American Financial Resources, Parsippany-Troy Hills, NJ

As I read through these negative reviews I would like to clarify some issues. I’m an AFR approved mortgage broker. The majority of my business is construction lending. I did my first VA Construction Loan with AFR over 7 years ago. AFR is one of very few mortgage lenders that offers this program, and they are an industry leader in construction lending. They also offer Conventional and FHA Construction Loans. These are complex loans and take longer to process than a purchase loan or a simple refinance. Most of your experience as a borrower will be shaped by the individual that is taking your application and their knowledge of the process, not AFR. An experienced construction loan officer will take about 60 days to process your construction loan. That assumes you and your builder are submitting documents as they are requested. If you are working with an inexperienced loan officer, or do not respond in a timely manner to document requests, your application will take much longer to process, or never close. Choose wisely who you work with and respond promptly to document requests. AFR is not a perfect company. I agree that they need to work on their communication with clients and brokers. Sometimes, during volatile interest rate markets, many construction loans will not be available. This is more of an issue with the market than AFR. AFR has recently made some changes to their program that should make it more unlikely that this will happen in the future.

I wish there is something less than a one star. AFR had my loan in their pipeline for 3 full months only for them to tell the broker that the product was dicontinued when it was time to close without reason. This company (AFR) DOES NOT have the funds to do business, please RUN! they will frustrate you from the minute you start working with them. Oh did i mention the lack of communication? Terrible! Just Terrible!! Please save yourself the headache and disappointment.

This company is an absolute joke. They couldn't care less about their clients. I was considered a very low risk borrower. They wanted the same documents over and over, kicked back documents for not being in the correct format, took 3 months to close and worst of all, we've finally closed and they still haven't payed the seller after three days. They have ZERO sense of urgency. Avoid this company at all costs.

This company is the worst, most unprofessional people I've ever dealt with. I closed on March 11th made my first payment May 1st. Then they sold my mortgage after 1st payment. Know there sending me letters saying I don't have insurance. How could I get a mortgage with out insurance. Dum azzs. Then today July 14th I get a voucher for 199 dollar's for insurance. Beware of the company. I all ways read reviews on business before I decide which one to use. I went through my bank not knowing that they use other companies. DONT USE AMERICAN FINANCIAL RESOURCES.

The online portal states there was a cybersecurity incident that occurred and they are not accepting payments at this time. I got a letter in the mail with a blank option for who to contact to pay our mortgage. There are 3 different P.O. box’s listed on our past bills one in Virginia, one in Philadelphia and one in Texas. The letter in the mail stated that “American Financial Resources, inc” no longer services the loan and “American Financial Resources Inc.” now services it. This doesn’t make any sense. This would be only our second time paying since closing on the house. When you call the message says “At this time our agents do not have access to your loan information, press 5 to talk to an agent”. Our original loan wasn’t even with this company but immediately after closing they sold it to AFR. Update: I got an email that the website is now accepting payments, but when I go to the website it does not allow us to make the payments and says “something is wrong” each time we go to submit payment. Update: I reached out to them via email and they blocked our correspondence back to them. The website is now back to being under maintenance or inoperable.

Edit to add: they sold our loan two days after I posted this. I wish Zero stars were an option. Our process of buying through AFR was a nightmare. They lost our paperwork and took FOREVER to get anything completed. We purchased our home May 25th, our house payment started increasing as of August. Here it is November & our house payment has increased by over $300 due to them sending out an insurance check that we had already prepaid for a year! They never sent a notice of the payment increasing or anything. The woman in the escrow department is RUDE AND HATEFUL. She didnt care to look into why our house payment was wrong. She just told me we started out our loan in the negative. Which was a LIE! So i had to spend two days researching and calling multiple people to figure it out myself. And i did!! We will be refinancing with another company as soon as we can. I hope this place goes out of business before they screw someone else over.

I’m only giving one star because zero isn’t an option. As a first time home buyer this company has made my experience a TOTAL NIGHTMARE.! Horrible communication skills and ability to get things completed. Do Not Recommend.