American Loans and Mortgage Home Loans

American Loans and Mortgage Home Loans Review

American Loans and Mortgage Home Loans are offered by American Loans and Mortgage (NMLS #245422), a nonbank financial services provider founded in 1995 and based in Sandy, UT. American Loans and Mortgage Home Loans are available in 50 states (and Washington, DC).

Key Takeaways

• Only two mortgage programs offered. American Loans and Mortgage Home Loans provides FHA jumbo and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• Only primary residences considered. American Loans and Mortgage Home Loans does not offer financing for vacation homes or investment properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Cosigner applications accepted. Applying for American Loans and Mortgage Home Loans with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 560 are considered.

American Loans and Mortgage Home Loans Pros & Cons

American Loans Mortgage FAQ

How much can you borrow via American Loans and Mortgage?

American Loans Mortgage allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with American Loans Mortgage?

American Loans Mortgage offers mortgages with terms ranging from 15 to 20 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does American Loans and Mortgage offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

American Loans Mortgage offers home loans with APRs starting at 4% .

Do they charge mortgage origination fees?

Yes, American Loans Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, American Loans Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).

What property usage types does American Loans Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. American Loans Mortgage allows the following property usage types: 

• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for American Loans and Mortgage Home Loans is (385) 492-5592.

What is the support contact email?

The support contact email for this business credit card is rates@americanloans.com.