We compare mortgage interest rate and loan related closing costs at American Financial Funding with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: lower than average (-$3440)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, American Financial Funding originated 157 mortgages, a national market share of 0.0%. It was primarily active in IL (0.1% market share) and IN (0.0% market share).
On average, American Financial Funding’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for American Financial Funding’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4191, which was lower than those of comparable mortgages at $7630, with a difference of -$3440. Overall, we estimate that American Financial Funding tends to be an cheap lender, with a cost-adjusted-rate difference of -0.35% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with American Financial Funding.
American Financial Funding originated FHA mortgages for new home purchases. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from American Financial Funding compared to other lenders
|Interest Rate Difference||+0.03%|
|Loan related Closing Cost Difference||-$3440|
|Cost Adjusted Rate Difference||-0.35%|
Based on the table above, American Financial Funding is cheap for FHA purchase mortgages.
Other information about American Financial Funding:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Orland Park, IL, 60467