American Federal Mortgage Corporation Rates, Fees & Info

CHESTER, NJ

LEI: 549300KWKWPEKL40WD44

Tax ID: 22-2812732

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Allentown, and Miami among others. We have data for 76 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 a low 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 about average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.19% 11/21/24
    30 Year Conventional Refi 6.22% 11/21/24
    30 Year FHA Purchase 6.72% 11/21/24
    30 Year FHA Refi 6.61% 11/21/24
    30 Year VA Purchase 4.80% 11/21/24
    15 Year Conventional Purchase 5.60% 11/21/24
    15 Year Conventional Refi 5.75% 11/21/24
    15 Year Cash-out Refi 5.75% 11/21/24
    15 Year VA Purchase 4.69% 11/21/24
    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

    1,198

    Origination Dollar Volume (All Markets)

    $355,730,000
    Show all (18) awards

    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) 581 $197,805,000 $340,456 $4,253 4.21%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 151 $42,885,000 $284,007 $3,882 4.24%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 41 $12,205,000 $297,683 $4,123 4.22%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 33 $8,225,000 $249,242 $3,842 4.39%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 27 $7,245,000 $268,333 $3,939 4.32%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 29 $7,115,000 $245,345 $3,734 4.28%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 28 $6,850,000 $244,643 $3,179 4.42%
    RALEIGH-CARY, NC (FHA|USDA|VA) 22 $5,900,000 $268,182 $3,008 4.26%
    PITTSBURGH, PA (FHA|USDA|VA) 17 $4,015,000 $236,176 $4,136 3.94%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 20 $4,010,000 $200,500 $3,695 4.26%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 17 $3,785,000 $222,647 $3,313 4.46%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 17 $3,615,000 $212,647 $3,370 4.27%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 10 $3,410,000 $341,000 $3,032 4.25%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 14 $2,990,000 $213,571 $2,555 4.22%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 10 $2,380,000 $238,000 $4,859 4.38%
    ROCHESTER, NY (FHA|USDA|VA) 10 $2,290,000 $229,000 $3,887 4.34%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 8 $2,230,000 $278,750 $2,783 4.23%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 9 $2,195,000 $243,889 $2,693 4.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 11 $2,085,000 $189,545 $3,895 4.38%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 7 $2,035,000 $290,714 $2,840 4.32%
    OCEAN CITY, NJ (FHA|USDA|VA) 5 $1,995,000 $399,000 $3,455 3.95%
    LANCASTER, PA (FHA|USDA|VA) 9 $1,955,000 $217,222 $3,601 4.44%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 7 $1,895,000 $270,714 $3,245 4.36%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 7 $1,675,000 $239,286 $3,570 4.36%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 6 $1,530,000 $255,000 $2,436 4.08%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 6 $1,370,000 $228,333 $3,906 4.15%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 6 $1,330,000 $221,667 $2,524 4.48%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 5 $1,185,000 $237,000 $4,006 4.73%
    SALISBURY, MD-DE (FHA|USDA|VA) 4 $1,130,000 $282,500 $3,425 4.22%
    DOVER, DE (FHA|USDA|VA) 3 $895,000 $298,333 $3,393 4.00%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $855,000 $285,000 $4,244 4.75%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $825,000 $275,000 $3,600 4.42%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $805,000 $268,333 $2,523 3.83%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 4 $800,000 $200,000 $4,049 4.25%
    KINGSTON, NY (FHA|USDA|VA) 3 $705,000 $235,000 $7,181 4.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $610,000 $305,000 $3,057 4.38%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $595,000 $198,333 $2,177 4.08%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $555,000 $185,000 $3,429 4.29%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $555,000 $185,000 $2,788 4.38%
    COLUMBIA, SC (FHA|USDA|VA) 2 $490,000 $245,000 $2,722 4.13%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 2 $480,000 $240,000 $4,967 4.44%
    THE VILLAGES, FL (FHA|USDA|VA) 2 $480,000 $240,000 $1,841 4.38%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $455,000 $455,000 $2,895 4.75%
    Torrington, CT (FHA|USDA|VA) 2 $450,000 $225,000 $2,861 4.44%
    GREENVILLE, NC (FHA|USDA|VA) 2 $440,000 $220,000 $3,039 4.06%
    READING, PA (FHA|USDA|VA) 2 $410,000 $205,000 $3,093 3.75%
    Key West, FL (FHA|USDA|VA) 1 $405,000 $405,000 $4,460 4.25%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $400,000 $200,000 $3,263 4.13%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $380,000 $190,000 $2,505 4.13%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $380,000 $190,000 $2,809 4.69%
    Hudson, NY (FHA|USDA|VA) 1 $375,000 $375,000 $4,229 4.88%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $375,000 $375,000 $3,867 4.38%
    WILMINGTON, NC (FHA|USDA|VA) 2 $360,000 $180,000 $2,612 4.63%
    Roanoke Rapids, NC (FHA|USDA|VA) 1 $355,000 $355,000 $4,167 4.25%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $315,000 $315,000 $4,053 4.38%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $305,000 $305,000 $1,861 4.13%
    WINSTON-SALEM, NC (FHA|USDA|VA) 2 $300,000 $150,000 $2,406 4.56%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $295,000 $295,000 $3,516 4.50%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $295,000 $295,000 $2,976 4.00%
    LEBANON, PA (FHA|USDA|VA) 1 $295,000 $295,000 $4,960 3.63%
    Georgetown, SC (FHA|USDA|VA) 1 $285,000 $285,000 $3,217 4.50%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $285,000 $285,000 $3,048 3.13%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $275,000 $91,667 $2,730 4.96%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $255,000 $255,000 $3,619 4.25%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,268 4.25%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $220,000 $110,000 $3,267 4.56%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $205,000 $205,000 $2,068 4.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $205,000 $205,000 $2,854 4.50%
    GAINESVILLE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,250 4.38%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 1 $195,000 $195,000 $3,439 3.75%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $175,000 $175,000 $3,214 3.75%
    Outside of Metro Areas 1 $175,000 $175,000 $2,877 4.25%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $165,000 $165,000 $2,697 4.63%
    Oneonta, NY (FHA|USDA|VA) 1 $145,000 $145,000 $3,856 4.88%
    Somerset, PA (FHA|USDA|VA) 1 $85,000 $85,000 $2,415 4.38%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $45,000 $45,000 $2,871 5.38%
    American Federal Mortgage Corporation's top markets include New York, Philadelphia, Trenton, Allentown, and Miami among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New York (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.

    Westmoreland Federal Savings
    Similarity Rank: 12
    TRI BORO
    Similarity Rank: 25
    The Neffs National Bank
    Similarity Rank: 30
    APL
    Similarity Rank: 32
    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 54
    N C P D Federal Credit Union
    Similarity Rank: 55
    Commercial Bank and Trust of PA
    Similarity Rank: 57
    POLISH NATIONAL
    Similarity Rank: 60
    McCoy Federal Credit Union
    Similarity Rank: 60
    Iron Workers Savings Bank
    Similarity Rank: 63

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,174 $348,990,000 $297,266 $3,830 4.24%
    FHA 24 $6,740,000 $280,833 $8,535 4.17%

    For 2018, American Federal Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,174 originations. Their 2nd most popular type was FHA, with 24 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 905 $276,365,000 $305,376 $4,169 4.29%
    Refi 172 $45,950,000 $267,151 $3,092 4.02%
    Cash Out Refi 121 $33,415,000 $276,157 $3,224 4.20%

    For 2018, American Federal Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 905 originations. The 2nd most popular reason was Refi, with 172 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 913 $280,635,000 $307,377 $4,057 4.37%
    15 Year 217 $57,745,000 $266,106 $3,534 3.76%
    20 Year 56 $14,500,000 $258,929 $3,266 4.16%
    10 Year 8 $1,710,000 $213,750 $3,274 3.73%
    Other 4 $1,140,000 $285,000 $4,088 4.28%

    For 2018, American Federal Mortgage Corporation's most frequently cited loan duration was 30 Year, with 913 originations. The 2nd most popular length was 15 Year, with 217 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 795 $219,865,000 $276,560
    $1k-2k 294 $96,490,000 $328,197
    $2k-3k 74 $26,710,000 $360,946
    $5k+ 13 $5,725,000 $440,385
    $3k-4k 12 $3,940,000 $328,333
    $4k-5k 10 $3,000,000 $300,000

    American Federal Mortgage Corporation's average total fees were $4,057, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 795 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 723 $212,115,000 $293,382
    3-4% 388 $118,330,000 $304,974
    5-6% 58 $11,590,000 $199,828
    2.5-3% 27 $12,885,000 $477,222
    6-7% 2 $810,000 $405,000

    During 2018, American Federal Mortgage Corporation's average interest rate for loans was 4.37%, while their most frequently originated rate bucket for loans was 4-5%, with 723 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 617 $178,205,000 $288,825 $3,921 4.21%
    $100k-200k 297 $47,075,000 $158,502 $3,042 4.34%
    $400k-600k 215 $100,085,000 $465,512 $4,901 4.20%
    $600k-1MM 37 $24,885,000 $672,568 $6,172 3.95%
    $100,000 or less 29 $2,285,000 $78,793 $2,569 4.69%
    $1MM+ 3 $3,195,000 $1,065,000 $6,307 3.54%

    2018 saw American Federal Mortgage Corporation place emphasis on $200k-400k loans with 617 originations, totaling $178,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 344 $96,270,000 $279,855 $3,864 4.20%
    $150k-250k 335 $117,495,000 $350,731 $4,165 4.27%
    $75k-100k 215 $54,835,000 $255,047 $3,789 4.27%
    $50k-75k 142 $28,230,000 $198,803 $3,547 4.26%
    $250k+ 131 $54,435,000 $415,534 $4,303 4.17%
    $50k or less 31 $4,465,000 $144,032 $2,915 4.41%

    American Federal Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 344 originations. The second most popular income band? $150k-250k, with 335 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 372 $104,970,000 $282,177 $3,829 4.17%
    30-36% 264 $80,440,000 $304,697 $3,857 4.24%
    <20% 91 $26,495,000 $291,154 $3,589 4.09%
    37% 47 $13,965,000 $297,128 $4,358 4.31%
    38% 44 $14,020,000 $318,636 $3,745 4.40%
    36% 41 $12,395,000 $302,317 $4,168 4.30%
    41% 40 $11,680,000 $292,000 $4,240 4.31%
    39% 39 $13,105,000 $336,026 $4,089 4.36%
    40% 35 $11,385,000 $325,286 $4,241 4.29%
    42% 34 $11,480,000 $337,647 $4,412 4.40%
    45% 33 $9,735,000 $295,000 $3,815 4.33%
    43% 31 $9,155,000 $295,323 $3,784 4.25%
    44% 30 $8,760,000 $292,000 $4,223 4.22%
    48% 28 $8,630,000 $308,214 $4,004 4.47%
    47% 23 $6,335,000 $275,435 $3,710 4.39%
    49% 22 $6,460,000 $293,636 $4,001 4.38%
    46% 21 $5,855,000 $278,810 $3,866 4.29%
    50-60% 2 $470,000 $235,000 $7,633 4.38%
    >60% 1 $395,000 $395,000 $7,946 3.13%

    American Federal Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 372 originations. The next most common DTI ratio? 30-36%, with 264 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 686 $201,210,000 $293,309 $3,921 4.28%
    Asian 337 $105,515,000 $313,101 $3,989 4.15%
    Not provided 139 $38,325,000 $275,719 $3,731 4.32%
    Asian Indian 12 $4,810,000 $400,833 $4,461 3.99%
    Black 14 $3,180,000 $227,143 $3,695 4.29%
    American Indian 4 $1,410,000 $352,500 $4,276 4.16%
    Other Asian 4 $900,000 $225,000 $4,115 3.91%
    Native Hawaiian or Islander 1 $215,000 $215,000 $2,704 3.38%
    Japanese 1 $165,000 $165,000 $2,723 3.88%

    Approval Rates

    Total approvals of all applications
    96.78%

    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
    64.69%

    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 1,198 $355,730,000 $296,937

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,198 $355,730,000 $296,937

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $8,125,000 $198,171 $3,021 4.04%
    40-60% 139 $37,845,000 $272,266 $3,317 4.00%
    60-80% 546 $161,800,000 $296,337 $3,858 4.29%
    80-100% 466 $147,340,000 $316,180 $4,272 4.27%
    Under 20% 6 $620,000 $103,333 $2,499 4.56%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    AMERISAVE MORTGAGE CORPORATION Other type of mortgage Closing on a mortgage 1 6.7%
    AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 7 46.7%
    AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 3 20.0%
    AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 1 6.7%
    AMERISAVE MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    AMERISAVE MORTGAGE CORPORATION FHA mortgage Trouble during payment process 1 6.7%
    AMERISAVE MORTGAGE CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%