Is Amerifirst Financial Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Amerifirst Financial Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.09%)
Loan Related Closing Costs: higher than average (+$598)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Amerifirst Financial Inc. originated 7936 mortgages, a national market share of 0.1%. It was most active in AZ (2.2% market share), CO (0.7% market share), and NV (0.3% market share).

On average, Amerifirst Financial Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.09%).1The comparable mortgages control for Amerifirst Financial Inc.’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 $6029, which was higher than those of comparable mortgages at $5431, with a difference of +$598. Overall, we estimate that Amerifirst Financial Inc. tends to be an expensive lender, with a cost-adjusted-rate difference of +0.12% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Amerifirst Financial Inc..

Amerifirst Financial Inc. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. 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 Amerifirst Financial Inc. compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.08% +0.10% +0.17% +0.05% +0.13%
Loan related Closing Cost Difference +$677 +$1034 +$856 +$710 -$423
Cost Adjusted Rate Difference +0.10% +0.18% +0.19% +0.12% +0.10%

Based on the table above, Amerifirst Financial Inc. is more expensive than other lenders for Conforming, FHA, Jumbo, USDA and VA purchase mortgages.

Mortgage Refinancing from Amerifirst Financial Inc. compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.09% +0.18% +0.10%
Loan Related Closing Cost Difference +$86 -$139 -$548
Cost Adjusted Rate Difference +0.11% +0.16% +0.07%

Based on the table above, Amerifirst Financial Inc. is more expensive than other lenders for Conforming, FHA and VA mortgage refinance.

Other information about Amerifirst Financial Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: MESA, AZ, 85203

Lender Reviews:

Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes   [ + ]

1. The comparable mortgages control for Amerifirst Financial Inc.’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.
2. Cost 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.