American Bancshares Mortgage is a national lender that offers a mix of residential loan products. They provide conventional, FHA, VA, and USDA loans and aim to offer a mix of online tools and personal support.
See today’s mortgage interest rates on TrueRate.
How American Bancshares Mortgage compares to other lenders
| Headquarters | Miami Lakes, Florida |
| Website | myabsm.com |
| Rate | 0.16% higher than the median rate |
| Lender fees | $1,695 (median on American Bancshares Mortgage loans) |
| Added cost after 1 year, compared to the median interest rate | $144 |
| Added cost after 10 years, compared to the median interest rate | $4,783 |
| Added cost after 1 year (vs. Tomo Mortgage) | $2,722 |
| Added cost 10 years (vs. Tomo Mortgage) | $15,968 |
For a $400,000 mortgage, American Bancshares Mortgage’s rates—about 0.16% higher than the market median—and $1,695 in lender fees would result in borrowers paying approximately $144 more in the first year and about $4,783 more over 10 years compared to the median lender. Borrowers should carefully review loan estimates, as higher rates and fees could substantially increase long-term borrowing costs.
What customers are saying
Borrowers describe a mixed experience with American Bancshares Mortgage. Many praised the lender for helping clients with challenging financial situations, including those who had been turned down by other lenders. Loan officers were frequently noted for their expertise, responsiveness, and clear guidance through the process. Customers also appreciated the variety of mortgage products offered, such as FHA, VA, and USDA loans, and some reported smooth transactions and timely closings.
However, other borrowers cited communication issues and operational delays, including disorganized paperwork handling that led to missed closing dates. Several reviews mentioned frustration after loans were sold to other companies without clear notice, causing confusion over payment schedules. Some borrowers also felt misled during refinancing, citing documentation errors and incomplete information. Additionally, American Bancshares Mortgage is not accredited by the Better Business Bureau (BBB), which may raise concerns for borrowers seeking added reassurance about business practices.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.