About
American Financing is a family-owned and operated mortgage lender and refinancing company that was established in 1999. The company's headquarters are located in Aurora, Colorado, and it operates in all 50 states of the United States. American Financing specializes in providing a variety of home loan services, including mortgage refinancing, new home loans, and debt consolidation loans.
The company's niche in the market is to offer personalized services and competitive rates to individuals looking for mortgage solutions. American Financing aims to simplify the mortgage process for customers by providing a dedicated mortgage consultant who guides them through the application process and offers customized advice based on their specific needs.
American Financing offers a range of services, including conventional loans, FHA loans, VA loans, and jumbo loans. They also offer mortgage refinancing options, such as rate and term refinancing, cash-out refinancing, and streamline refinancing. Additionally, American Financing offers debt consolidation loans that can help customers consolidate their high-interest debts into a single, lower-interest loan, making it easier to manage their finances.
The company was founded in 1999 by brothers Damian and Gabby Maldonado, who wanted to provide a better mortgage experience for customers. They aimed to create a company that focused on building lasting relationships with customers by providing personalized services, competitive rates, and exceptional customer service.
Today, American Financing operates in all 50 states of the United States, providing mortgage services to customers across the country. The company has grown significantly since its inception and has been recognized as one of the fastest-growing privately held companies in the United States. American Financing has also received numerous awards and accolades for its exceptional customer service, including being named a Top Workplace by The Denver Post for several years in a row.
Key Features
- Personalized Service. American Financing provides a dedicated mortgage consultant who guides customers through the mortgage application process and offers customized advice based on their specific needs.
- Competitive Rates. The company offers competitive rates for its home loan services, including conventional loans, FHA loans, VA loans, and jumbo loans, as well as for its mortgage refinancing and debt consolidation loans.
- Range of Services. American Financing offers a range of home loan services, including mortgage refinancing, new home loans, and debt consolidation loans, making it a one-stop-shop for customers' mortgage needs.
- Fast and Efficient Process. The company aims to simplify the mortgage process for customers by providing fast and efficient services that save customers time and hassle.
- Nationwide Presence. American Financing operates in all 50 states of the United States, providing mortgage services to customers across the country.
- Award-Winning Customer Service. American Financing has been recognized for its exceptional customer service, including being named a Top Workplace by The Denver Post for several years in a row.
- Family-Owned and Operated. The company is family-owned and operated, which gives it a personal touch and a commitment to building lasting relationships with customers.
- Flexible Options. American Financing offers flexible options for customers, including rate and term refinancing, cash-out refinancing, streamline refinancing, and debt consolidation loans, to meet their unique financial needs.
- Online Tools and Resources. The company offers online tools and resources that allow customers to apply for mortgages, track their application status, and manage their accounts online.
- Commitment to Education. American Financing is committed to educating its customers about the mortgage process and offers a variety of resources, including a blog, videos, and podcasts, to help customers make informed decisions about their mortgage needs.
Pros and Сons
Pros
- Personalized service. American Financing provides a dedicated mortgage consultant who offers customized advice based on the customer's specific needs.
- Competitive rates. The company offers competitive rates for a range of home loan services, including mortgage refinancing, new home loans, and debt consolidation loans.
- Nationwide presence. American Financing operates in all 50 states, making it accessible to customers across the United States.
- Flexible options. The company offers a range of mortgage options, including rate and term refinancing, cash-out refinancing, streamline refinancing, and debt consolidation loans, to meet the unique needs of its customers.
- Fast and efficient process. American Financing aims to provide fast and efficient services that save customers time and hassle.
- Award-winning customer service. The company has been recognized for its exceptional customer service, including being named a Top Workplace by The Denver Post for several years in a row.
Cons
- Limited information on the website. Some customers may find that there is limited information available on the company's website, which can make it difficult to compare mortgage options.
- Limited in-person locations. American Financing does not have physical locations in every state, which may be inconvenient for some customers who prefer to meet with their mortgage consultant in person.
- Potential fees. Like many mortgage lenders, American Financing may charge fees for its services, which can add to the overall cost of the mortgage.
- Limited loan options. While American Financing offers a range of mortgage options, some customers may find that the company does not offer the specific type of mortgage they are looking for.
- Limited history. American Financing is a relatively young company compared to some of its competitors, which may make some customers hesitant to do business with them.
Products
American Financing offers a variety of mortgage products, including:
- Conventional Loans. A conventional loan is a mortgage that is not insured or guaranteed by the government. American Financing offers both fixed-rate and adjustable-rate conventional loans.
- FHA Loans. An FHA loan is a mortgage that is insured by the Federal Housing Administration. These loans are designed for low-to-moderate-income borrowers and typically require a lower down payment than conventional loans.
- VA Loans. A VA loan is a mortgage that is guaranteed by the Department of Veterans Affairs. These loans are available to eligible veterans, active-duty service members, and their surviving spouses.
- Jumbo Loans. A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. These loans are designed for borrowers who need to finance high-priced homes.
- Fixed-Rate Mortgages. A fixed-rate mortgage is a type of mortgage where the interest rate remains the same for the life of the loan. American Financing offers fixed-rate mortgages with terms ranging from 10 to 30 years.
- Adjustable-Rate Mortgages (ARMs). An adjustable-rate mortgage is a type of mortgage where the interest rate can change over time. American Financing offers ARMs with initial fixed-rate periods of 3, 5, 7, or 10 years.
- Refinance Loans. American Financing offers a variety of refinancing options, including rate and term refinancing, cash-out refinancing, and streamline refinancing.
- Debt Consolidation Loans. American Financing offers debt consolidation loans that can help customers consolidate their high-interest debts into a single, lower-interest loan.
Reliability
American Financing is generally considered a reliable and reputable company in the mortgage industry. The company has been in business since 1999 and is licensed in all 50 states. It has an A+ rating with the Better Business Bureau and has received numerous awards for its customer service, including being named a Top Workplace by The Denver Post for several years in a row.
American Financing is also committed to transparency and education, providing customers with access to online tools and resources to help them make informed decisions about their mortgage needs. The company offers personalized service, competitive rates, and a range of mortgage options, which are all signs of a reputable mortgage lender.
However, like any company, American Financing may have its shortcomings or areas for improvement. It's important for customers to research the company thoroughly and compare its services and rates with those of other lenders before making a decision.
Funding a Loan
To apply for a loan with American Financing, customers can follow these general steps:
- Pre-qualification. Customers can fill out an online pre-qualification form on the company's website or speak with a loan consultant over the phone to determine their eligibility for a loan.
- Application. If the customer is eligible, they can fill out a loan application online or over the phone with the help of their loan consultant. The application typically requires information about the customer's income, assets, employment, and credit history.
- Loan Processing. Once the application is submitted, the loan processing team will review the application and verify the customer's information. This may include ordering an appraisal of the property and verifying the customer's employment and income.
- Underwriting. After the loan processing is complete, the loan file is sent to an underwriter for review. The underwriter will assess the customer's creditworthiness, the property's value, and other factors to determine if the loan meets the company's lending standards.
- Closing. If the loan is approved, the customer will receive a Closing Disclosure, which outlines the loan terms and closing costs. The customer will sign the necessary documents and pay the closing costs at a scheduled closing appointment.
- Funding. Once the loan documents are signed and the closing costs are paid, the loan funds will be disbursed, and the customer will officially become the owner of the property or the new loan.
The specific process and timeline for funding a loan with American Financing may vary depending on the type of loan and the customer's individual circumstances. Customers can work closely with their loan consultant throughout the process to ensure a smooth and timely closing.
Additional Services
In addition to mortgages, American Financing offers a range of other financial products and services to help customers manage their finances and achieve their goals. Some of these additional services include:
- Personal Loans. American Financing offers personal loans that can be used for a variety of purposes, such as debt consolidation, home improvement, or unexpected expenses.
- Home Equity Loans and Lines of Credit. Customers who have built up equity in their homes may be able to access that equity through a home equity loan or line of credit (HELOC). American Financing offers both fixed-rate and variable-rate options.
- Credit Monitoring. American Financing offers credit monitoring services that can help customers keep track of their credit scores and identify potential fraud or identity theft.
- Insurance. American Financing partners with insurance providers to offer customers a range of insurance products, such as homeowners insurance, auto insurance, and life insurance.
- Investment Services. American Financing partners with investment advisors to offer customers access to investment services and financial planning.
- Financial Education. American Financing offers a variety of online resources and educational materials to help customers learn about mortgages, credit, and personal finance.
It's important to note that not all of these additional services may be available in all states or to all customers, and some services may require additional fees or qualifications. Customers should contact American Financing directly to learn more about these services and determine which ones may be right for their individual needs.
Terms and conditions
Here are some common terms and conditions that customers should be aware of when considering a mortgage:
- Interest rate. The interest rate is the percentage charged on the loan amount that the borrower must pay back in addition to the principal. The interest rate can be fixed or variable and can affect the monthly mortgage payment and the total cost of the loan over time.
- Loan term. The loan term is the length of time over which the borrower must repay the loan. Common mortgage terms include 15-year and 30-year terms, but other options may be available.
- Down payment. The down payment is the amount of money the borrower pays upfront to purchase the home. The size of the down payment can affect the interest rate and the overall cost of the loan.
- Closing costs. Closing costs are fees and expenses associated with the mortgage loan, such as appraisal fees, title fees, and other charges. These costs can vary depending on the type of mortgage and the lender.
- PMI. Private mortgage insurance (PMI) is typically required for borrowers who put less than 20% down on the home. PMI can add to the cost of the loan and is usually required until the borrower has paid off a certain percentage of the loan.
- Prepayment penalty. Some mortgages may have a prepayment penalty, which is a fee charged if the borrower pays off the loan early. Customers should be aware of any prepayment penalties before agreeing to the mortgage terms.
Customers should carefully review the specific terms and conditions of any mortgage they are considering before signing any agreements or contracts. They should also seek the advice of a financial advisor if they have any questions or concerns.
American Financing vs Morty
American Financing and Morty are both online mortgage lenders that offer a streamlined process for obtaining a mortgage or refinancing an existing loan. However, there are some differences between the two companies that are worth noting.
American Financing is a direct lender that offers a variety of loan options, including conventional loans, FHA loans, VA loans, and USDA loans. They also have a physical presence with offices in several states throughout the U.S. They provide personalized service and support throughout the loan process and have an A+ rating from the Better Business Bureau.
Morty, on the other hand, is an online mortgage marketplace that connects borrowers with a variety of lenders. They offer a simple online application process and provide borrowers with multiple loan options to choose from. Morty does not have a physical presence and operates entirely online.
Both American Financing and Morty offer competitive rates and terms, and both companies strive to provide a streamlined and efficient loan process. However, American Financing may be a better fit for those looking for more personalized service and a wider range of loan options, while Morty may be a better fit for those who prefer a fully online experience and the ability to compare multiple loan options. Ultimately, the best option for you will depend on your individual needs and preferences.
American Financing vs Union Home Mortgage
American Financing and Union Home Mortgage are both mortgage lenders that offer a range of loan options and personalized service. Here are some key differences between the two.
American Financing is a direct lender that offers a variety of loan options, including conventional loans, FHA loans, VA loans, and USDA loans. They have a physical presence with offices in several states throughout the U.S., and they provide personalized service and support throughout the loan process. American Financing is known for their quick turnaround times and competitive rates.
Union Home Mortgage, on the other hand, is a mortgage banker that offers a range of loan options, including conventional loans, FHA loans, VA loans, and jumbo loans. They have a physical presence with branches in several states throughout the U.S., and they offer personalized service and support throughout the loan process. Union Home Mortgage is known for their focus on community involvement and commitment to customer service.
Both American Financing and Union Home Mortgage offer competitive rates and terms, and both companies strive to provide a high level of customer service. However, American Financing may be a better fit for those looking for a wider range of loan options, while Union Home Mortgage may be a better fit for those who prioritize community involvement and personalized service. As with any lender, it's important to compare multiple options and evaluate the terms and fees to find the best fit for your needs.
American Financing vs SLS
American Financing and Specialized Loan Servicing (SLS) are both mortgage lenders, but they have some key differences.
American Financing is a direct lender that offers a range of loan options, including conventional loans, FHA loans, VA loans, and USDA loans. They have a physical presence with offices in several states throughout the U.S., and they provide personalized service and support throughout the loan process. American Financing is known for their competitive rates and quick turnaround times.
Specialized Loan Servicing, on the other hand, is a mortgage servicer that manages loans on behalf of investors. They do not originate new loans, but instead manage existing loans by collecting payments, handling escrow accounts, and managing delinquencies. SLS is known for their focus on customer service and their ability to work with borrowers who are experiencing financial difficulties.
While American Financing and SLS both offer mortgage-related services, they have different areas of focus. American Financing is primarily focused on originating new loans and providing a range of loan options, while SLS is focused on servicing existing loans and helping borrowers manage their mortgage payments. Depending on your needs, one may be a better fit than the other. As with any lender or servicer, it's important to compare multiple options and evaluate the terms and fees to find the best fit for your situation.
American Financing vs Churchill Mortgage
American Financing and Churchill Mortgage are both mortgage lenders, but they have some key differences.
American Financing is a direct lender that offers a range of loan options, including conventional loans, FHA loans, VA loans, and USDA loans. They have a physical presence with offices in several states throughout the U.S., and they provide personalized service and support throughout the loan process. American Financing is known for their competitive rates and quick turnaround times.
Churchill Mortgage, on the other hand, is a direct lender that specializes in conventional loans and offers a range of programs, including fixed-rate and adjustable-rate mortgages, FHA loans, VA loans, and jumbo loans. They are known for their commitment to education and their focus on helping borrowers make informed decisions about their mortgage options.
Both American Financing and Churchill Mortgage offer competitive rates and personalized service, but they have different areas of focus. American Financing offers a wider range of loan options, while Churchill Mortgage specializes in conventional loans and emphasizes education and informed decision-making. Depending on your needs, one may be a better fit than the other. As with any lender, it's important to compare multiple options and evaluate the terms and fees to find the best fit for your situation.
