American Security Mortgage Interest Rate and Cost Review

Is American Security Mortgage a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by American Security Mortgage with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.05%)
Loan Related Closing Costslower than average (-$380)
National Rate and Closing Cost Rating(4.0)

On average, American Security Mortgage’s interest rates were similar to those of other lenders (-0.05%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$380. Overall, combining interest rates and closing costs we estimate that American Security Mortgage tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

American Security Mortgage’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track American Security Mortgage was most active in:

  1. Charlotte, NC
  2. Raleigh, NC
  3. Jacksonville, NC
  4. Fort Mill, SC
  5. Myrtle Beach, SC

You can click through to check out American Security Mortgage’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

American Security Mortgage’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, American Security Mortgage originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.04%-0.11%+0.06%+0.01%-0.04%
Loan Related Closing Cost Difference-$474-$411+$89-$174-$119
Cost Adjusted Rate Difference-0.07%-0.14%+0.06%-0.01%-0.05%
Star Rating(4.0)(4.0)(3.0)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.09%-0.05%+0.04%-0.06%
Loan Related Closing Cost Difference-$373-$55+$133-$256
Cost Adjusted Rate Difference-0.11%-0.05%+0.05%-0.07%
Star Rating(4.0)(4.0)(3.5)(4.0)

As a summary, American Security Mortgage is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages. For refinancing mortgages, American Security Mortgage is cheap for Conforming, FHA and VA mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about American Security Mortgage:

Registered name: American Security Mortgage Corporation
Registered city and state: CHARLOTTE, NC, 28211
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for American Security Mortgage’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 commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.