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 small mortgage company specializing in Refi and 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, Charlotte, and Raleigh among others. We have data for 103 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
4,674Origination Dollar Volume (All Markets)
$1,540,990,000Awards
AMERICAN FEDERAL MORTGAGE CORPORATION - 2020
AMERICAN FEDERAL MORTGAGE CORPORATION is a 2020 , due to their low .
For 2020, 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) | 2,426 | $870,630,000 | $358,875 | $3,105 | 2.87% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 612 | $184,800,000 | $301,961 | $3,413 | 2.84% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 156 | $53,840,000 | $345,128 | $3,038 | 2.82% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 137 | $40,165,000 | $293,175 | $2,534 | 2.91% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 129 | $38,955,000 | $301,977 | $2,517 | 3.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 97 | $25,965,000 | $267,680 | $3,485 | 2.71% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 60 | $23,870,000 | $397,833 | $2,500 | 3.06% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 75 | $22,195,000 | $295,933 | $3,517 | 3.05% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 82 | $20,440,000 | $249,268 | $3,047 | 2.85% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 68 | $20,160,000 | $296,471 | $2,643 | 2.98% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 53 | $19,675,000 | $371,226 | $3,089 | 2.89% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 59 | $19,355,000 | $328,051 | $2,810 | 2.96% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 58 | $16,890,000 | $291,207 | $2,660 | 2.85% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 53 | $14,925,000 | $281,604 | $3,190 | 2.92% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 39 | $13,795,000 | $353,718 | $2,786 | 2.86% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 55 | $13,205,000 | $240,091 | $3,167 | 2.86% |
| PITTSBURGH, PA (FHA|USDA|VA) | 40 | $11,900,000 | $297,500 | $3,552 | 2.88% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 32 | $8,800,000 | $275,000 | $2,439 | 2.93% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 25 | $8,245,000 | $329,800 | $2,455 | 3.01% |
| COLUMBIA, SC (FHA|USDA|VA) | 29 | $7,605,000 | $262,241 | $2,860 | 2.91% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 23 | $7,255,000 | $315,435 | $2,699 | 2.96% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 23 | $6,595,000 | $286,739 | $3,051 | 2.87% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 18 | $6,080,000 | $337,778 | $3,084 | 2.84% |
| LANCASTER, PA (FHA|USDA|VA) | 21 | $4,635,000 | $220,714 | $3,149 | 3.02% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 13 | $4,565,000 | $351,154 | $3,618 | 2.96% |
| Outside of Metro Areas | 16 | $4,480,000 | $280,000 | $3,067 | 2.77% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 12 | $4,290,000 | $357,500 | $3,185 | 3.02% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 15 | $4,175,000 | $278,333 | $3,006 | 2.92% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 15 | $4,005,000 | $267,000 | $2,871 | 3.08% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 13 | $3,335,000 | $256,538 | $2,871 | 2.79% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 10 | $3,060,000 | $306,000 | $2,852 | 2.83% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 12 | $2,700,000 | $225,000 | $2,019 | 2.86% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 9 | $2,425,000 | $269,444 | $2,649 | 3.15% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 9 | $2,005,000 | $222,778 | $3,221 | 2.79% |
| ROCHESTER, NY (FHA|USDA|VA) | 8 | $1,990,000 | $248,750 | $4,032 | 3.03% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 7 | $1,985,000 | $283,571 | $2,846 | 2.86% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 6 | $1,940,000 | $323,333 | $3,513 | 2.73% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 7 | $1,915,000 | $273,571 | $3,318 | 2.95% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 4 | $1,690,000 | $422,500 | $4,240 | 2.81% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 7 | $1,655,000 | $236,429 | $3,630 | 2.95% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 5 | $1,525,000 | $305,000 | $3,729 | 2.85% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 7 | $1,465,000 | $209,286 | $2,740 | 3.07% |
| WILMINGTON, NC (FHA|USDA|VA) | 5 | $1,385,000 | $277,000 | $2,416 | 2.90% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 5 | $1,355,000 | $271,000 | $3,362 | 2.75% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 3 | $1,315,000 | $438,333 | $4,290 | 2.71% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 5 | $1,235,000 | $247,000 | $3,578 | 2.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 4 | $1,230,000 | $307,500 | $3,656 | 3.03% |
| ASHEVILLE, NC (FHA|USDA|VA) | 5 | $1,225,000 | $245,000 | $2,429 | 2.88% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $1,000,000 | $250,000 | $2,163 | 3.00% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 5 | $955,000 | $191,000 | $3,031 | 2.50% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 2 | $920,000 | $460,000 | $2,300 | 2.81% |
| Easton, MD (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $2,827 | 2.71% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $2,371 | 3.00% |
| READING, PA (FHA|USDA|VA) | 5 | $865,000 | $173,000 | $3,129 | 3.03% |
| KINGSTON, NY (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $4,262 | 2.63% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $2,965 | 2.94% |
| GAINESVILLE, GA (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $2,539 | 3.00% |
| Torrington, CT (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $2,874 | 2.54% |
| THE VILLAGES, FL (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $2,616 | 2.79% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 4 | $720,000 | $180,000 | $2,081 | 2.84% |
| GREENVILLE, NC (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $3,031 | 3.09% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $2,695 | 3.00% |
| LEBANON, PA (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $2,780 | 2.71% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $4,314 | 3.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,098 | 3.50% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $3,600 | 3.31% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $2,298 | 2.88% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $2,113 | 2.75% |
| GLENS FALLS, NY (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,116 | 2.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $2,971 | 3.06% |
| Newberry, SC (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $5,250 | 4.13% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $3,435 | 3.79% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,738 | 2.75% |
| BURLINGTON, NC (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $2,208 | 2.79% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $2,785 | 2.75% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $2,798 | 3.13% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,904 | 2.88% |
| ERIE, PA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,324 | 3.13% |
| SYRACUSE, NY (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,856 | 2.50% |
| GETTYSBURG, PA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,951 | 2.50% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,957 | 2.75% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,143 | 3.50% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,062 | 2.63% |
| ITHACA, NY (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,928 | 2.88% |
| Sunbury, PA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,524 | 3.25% |
| New Castle, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,932 | 2.88% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $2,333 | 3.00% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,489 | 2.63% |
| OCALA, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,812 | 2.88% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,565 | 3.00% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,143 | 2.63% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,772 | 2.75% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,450 | 3.25% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,041 | 3.38% |
| LaGrange, GA-AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,466 | 3.38% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,202 | 3.25% |
| Washington, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,529 | 3.63% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,070 | 3.13% |
| St. Marys, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,838 | 3.13% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $563 | 3.13% |
| Milledgeville, GA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,482 | 4.00% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,685 | 3.13% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,605 | 3.13% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4,655 | $1,534,585,000 | $329,664 | $3,060 | 2.88% |
| FHA | 19 | $6,405,000 | $337,105 | $9,468 | 2.99% |
For 2020, American Federal Mortgage Corporation's most frequently originated type of loan was Conventional, with 4,655 originations. Their 2nd most popular type was FHA, with 19 originations.
Loan Reason
For 2020, American Federal Mortgage Corporation's most frequently cited loan purpose was Refi, with 3,531 originations. The 2nd most popular reason was Home Purchase, with 913 originations.
Loan Duration/Length
For 2020, American Federal Mortgage Corporation's most frequently cited loan duration was 30 Year, with 2,892 originations. The 2nd most popular length was 15 Year, with 1,231 originations.
Origination Fees/Closing Costs
American Federal Mortgage Corporation's average total fees were $3,229, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4,079 originations.
Interest Rates
During 2020, American Federal Mortgage Corporation's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 2.5-3%, with 2,446 originations.
Loan Sizing
2020 saw American Federal Mortgage Corporation place emphasis on $200k-400k loans with 2,659 originations, totaling $796,485,000 in origination value.
Applicant Income
American Federal Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 1,723 originations. The second most popular income band? $150k-250k, with 1,497 originations.
Applicant Debt to Income Ratio
American Federal Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,704 originations. The next most common DTI ratio? 30-36%, with 1,021 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.98%
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 origination77.51%
American Federal Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,674 | $1,540,990,000 | $329,694 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 4,674 | $1,540,990,000 | $329,694 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| AMERICAN SECURITY MORTGAGE CORPORATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| AMERICAN SECURITY MORTGAGE CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |