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 and Refi 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, Charlotte, Trenton, and Miami among others. We have data for 93 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.19% | 4/21/24 |
| 30 Year Conventional Refi | 6.22% | 4/21/24 |
| 30 Year FHA Purchase | 6.72% | 4/21/24 |
| 30 Year FHA Refi | 6.61% | 4/21/24 |
| 30 Year VA Purchase | 4.80% | 4/21/24 |
| 15 Year Conventional Purchase | 5.60% | 4/21/24 |
| 15 Year Conventional Refi | 5.75% | 4/21/24 |
| 15 Year Cash-out Refi | 5.75% | 4/21/24 |
| 15 Year VA Purchase | 4.69% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,004Origination Dollar Volume (All Markets)
$641,530,000Awards
AMERICAN FEDERAL MORTGAGE CORPORATION - 2019
AMERICAN FEDERAL MORTGAGE CORPORATION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 935 | $327,515,000 | $350,283 | $3,751 | 3.76% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 268 | $85,060,000 | $317,388 | $3,803 | 3.74% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 69 | $20,445,000 | $296,304 | $2,668 | 3.74% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 49 | $15,525,000 | $316,837 | $3,391 | 3.76% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 42 | $13,200,000 | $314,286 | $4,014 | 3.78% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 33 | $13,185,000 | $399,545 | $2,878 | 3.71% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 43 | $12,105,000 | $281,512 | $3,098 | 3.69% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 37 | $11,405,000 | $308,243 | $2,730 | 3.68% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 41 | $10,015,000 | $244,268 | $3,127 | 3.85% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 40 | $8,690,000 | $217,250 | $3,312 | 3.85% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 31 | $8,585,000 | $276,935 | $3,583 | 3.77% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 24 | $8,220,000 | $342,500 | $3,102 | 3.79% |
| PITTSBURGH, PA (FHA|USDA|VA) | 26 | $7,030,000 | $270,385 | $3,631 | 3.68% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 26 | $6,170,000 | $237,308 | $2,876 | 3.86% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 21 | $6,025,000 | $286,905 | $3,900 | 3.57% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 20 | $5,780,000 | $289,000 | $2,673 | 3.80% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 17 | $5,725,000 | $336,765 | $3,000 | 3.68% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 14 | $4,530,000 | $323,571 | $2,927 | 3.63% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 13 | $4,315,000 | $331,923 | $4,087 | 3.73% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 14 | $4,020,000 | $287,143 | $3,721 | 3.93% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 15 | $4,015,000 | $267,667 | $3,633 | 3.74% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 11 | $3,885,000 | $353,182 | $3,810 | 3.84% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 14 | $3,340,000 | $238,571 | $2,638 | 3.59% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 12 | $2,880,000 | $240,000 | $3,465 | 3.70% |
| Outside of Metro Areas | 11 | $2,795,000 | $254,091 | $3,911 | 4.08% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 10 | $2,770,000 | $277,000 | $3,919 | 3.95% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 7 | $2,695,000 | $385,000 | $3,482 | 3.54% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 11 | $2,665,000 | $242,273 | $3,359 | 3.98% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 7 | $1,905,000 | $272,143 | $3,209 | 3.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 7 | $1,825,000 | $260,714 | $3,539 | 3.73% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 6 | $1,790,000 | $298,333 | $4,035 | 3.54% |
| COLUMBIA, SC (FHA|USDA|VA) | 6 | $1,490,000 | $248,333 | $2,691 | 3.65% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 5 | $1,375,000 | $275,000 | $6,055 | 3.48% |
| OCALA, FL (FHA|USDA|VA) | 5 | $1,365,000 | $273,000 | $3,295 | 3.43% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 5 | $1,215,000 | $243,000 | $4,026 | 4.05% |
| Key West, FL (FHA|USDA|VA) | 2 | $1,210,000 | $605,000 | $4,772 | 4.31% |
| ROCHESTER, NY (FHA|USDA|VA) | 3 | $1,165,000 | $388,333 | $5,223 | 3.46% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 4 | $1,050,000 | $262,500 | $2,684 | 3.72% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $3,138 | 3.59% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $980,000 | $245,000 | $2,298 | 4.03% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $3,186 | 3.59% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 5 | $945,000 | $189,000 | $2,188 | 3.88% |
| Morehead City, NC (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $4,496 | 3.25% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $2,990 | 3.75% |
| LANCASTER, PA (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $3,335 | 3.78% |
| PITTSFIELD, MA (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $2,860 | 4.00% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $3,319 | 3.79% |
| WILMINGTON, NC (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $2,713 | 3.71% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $3,026 | 3.92% |
| LEBANON, PA (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $3,333 | 3.69% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $4,997 | 3.75% |
| Torrington, CT (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $2,658 | 3.88% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $2,783 | 3.50% |
| ASHEVILLE, NC (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $2,640 | 3.78% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $2,706 | 3.44% |
| Easton, MD (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $3,041 | 4.25% |
| ITHACA, NY (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $3,993 | 4.31% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $3,227 | 3.44% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $2,979 | 4.50% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $3,346 | 3.88% |
| READING, PA (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $4,623 | 3.69% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $2,084 | 3.81% |
| Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,656 | 3.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,012 | 4.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,616 | 3.88% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,416 | 3.75% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,135 | 4.25% |
| GREENVILLE, NC (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,491 | 3.69% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $1,812 | 3.38% |
| Hudson, NY (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,899 | 3.88% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,533 | 3.13% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,251 | 3.88% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,154 | 3.38% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $2,403 | 4.31% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,078 | 3.38% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,475 | 3.75% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,295 | 3.63% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,845 | 3.88% |
| Arcadia, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,664 | 3.13% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,777 | 4.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,108 | 4.13% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,395 | 3.75% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,740 | 3.38% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,668 | 4.25% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,050 | 4.25% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,513 | 3.75% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,696 | 3.50% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,635 | 3.63% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,548 | 4.25% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,067 | 3.25% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,276 | 4.38% |
| DuBois, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,165 | 3.50% |
| SYRACUSE, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,853 | 4.13% |
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 | 1,972 | $631,880,000 | $320,426 | $3,488 | 3.76% |
| FHA | 27 | $7,885,000 | $292,037 | $8,505 | 3.58% |
| VA | 5 | $1,765,000 | $353,000 | $4,735 | 3.18% |
For 2019, American Federal Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,972 originations. Their 2nd most popular type was FHA, with 27 originations.
Loan Reason
For 2019, American Federal Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 950 originations. The 2nd most popular reason was Refi, with 906 originations.
Loan Duration/Length
For 2019, American Federal Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,491 originations. The 2nd most popular length was 15 Year, with 384 originations.
Origination Fees/Closing Costs
American Federal Mortgage Corporation's average total fees were $3,716, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,511 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,425 | $469,535,000 | $329,498 |
| 4-5% | 465 | $134,925,000 | $290,161 |
| 2.5-3% | 104 | $35,320,000 | $339,615 |
| 5-6% | 10 | $1,750,000 | $175,000 |
During 2019, American Federal Mortgage Corporation's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 3-4%, with 1,425 originations.
Loan Sizing
2019 saw American Federal Mortgage Corporation place emphasis on $200k-400k loans with 1,116 originations, totaling $333,340,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 2,003 | $641,265,000 | $320,152 | $3,559 | 3.76% |
| $75k-100k | 1 | $265,000 | $265,000 | $2,972 | 3.75% |
American Federal Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 2,003 originations. The second most popular income band? $75k-100k, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.30%
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 origination74.10%
American Federal Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,004 | $641,530,000 | $320,125 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 2,004 | $641,530,000 | $320,125 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| AMERISAVE MORTGAGE CORPORATION | FHA mortgage | Trouble during payment process | 1 | 1.9% |
| AMERISAVE MORTGAGE CORPORATION | Other type of mortgage | Closing on a mortgage | 2 | 3.7% |
| AMERISAVE MORTGAGE CORPORATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 7.4% |
| AMERISAVE MORTGAGE CORPORATION | Conventional home mortgage | Closing on a mortgage | 2 | 3.7% |
| AMERISAVE MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 32 | 59.3% |
| AMERISAVE MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 5.6% |
| AMERISAVE MORTGAGE CORPORATION | FHA mortgage | Closing on a mortgage | 1 | 1.9% |
| AMERISAVE MORTGAGE CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 8 | 14.8% |
| AMERISAVE MORTGAGE CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 1.9% |