AmeriHome Mortgage Review 2022
source link: https://www.businessinsider.com/personal-finance/amerihome-mortgage-review
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
AmeriHome Mortgage review: Good lender for customer service and portfolio loans, but no adjustable-rate mortgages
AmeriHome offers fixed-rate conforming, FHA, VA, jumbo, and portfolio loans. AmeriHome/Insider
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: AmeriHome Mortgage is a relatively no-frills mortgage lender with positive online customer reviews. But borrowers looking for a wider range of options or extra features such as live online chat or down payment assistance might want to shop elsewhere. This lender also lacks rate and fee transparency.
AmeriHome Mortgages
Mortgage Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Overall lender rating
| Feature | Insider rating (out of 5) |
| Loan types | 4 |
| Affordability | 3 |
| Customer satisfaction | 4.7 |
| Trustworthiness | 5 |
| Total | 4.18 |
Pros and cons
| Pros | Cons |
|
|
AmeriHome Mortgage interest rates and fees
AmeriHome doesn't show sample rates or disclose lender fees on its website. To get an idea of the rates this lender offers, you'll need to use its "instant rate quote" tool.
To get an instant rate quote, you'll provide your name, email, and phone number, in addition to some basic information about the type of home you want to buy. No credit inquiry is required to see a rate quote. Once you provide this information, you can see sample rates, monthly payments, and possible fees for a variety of loan options.
Compare to other mortgage lenders
AmeriHome vs. SoFi mortgages
|
|
|
Types of mortgages Fixed-rate conforming, FHA, VA, jumbo, portfolio loans | Types of mortgages Fixed-rate conforming and jumbo mortgages |
Standout feature AmeriWallet | Standout feature Customer discount |
| Get started | Get started |
Both AmeriHome and SoFi offer discounts for previous customers, though AmeriHome's is worth more. AmeriHome's AmeriWallet gives customers up to $1,000 off closing costs, while SoFi offers a $500 discount off its loan processing fee.
The caveat is that both are difficult for most people to qualify for: You'll need to already have gotten a mortgage with AmeriHome to qualify for AmeriWallet. You must have a personal loan, student loan, or a $50,000 balance on a SoFi Invest account to qualify for SoFi's discount.
AmeriHome might be the better choice if you're looking for a wider range of mortgage options, while SoFi is a good option for those who want a simple online experience.
AmeriHome vs. Chase mortgages
|
|
|
Types of mortgages Fixed-rate conforming, FHA, VA, jumbo, portfolio loans | Types of mortgages Conforming, jumbo, FHA, VA, HELOC, Chase DreaMaker |
Standout feature AmeriWallet | Standout feature DreaMaker mortgage |
| Get started | Get started |
Chase is a good mortgage lender for low-income and first-time homebuyers thanks to its DreaMaker mortgage, which allows 3% down payments, reduced mortgage insurance costs, and flexible credit requirements. The DreaMaker mortgage can also be combined with Chase's Homebuyer Grant, which offers up to $5,000 in closing cost or down payment assistance.
AmeriHome may still be the better option if you need a portfolio loan or if you're a previous AmeriHome customer, but Chase's special mortgage and grant options make it a strong competitor.
How AmeriHome Mortgage works
AmeriHome Mortgage is available in 48 states and Washington, DC. If you're buying or refinancing a home in Massachusetts or New York, you won't be able to get a mortgage with this lender.
AmeriHome offers conforming, FHA, VA, jumbo, and portfolio loans.
Portfolio loans are mortgages that a lender keeps in their portfolio, rather than selling to another entity like Fannie Mae or Freddie Mac. Because these mortgages aren't being sold, they can have less stringent or different qualification requirements than conforming mortgages. AmeriHome says its portfolio loans are geared toward those who need to sell their current home to purchase a new home, investors, self-employed borrowers, and retirees.
AmeriHome only lends fixed-rate loans, so you won't be able to get an ARM with this lender. It offers a variety of term lengths on its mortgages, from 10 to 30 years.
You can get started with this lender online or over the phone.
If you've previously purchased or refinanced through AmeriHome, you're eligible for its previous customer discount, called AmeriWallet. This discount gives previous customers $500 off lender fees and up to $500 off appraisal fees.
Is AmeriHome Mortgage trustworthy?
AmeriHome has an A+ rating from the Better Business Bureau. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices. This lender doesn't have any recent public scandals.
On TrustPilot, AmeriHome has a 4.7 out of 5 star rating based on 2,476 customer reviews.
AmeriHome Mortgage FAQ
AmeriHome is a subsidiary of Western Alliance Bank. It was founded in 2013 by current CEO Jim Furash.
No, AmeriHome hasn't changed its name. AmeriHome was acquired by Western Alliance Bank in 2021, but it didn't change its name in the merger.
No, AmeriHome doesn't have an app. Some lenders, like Rocket Mortgage, offer apps that let you apply and track your application status on your mobile device. If a mobile-first experience is important to you, you might want to check out our guide to the best online mortgage lenders.
Top Offers From Our Partners
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK