American Federal Mortgage Corporation Rates, Fees & Info
CHESTER, NJLEI: 549300KWKWPEKL40WD44
Tax ID: 22-2812732
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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% | 10/29/24 |
| 30 Year Conventional Refi | 6.22% | 10/29/24 |
| 30 Year FHA Purchase | 6.72% | 10/29/24 |
| 30 Year FHA Refi | 6.61% | 10/29/24 |
| 30 Year VA Purchase | 4.80% | 10/29/24 |
| 15 Year Conventional Purchase | 5.60% | 10/29/24 |
| 15 Year Conventional Refi | 5.75% | 10/29/24 |
| 15 Year Cash-out Refi | 5.75% | 10/29/24 |
| 15 Year VA Purchase | 4.69% | 10/29/24 |
| 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
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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
755Origination Dollar Volume (All Markets)
$296,465,000Awards
AMERICAN FEDERAL MORTGAGE CORPORATION - 2023
AMERICAN FEDERAL MORTGAGE CORPORATION is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
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
2023 saw American Federal Mortgage Corporation place emphasis on $200k-400k loans with 338 originations, totaling $100,640,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications96.26%
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 origination25.70%
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 |