most popular reason was Refi, with 56 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 669 $264,405,000 $395,224 $5,549 6.52%
    15 Year 76 $28,260,000 $371,842 $4,987 5.77%
    20 Year 9 $3,645,000 $405,000 $4,509 6.39%
    10 Year 1 $155,000 $155,000 $1,775 6.00%

    For 2023, American Federal Mortgage Corporation's most frequently cited loan duration was 30 Year, with 669 originations. The 2nd most popular length was 15 Year, with 76 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 427 $167,155,000 $391,464
    $<1k 175 $73,245,000 $418,543
    $2k-3k 54 $18,560,000 $343,704
    $5k+ 42 $18,400,000 $438,095
    $4k-5k 31 $11,245,000 $362,742
    $3k-4k 26 $7,860,000 $302,308

    American Federal Mortgage Corporation's average total fees were $5,549, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 427 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 355 $140,795,000 $396,606
    5-6% 250 $99,900,000 $399,600
    7-8% 134 $51,180,000 $381,940
    4-5% 8 $2,620,000 $327,500
    Over 8% 8 $1,970,000 $246,250

    During 2023, American Federal Mortgage Corporation's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was 6-7%, with 355 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 338 $100,640,000 $297,751 $5,068 6.48%
    $400k-600k 231 $113,565,000 $491,623 $5,991 6.42%
    $600k-1MM 89 $61,805,000 $694,438 $6,927 6.37%
    $100k-200k 86 $14,020,000 $163,023 $4,100 6.42%
    $100,000 or less 6 $400,000 $66,667 $3,360 6.88%
    $1MM+ 5 $6,035,000 $1,207,000 $9,459 6.40%

    2023 saw American Federal Mortgage Corporation place emphasis on $200k-400k loans with 338 originations, totaling $100,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 290 $122,710,000 $423,138 $5,522 6.50%
    $100k-150k 192 $64,710,000 $337,031 $5,525 6.38%
    $250k+ 157 $80,875,000 $515,127 $5,957 6.48%
    $75k-100k 65 $17,675,000 $271,923 $5,152 6.41%
    $50k-75k 46 $9,470,000 $205,870 $3,897 6.31%
    $50k or less 5 $1,025,000 $205,000 $4,326 6.15%

    American Federal Mortgage Corporation lent most frequently to those with incomes in the $150k-250k range, with 290 originations. The second most popular income band? $100k-150k, with 192 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 177 $66,595,000 $376,243 $5,189 6.43%
    30-36% 166 $64,610,000 $389,217 $5,121 6.44%
    <20% 55 $16,795,000 $305,364 $4,675 6.34%
    37% 43 $16,685,000 $388,023 $6,066 6.44%
    38% 35 $15,825,000 $452,143 $6,467 6.59%
    49% 33 $13,745,000 $416,515 $6,028 6.71%
    41% 28 $11,350,000 $405,357 $5,809 6.42%
    42% 27 $11,535,000 $427,222 $6,478 6.28%
    40% 24 $11,980,000 $499,167 $5,670 6.25%
    39% 23 $11,135,000 $484,130 $5,488 6.30%
    46% 22 $7,950,000 $361,364 $5,563 6.47%
    36% 22 $8,820,000 $400,909 $5,368 6.47%
    44% 21 $7,875,000 $375,000 $4,389 6.40%
    43% 20 $8,300,000 $415,000 $5,722 6.41%
    45% 19 $7,535,000 $396,579 $6,371 6.55%
    47% 16 $6,040,000 $377,500 $5,826 6.90%
    48% 16 $6,570,000 $410,625 $5,027 6.52%
    50-60% 7 $2,675,000 $382,143 $10,856 6.29%

    American Federal Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 177 originations. The next most common DTI ratio? 30-36%, with 166 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 332 $120,070,000 $361,657 $5,261 6.42%
    Asian 227 $96,725,000 $426,101 $5,353 6.41%
    Not provided 96 $37,740,000 $393,125 $5,711 6.51%
    Asian Indian 60 $25,710,000 $428,500 $5,760 6.48%
    Black 21 $9,205,000 $438,333 $8,258 6.58%
    Other Asian 6 $2,400,000 $400,000 $5,686 6.52%
    Korean 5 $1,945,000 $389,000 $4,689 6.55%
    American Indian 6 $1,690,000 $281,667 $5,662 6.83%
    Vietnamese 1 $595,000 $595,000 $5,817 7.88%
    Chinese 1 $385,000 $385,000 $7,020 5.50%

    Approval Rates

    Total approvals of all applications
    96.26%

    American Federal Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    25.70%

    American Federal Mortgage Corporation has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 755 $296,465,000 $392,669

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    755 $296,465,000 $392,669

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $8,280,000 $243,529 $3,890 6.01%
    40-60% 79 $24,225,000 $306,646 $4,771 6.17%
    60-80% 366 $142,490,000 $389,317 $5,462 6.54%
    80-100% 272 $120,560,000 $443,235 $5,866 6.46%
    Over 100% 1 $445,000 $445,000 $18,050 5.75%
    Under 20% 3 $465,000 $155,000 $3,782 6.25%