Guide to apply for American Financial Network loan

January 16, 2022 Anjali Latwal Finance

We’ve all grumbled about how complicated the mortgage process is, and how even a basic loan can come with a host of annoyances in the form of a pile of paperwork. So, in this American Financial Network loan application guide, we’ll walk you through its quick and fast loan application procedure so you don’t have to bury yourself in a mountain of paperwork.

American Financial Network Mortgage: At a Glance

American Financial Network Inc. promotes itself as one of the nation’s fastest-growing mortgage bankers, and it is in the top 50 nationwide. They are not just a fast-growing company, but also a well-regarded one, with customer feedback placing them in the top three lenders on LendingTree.

In 2001, mortgage industry veteran Jack Sherman created American Financial Network Inc. in Chino Hills, California. After relocating to neighboring Brea, CA, the firm grew quickly, reaching its first billion-dollar fundraising year in 2012. It is now one of the top 50 mortgage lenders in the country, having financed over $7 billion in loans last year alone.

In order to fulfill their aim of countrywide licensing, they signed on New York and Vermont in 2019, and they just achieved their eighth billion-dollar origination month in a row. That means they’ll finance more than $10 billion in mortgages, putting 2020 on pace to be a record-breaking year for loan volume. While they may lend everywhere, including Alaska and Hawaii, the firm is most active in Arizona, California, Florida, Texas, and Virginia.

Quick Facts about the American Financial Network

  • In 2001, this retail direct-to-consumer mortgage banker was formed.
  • It is headquartered in Brea, California, and licensed in all 50 states and the District of Columbia.
  • It offers loans for property purchases and refinances.
  • In terms of loan volume, it’s one among the top 50 mortgage lenders in the country.
  • Last year, the bank funded more than $7 billion in housing loans.
  • There are around 185 physical sites and 700 loan officers throughout the country of American Financial Network.
  • Based on client feedback, it is one of the top-rated mortgage lenders on LendingTree.

What is the American Financial Network loan application process?

The American Financial Network loan application process is quite simple. Simply follow the instructions outlined below and you’ll be ready to go:

  • Go to their official website.
  • Click on “Apply Now” button present on the top right-hand corner of the main page.
  • Click on “Create Account”.
  • Enter all the required details, like your personal information, loan type, loan purpose, etc.
  • Choose a password.
  • Click on “Continue”.
  • Your AFN account is ready to use.

There are a lot of perks associated with the American Financial Network Mortgage website. Some of them are:

  • You can apply straight from their website without needing to speak with a person
  • AFN is a Fannie Mae Seller/Servicer, a Ginnie Mae and Freddie Mac Issuer, as well as a USDA and VA LAPP licensed lender, which means they can complete transactions fast in-house.
  • They also provide completely underwritten mortgage pre-approvals, so you can feel confident about moving ahead as a house buyer.
  • You can scan and upload papers, eSign documents, and request a credit report on your own.
  • If you’d want to apply for a home loan, you may do so either online or through their free mobile application.
  • You can check the status of your loan at any moment and contact your loan officer through text or phone.
  • They use SNAP, which is a computerized mortgage financing system; and they have an Ellie Mae-powered digital mortgage application that enables you to complete most of your tasks online.
  • You’ll receive a to-do list with the option to scan and submit conditions, eSign papers, and follow loan progress 24/7 after your loan is accepted.

Also Read: Guide to applying for Caliber Home Loans for instant home loan approval

Types of loans offered by AFN

  • Loans for home purchases
  • Refinancing Loan
  • Loans for home renovations
  • Freddie Mac and Fannie Mae-backed conventional loans
  • Loan amounts of up to $2 million, called jumbo house loans
  • Government-backed VA, USDA, and FHA housing loans
  • Programs that help with down payments
  • Home loan choices include fixed-rate and adjustable-rate mortgages.

American Financial Network is a mortgage banker, which means they have correspondent agreements with a variety of investors to guarantee they have access to any loan product a borrower would need. This enables them to market credit products from other firms, giving them a greater range of options than other lenders.

Additionally, if you have a unique lending circumstance that can’t be put in-house, their loan professionals may be able to broker out loans. They provide a wide range of financing alternatives, including property purchase, refinance, and remodeling loans.

Condos and townhouses are eligible for financing as the main dwelling, second home, or investment property. A conventional house loan backed by Fannie Mae or Freddie Mac, a government loan backed by the FHA/USDA/VA, or a jumbo home loan that surpasses the conforming loan limit is all options. They also provide a variety of down payment assistance programs for those who want help.

Mortgage Rates on the American Financial Network

Like many others, American Financial Network does not post its mortgage rates on its website. This indicates nothing about their charges in general, but it does, regrettably, leave us in the dark. You may acquire a fast, free mortgage rate quotation by filling out a brief form on their website or phoning them immediately.

Despite the fact that you must provide contact information, the form is rather short. It’s also unclear if AFN charges a loan origination charge or other common costs like underwriting, handling, or application fees since they aren’t disclosed anywhere. Solicit a mortgage rate quote from a loan officer, together with any applicable lender fees and mortgage APR, so you may compare your rate to those given by other lenders.

If you are looking for the best alternative for American Financial Network then make sure to follow our guide on how to Guild Mortgage Loan application with our quick and easy steps.

The Benefits and Drawbacks of the American Financial Network

Pros:

  • You may apply for a mortgage on their website without having to talk to anybody.
  • You may choose from a variety of loan options.
  • Thousands of positive customer testimonials
  • Loan officers and support workers can also speak Spanish, and there are brick-and-mortar facilities if you want to work in person.
  • You can manage your debt with a free smartphone app.
  • They offer mortgage calculators and a loan glossary on their website.

Cons:

  • They do not make their mortgage rates public.
  • Fees charged by lenders are not shown on their website.

Conclusion: American Financial Network Mortgage is a well-known mortgage lender that caters to both experienced borrowers and those who are new to the borrowing procedure. It’s as straightforward as it gets when it comes to applying for an American Financial Network loan.

Author

  • A literature fanatic. Absolutely in love with my books and my dogs. Mostly found reading a book in a little corner or playing with Koko, Alexa or Liza- my pet dogs. Also, a vivid admirer of all things beautiful and adventurous. If I’m not reading, I’m traveling and exploring the world.