|Loan Amount||$40,000 - $3,000,000|
|Loan Term (Years)||15 - 30 years|
American Federal Mortgage Refinance Review
American Federal Mortgage Refinance is offered by American Federal Mortgage (NMLS #2756), a direct lender founded in 1987 and based in Chester, NJ. American Federal Mortgage Refinance is available in 10 states across the USA.
- Only two mortgage programs offered. American Federal Mortgage Refinance refinances FHA 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.
- Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with American Federal Mortgage Refinance.
- Non-standard interest rates available. American Federal Mortgage Refinance offers hybrid mortgages, and fixed-rate mortgages.
- Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
American Federal Mortgage Refinance Pros & Cons
American Federal Mortgage Refinance FAQ
What range of mortgage balances will American Federal Mortgage refinance?
Mortgage refinancing loans start at $40,000 and go up to $3,000,000
What is the maximum loan term for a mortgage refinance via American Federal Mortgage?
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 Federal Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.
How long does American Federal Mortgage take to refinance?
Generally, it takes American Federal Mortgage around 30 day to complete a refinance. Of course, this is just an estimate. The exact time will vary depending on the lender and the market.
Does American Federal Mortgage charge a mortgage origination fee?
Yes, American Federal Mortgage Refinance will charge a loan origination fee.
What mortgage programs does American Federal Mortgage offer?
American Federal 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%.
- 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 Federal Mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. American Federal Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- North Carolina
- New Jersey
- New York
- South Carolina