Drive-up lanes at the south Louisiana branches will be open from 9am-12pm on Tuesday, December 24th. The Coushatta location will be closed on Tuesday, December 24th.
All branches will be closed on Wednesday, December 25th for Christmas Day.
Please use our Night Depositories or ATMs in Mandeville, Covington, Terrytown, and Coushatta for deposits. All ATMs are available for withdrawals. ACH and Mobile Deposits will not be processed until the following day.
Your Path to Homeownership Starts Here
At American Bank, we believe that homeownership is one of the most significant milestones in your life. Whether you're buying your first home, refinancing an existing mortgage, or planning for a second home, we offer a wide variety of mortgage products with competitive rates to meet your specific needs. Our team of local experts is here to guide you every step of the way, ensuring a smooth process and helping you secure the financing that works best for you.
Mortgage Loan Options
Conventional
Loans
A traditional loan offered by most lenders that typically requires a larger down payment but offers competitive interest rates and terms.
Benefits:
- Fixed or adjustable rates.
- Lower mortgage insurance requirements with larger down payments.
Jumbo Loans
Jumbo loans are for borrowers who need to finance higher-value homes. They exceed the limits set by the Federal Housing Finance Agency (FHFA).
Benefits:
- Financing for homes that exceed standard loan limits.
- Competitive interest rates for qualified borrowers.
VA Loans
Exclusive to eligible veterans, active-duty service members, and certain members of the National Guard or Reserves, VA loans offer excellent terms and no down payment.
Benefits:
- No down payment required.
- No private mortgage insurance (PMI).
- Competitive interest rates for military service members.
FHA Loans
These government-backed loans are ideal for first-time homebuyers or those with less-than-perfect credit, offering low down payment requirements.
Benefits:
- Low down payment options (as low as 3.5%).
- More lenient credit score requirements.
- Great for first-time homebuyers or buyers with limited savings.
Construction
Financing
If you’re building a new home, construction loans can help you finance the project while it’s being built. Once construction is completed, the loan can convert to a permanent mortgage.
Benefits:
- Finance your dream home while it’s being built.
- Flexible options for your specific construction project needs.
Investment
Property Loans
Investment property loans are designed for those looking to purchase or refinance property intended to generate rental income or appreciate in value.
Benefits:
- Financing for rental properties or income-generating real estate.
- Potential for long-term returns from rental income or property appreciation.
2nd Homes
Purchasing a second home is a great option for those looking for vacation properties or additional residences. These loans offer competitive rates similar to primary home loans.
Benefits:
- Competitive rates for vacation homes or second residences.
- Flexible terms to accommodate your second home goals.
USDA/RD Loans
(Where Available)
The USDA Rural Development loan program offers loans with no down payment for properties located in rural areas.
Benefits:
- No down payment required.
- Competitive interest rates for homes in eligible rural areas.
Refinance Options
Refinancing your existing mortgage allows you to secure better rates, shorten your loan term, or tap into home equity. American Bank offers a variety of refinancing options to help lower your monthly payment or access the equity in your home.
Benefits:
- Lower monthly payments with lower interest rates.
- Shorten your loan term or access home equity for improvements.
Purchase Loans
A Purchase Loan helps you buy a home with options like fixed or adjustable rates, FHA loans for low down payments, or VA loans with no down payment.
Benefits:
- Competitive rates and flexible terms.
- Options to suit first-time homebuyers, veterans, and more.
- Streamlined application process with personalized service.
The Mortgage Application Process
Step 1: Pre-Approval
Get pre-approved by American Bank to understand how much you can borrow and streamline your home-buying process. We’ll review your financial information and provide a pre-approval letter, which makes you a more competitive buyer.
Step 2: Application
Once you’ve found the home of your dreams, it’s time to apply! Our online mortgage application is quick and easy. You’ll need to provide details such as income, assets, and employment history.
Step 3: Underwriting
After receiving your application, we’ll begin the underwriting process, which involves verifying your financial information. We’ll work closely with you to ensure all necessary documentation is in place.
Step 4: Closing
Once your mortgage is approved, we’ll schedule the closing. At this stage, you’ll sign the necessary paperwork, and ownership of your new home will officially be transferred!
Get Started Today
Why Choose American Bank for Your Mortgage?
Personalized Mortgage Solutions
We take the time to understand your individual needs and financial situation. Unlike large, national banks, we offer a more personalized, hands-on approach that ensures you get the best mortgage solution for your specific circumstances.
Competitive Rates and Flexible Terms
We provide a variety of loan options with flexible terms to fit your budget. Whether you're a first-time homebuyer or refinancing an existing loan, we offer competitive interest rates and various options to suit your needs.
- Fixed-Rate Mortgages: Stability with consistent payments throughout the loan term.
- Adjustable-Rate Mortgages (ARMs): Lower initial payments with the option for future adjustments.
- VA Loans: No down payment and no private mortgage insurance for veterans and service members.
- FHA Loans: Government-backed loans for first-time homebuyers or those with less-than-perfect credit.
Local Expertise and Personalized Service
As a locally-rooted bank, we understand the unique needs of homeowners in Louisiana. Our mortgage specialists are here to offer tailored advice and ensure that the mortgage process is smooth, transparent, and personalized to fit your goals.
Fast, Simple Process
We offer an easy-to-understand, streamlined application process, ensuring you can quickly secure the financing you need for your new home or refinance. From pre-approval to closing, we guide you every step of the way.
Frequently Asked Questions (FAQ)
A fixed-rate mortgage has a consistent interest rate throughout the life of the loan, meaning your monthly payment will not change. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, usually after an initial fixed period, which may result in lower payments at the beginning but can fluctuate over time.
The down payment requirement varies depending on the type of loan you choose. Conventional loans typically require a 20% down payment, while FHA loans may require as little as 3.5%. VA loans offer 100% financing with no down payment required for eligible borrowers.
The approval process typically takes between 30 to 45 days, depending on the complexity of your loan application. However, we strive to make the process as fast and efficient as possible by maintaining clear communication and keeping you informed at every stage.
Yes! If you are looking to lower your monthly payments or take cash out for home improvements, we offer refinancing options. Speak with one of our mortgage specialists to see if refinancing is the right choice for you.