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  American Bancshares Mortgage Refinance
American Bancshares Mortgage Refinance
in Mortgage Refinance from American Bancshares Mortgage, LLC · NMLS ID #217378
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American Bancshares Mortgage Refinance

Unaffiliated
in Mortgage Refinance from American Bancshares Mortgage, LLC · NMLS ID #217378
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Highlights
Loan Amount Up to $2,500,000
Loan Term (Years) 15 - 30 years

American Bancshares Mortgage Refinance Review

American Bancshares Mortgage Refinance is offered by American Bancshares Mortgage, LLC (NMLS #217378), a direct lender founded in 1995 and based in Miami Lakes, FL. American Bancshares Mortgage Refinance are available in 18 states (and Washington, DC).

Key Takeaways

  • 3 different mortgage programs offered. American Bancshares Mortgage Refinance refinances FHA, USDA, VA, conforming, and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Non-standard interest rates available. American Bancshares Mortgage Refinance offers hybrid mortgages, and fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for refinancing. However, American Bancshares Mortgage Refinance does offer refinancing for primary and secondary homes (e.g. vacation properties).
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.

American Bancshares Mortgage Refinance Pros & Cons

Pros Cons
  • Charges an origination fee.
  • Charges prepayment fees.
  • Only available in 18 states.

American Bancshares Mortgage Refinance FAQ

What is the maximum loan term for a mortgage refinance via American Bancshares Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. American Bancshares Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.

How long does American Bancshares Mortgage Refinance take to refinance?

American Bancshares Mortgage Refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.

Does American Bancshares Mortgage Refinance charge a mortgage origination fee?

Yes, American Bancshares Mortgage Refinance will charge a loan origination fee.

What mortgage programs does American Bancshares Mortgage Refinance offer?

American Bancshares Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does American Bancshares Mortgage Refinance allow?

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

  • Primary home
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Availability

  Available in 18 states and Washington, D.C.
  • Alabama
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Kentucky
  • Massachusetts
  • Maryland
  • Mississippi
  • North Carolina
  • New Jersey
  • New York
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • West Virginia

Feature Breakdown

Intended Use Primary Home
Loan Term 15 - 30 years
Loan Amount Up to $2,500,000
Interest Rate Types Offered Hybrid Mortgage
Mortgage Programs
  • FHA
  • USDA
  • VA

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