American Federal Mortgage Corporation Mortgage Review 2020

By Mitch Strohm

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

American Federal Mortgage Corporation

Bankrate Score

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3.7

User reviews
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( 75 )

4.9

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

American Federal Mortgage Corporation is a direct lender with an online-based application and closing process. It claims to offer some of the lowest interest rates and fees. Headquartered in Chester, New Jersey, American Federal was founded in 1987. It's one of the largest privately held mortgage bankers.

Nationwide availability

Available in Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina and Texas

Minimum credit score

American Federal Mortgage doesn't publish its credit requirements. The credit score you’ll need in order to qualify for a loan varies by mortgage type. Generally, these are the minimums for each loan type: 620 for conventional loans; 660 for jumbos; 500 for FHA.

Loan types

Conventional, FHA, VA, jumbo, fixed-rate, adjustable-rate (ARM); refinancing options include rate-and-term refinancing and cash-out refinancing

Pros

  • Online application and closing process
  • Instant rate quote tool
  • Approves loan in as little as 24 hours

Cons

  • Doesn't offer USDA loans
  • No brick-and-mortar locations

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

American Federal Mortgage Corporation overview

Loan types

  • Conventional
  • FHA
  • VA
  • Jumbo
  • Fixed-rate
  • Adjustable-rate (ARM)
  • Refinancing includes rate-and-term refinancing and cash-out refinancing

Lender fees

American Federal Mortgage’s lender fees aren’t available on its website. However, it claims that its technology, streamlined application procedure and low overhead allows it to offer lower fees and rates overall. It’s important to keep in mind that most lenders charge origination and application fees.

If you want to lower your obligation at closing, certain mortgage programs offered through American Federal Mortgage can help. FHA and VA government-backed loans may allow you to wrap closing costs into your overall monthly payment.

Minimum borrower requirements

American Federal Mortgage doesn’t publish borrower requirements, but generally, you can expect it to follow Fannie Mae’s underwriting guidelines for conventional mortgages. That means you’ll need a credit score of at least 620, a down payment of at least 3 percent and a debt-to-income ratio of 43 percent or lower.

For FHA loans, borrowers can generally qualify with a credit score as low as 500 and a DTI as high as 50 percent. VA loans don’t have a credit score or down payment requirement.

In order to qualify for a jumbo mortgage, you’ll typically need a credit score of at least 660 or higher and a DTI of 43 percent or lower.

Get started with American Federal Mortgage Corporation

Borrowers can apply online or by phone.

Hours

Monday - Thursday: 8:30 a.m. - 8 p.m. EST Friday: 8:30 a.m. - 7 p.m. EST Saturday: 10 a.m. - 4 p.m. EST Sunday: Closed Contact: 862-259-3219

American Federal Mortgage Corporation consumer rating and reviews

4.9 reviews
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99% recommended

Customer Service Rating

Knowledge
4.9
Level of service
5.0
Professionalism
4.9
Responsiveness
4.9
0 out of 0 rates honored
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(75 reviews)
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The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 10 of 33 Reviews
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Chris Maitner
New Jersey

7/10/2019

World Class Service

Working with Jim Russo was an outstanding experience. Experienced and professional, you cant go wrong with Jim.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Ryan
Point Pleasant, NJ

7/26/2019

Incredibly helpful

Rich was very helpful throughout the entire home buying process. He was able to provide advice on the mortgage side of things and help out with other elements too. If there was a question he couldn't answer, he was able to provide reliable references to help me get the information I needed. Rich was...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Ryan
Point Pleasant, NJ

7/26/2019

Incredibly helpful

Rich was very helpful throughout the entire home buying process. He was able to provide advice on the mortgage side of things and help out with other elements too. If there was a question he couldn't answer, he was able to provide reliable references to help me get the information I needed. Rich was...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jay J
32953

8/17/2019

Always available!

I have been a customer to American Federal Mortgage (AFM) for over 12 years now. Their agents are great (really), especially they educate you and provide valuable input with patience, answering all your questions. Dave Turner has been great navigating me along the mortgage process. He is always ava...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Erin H.
Philadelphia, PA

10/31/2019

Fantastic Experience!

Dave Turner was wonderful to work with. I am inexperienced in refinancing, and he walked me through every step of the process. He answered my many questions and was extremely responsive. He really made the process easy for me and I will absolutely recommend him to my friends and family!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jim Long
Pittsburgh, PA

11/4/2019

Stress free and smooth

Dave Turner was always available to answer any questions that I had and was upfront with me in what could be a confusing process.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Ned
Delaware

11/4/2019

Professional, Thorough, Great Rate

Tony and his team found me a very competitive rate and worked closely with me through all aspects of the mortgage approval, and closing. I will use him again in the future!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Fatma
Carlstadt

11/15/2019

Great experience, the best rate

The entire process went very smoothly. Jim Russo and his team worked very closely with us and he found us the best rate. I would definitely recommend working with him.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Meg
New Jersey

11/16/2019

Jim Russo - Very Efficient & Patient

I asked Jim for my loan. Whenever I asked some questions, he explained very well with very patiently. He's so efficient and professional.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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CARL
NJ

12/2/2019

Fantastic service and process

From start to finish Ryan Harris made the purchase of our new property easy, efficient and competitive. He kept me informed and addressed all my questions instantly. I'm very grateful and would highly recommend.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes