American Federal Mortgage Corp (credit score, loans, how much) - New Jersey (NJ) - City-Data Forum

moving2007 · 06-10-2008, 06:38 PM

Has anyone had any experiences (positive or negative) obtaining a mortgage loan from American Federal Mortgage Corp?

Thanks in advance!

tahiti · 06-10-2008, 06:48 PM

In Flanders, right? My friend got her mortgage through them (1 yr ago). Great rate, no problems.

moving2007 · 06-10-2008, 06:54 PM

Thanks.
Yes, they are in Flanders.
I am rate shopping right now and American Federal is offering the best rate with the lowest closing costs. However, they are a smaller, NJ only lender and they don't service the loan, hence my hesitation.

tahiti · 06-10-2008, 07:12 PM

Quote:

Originally Posted by moving2007

Thanks.
Yes, they are in Flanders.
I am rate shopping right now and American Federal is offering the best rate with the lowest closing costs. However, they are a smaller, NJ only lender and they don't service the loan, hence my hesitation.

her loan has been sold several times in the past year, but it hasn't been a problem - it's pretty standard.

joe moving · 06-10-2008, 08:06 PM

Try Loan Search. For us perfect credit with 20% down, AmFed was not competitive.

Seems like a bad time to be looking right this second as rates are >6 and they fluctuate quite a bit, but have been below 6 forever up until this week.

moving2007 · 06-10-2008, 08:50 PM

Really? That's interesting. Our scores are in the mid-700s and with 20% down, AmFed is giving us the best rate.

Yes, it is a bad time to be looking but we are closing in a little over a month so need to lock before it gets higher.

kalim2008 · 06-10-2008, 08:58 PM

We used them in 2002...they sold it to Wells Fargo.

moving2007 · 06-10-2008, 09:23 PM

Kalim2008,
Thanks. Were you generally happy with your mortgage "experience" with them? I.e. did everything go smoothly at closing and no surprise fees etc?

joe moving · 06-11-2008, 05:05 AM

Did you check LoanSearch.com? They are a NJ only lender neutral broker. They ask basically for your name address and loan amount, where you are buying, how much you have down and your credit score, BUT you will not need to provide your social security number and so they are not running your credit. They take your info and tell you the rate and the bank. It will cost you nothing, there is no obligation so there is no point in not checking to see what they have to say.

BobKovacs · 06-11-2008, 07:58 AM

Quote:

Originally Posted by moving2007

Thanks.
Yes, they are in Flanders.
I am rate shopping right now and American Federal is offering the best rate with the lowest closing costs. However, they are a smaller, NJ only lender and they don't service the loan, hence my hesitation.

Why do you care who services the loan? As long as the terms and closing costs are acceptable, why does it matter who you end up writing the check out to every month? Its not unusual for most companies to sell loans several times, and it doesn't affect the payment amount.