Last Updated: 04/18/2025
American Bancshares Mortgage Refinance
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Last Updated: 04/18/2025
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Highlights
Credit Score Range
N/A
Amount Range
Up to $2,500,000
Loan Term (Years)
15 - 30
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
- Wide selection of 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 only offers hybrid mortgages.
- Only primary residences considered. American Bancshares Mortgage Refinance does not refinance vacation or investment 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
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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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