Yahoo's view: Amerihome Mortgage offers a variety of mortgage options and borrower incentives that can reduce your out-of-pocket expenses. However, if you are located in Hawaii, Massachusetts, or New York - or if you want a USDA loan, a home equity loan, or a HELOC, you need to check out somewhere else.
Amerihome Mortgage is a national mortgage lender who provides loans in 47 U.S. states. The company offers a variety of mortgage options including regular, FHA, VA, sub-qualified and mega loans. There are also interest rate buy options that can help you reduce interest rates by 3%.
The company has a high customer rating, with 4.1 out of 5 stars on TrustPilot, while Better Business Bureau has an A+ rating of A+. It was also rated above average in JD Power's 2024 Service Customer Satisfaction Survey.
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learn more: How to buy mortgage rates
Key Benefits
Amerihome offers many loan options for new homebuyers and existing homeowners, hoping to refinance the mortgage.
Credits accept alternative credit data on unqualified mortgages, such as bank statements and assets. This earned Amerihome a list of best mortgage lenders listed by Yahoo Finance to earn poor credibility.
Repeat Amerihome customers can earn $750 points when refinancing through a lender or purchasing a second home.
The company offers a free "mortgage check" every six months to help you determine if your current mortgage is still meeting your personal financial goals.
Its mortgage rate can be reduced by up to 3%.
The lender has a high rating, with 4.1 stars on Trustpilot, A+ and Better Business Bureau.
Need to know
Amerihome originated only from mortgage loans in 47 states. If you are in Hawaii, Massachusetts, or New York, you need to check out somewhere else.
The lender has no physical branch. You can apply online or call a loan officer to start your application.
There are no USDA loans, home equity loans or HELOCs offered through Amerihome.
Start visiting Amerihome Mortgage's website.
Amerihome Mortgage Offers:
Amerihome did it no supply:
USDA loan
loan
Construction Loans
Hotel loans
Energy saving mortgage
Renovation loan
1% loan
Bridge Loan
Manufactured housing loans
Backpack loan
ITIN mortgage
Medical professional mortgage loans
Helocs
Home equity loan
You're even deeper: Non-QM Loans - How a Failed Mortgage Helps You Buy a Home
Amerihome offers FHA purchase loans and FHA Streamline refinancing, allowing you to refinance your existing FHA mortgage into a new paperwork.
According to data from the Home Mortgage Disclosure Act of 2023, FHA loans account for more than a quarter of Amerihome’s total mortgage loan volume and are the second most popular mortgage product for lenders after traditional loans.
learn more: The best FHA loan lender
Amerihome mortgages do not have home equity loans or home equity line of credit (HELOC) options. However, lenders do offer cash refinancing, another way to borrow from home equity. With cash refinancing, you will receive a new mortgage that is bigger than your current mortgage. The new loan pays the old balance and you will get the cash difference.
You can use the funds in cash refinancing for any purpose. Many homeowners use the money to pay for home repairs, consolidate debts or pay unexpected bills or expenses.
Read more: How does cash refinancing work?
Amerihome's mortgage rate is not super upfront. There are no advertising or sample rates on the site, although you can get an "instant" quote by answering some quick questions about yourself, your home purchase or refinancing goals, and your credit score. You must also provide contact information. The tool then displays several loan options along with estimated rates and monthly payments.
Read more: 5 Strategies to Get Minimum Mortgage Rate
Yahoo Finance uses 10 million home loan application data from the 2023 Home Mortgage Disclosure Act (HMDA) data to rate mortgage lenders based on the issued mortgage interest rates and total loan costs. We score each lender in a ratio of 1 (lowest) to 5 (highest).
For example, with regard to mortgage rates, lenders with lower scores charge higher mortgage rates than loans issued in 2023. The higher score indicates that lenders grant borrowers a home loan rate lower than Midiya in 2023.
With the total home loan cost, the lower score will indicate that the lender charged a higher total home loan cost than Midiya in 2023. High ratings will mean mortgage lenders offer more than the cost of Midiyan national housing loans in 2023.
This means: Amerihome offers typical mortgage rates 6.625% and typical total loan costs $6,686.60 To borrowers in 2023.
To apply for an Amerihome mortgage, you must create an account in the lender's online portal. You can then fill in the digital application and submit any required documentation.
The lender has no physical branch and therefore cannot apply in person. You can apply by phone at 844-272-5617 or 877-205-0768.
In order to use Amerihome in advance, you will need to fill out your online application and submit documents including employment history, bank statements, tax returns, and more.
Amerihome will send pre-approved letters, including your estimated loan amount, on the working day after you submit your documents and application.
You're even deeper: What documents do I need to prove the mortgage?
Amerihome offers quite a lot of home purchase resources. The lender has an informative blog, a video library and various financial calculators. There are payment amortization, rent mergers with your own APR, APR, debt consolidation, advance payment savings, advance income, tax savings and refinancing branch office calculator - the last one to help you determine when refinancing may be worth the cost.
learn more: Using Yahoo Financial Staking Calculator
Powerful online features: Amerihome offers a vast array of online tools and resources for potential borrowers, including calculators, articles, videos, and more, with 5 stars in our online feature category.
Strong affordability: Lenders offer government-backed loan options, purchase exchange rates, and several loan options that allow non-traditional credit. Affordable to get 4 stars.
Positive rating: JD Power's satisfaction survey had a high Amerihome rate, BBB's A+ rating was A+, and a rating of TrustPilot was 4.1 Star.
Average cost: Lenders’ loan rates and fees are centered around the industry average, with 3 stars in our loan cost and rate category, according to government data.
Transparency may be better: Amerihome does not display sample rates anywhere. Instead, it requires you to fill out a form for a custom rate quote online. It gets 3 stars of transparency.
Read more: What are the different types of government housing loans?
Amerihome and Pennymac each offer many types of mortgages, but the two lenders are slightly different. While Amerihome offers unqualified mortgages and interest-only options, Pennymac has USDA and home equity loans.
Pennymac is more transparent about its mortgage rates, apparently showing it on the lender's homepage. Amerihome's buy option is heavier, you can reduce the ratio by 3% while pennymac's 1%.
Pennymac Mortgage Review
Amerihome may have many loan options, but the scope of guild mortgages is much larger. In addition to offering products with all the same products as Amerihome, the Guild has USDA, lot, construction, energy saving, bridge, manufacturing home, Piggyback, ITIN and medical specialty loans. You can also get HELOC and a home fair loan at the guild.
Neither lender offers any ads or sample rates, but both offer up to 3% buys. The guild's satisfaction survey with JD Power was much higher than Amerihome.
Guild Mortgage Review
Amerihome Mortgage is a subsidiary of Western Union Bank, headquartered in Phoenix, Arizona.
The ratings show that Amerihome is a good company to cooperate with. It has an A+ rating from Better Business Bureau and a 4.1 star on TrustPilot.
There are several ways to contact Amerihome. You can call 888-469-0810, email commutersupport@amerihome.com, or submit a contact form on the Amerihome website.
Methodology:
Yahoo Financial Review and Score Mortgage Lenders score in five main categories: 1) Interest Rate. Using the 2023 Home Mortgage Disclosure Act data, which consists of 10 million home loan applications, we score mortgage lenders at a median of annual report lenders based on issued mortgage rates. 2) Affordability. Measures for the availability of loan products and the lender’s provision of government-backed loans, lower payments, down payment assistance, and considerations for non-traditional credit. 3) Loan cost. The HMDA data were analyzed again and compared with the median year, lenders rate the total loan cost. 4) Transparency. The ability of website users to obtain collateral interest rate estimates. We reveal interest rate assumptions, publicity rates and discount points estimated by whether the discount points are adjustable or no discount points, reveal interest rates disclaimers, reveal interest rates, and the rate of lenders based on discount points or high credit score requirements. 5) Online functions. Analysis of educational materials, calculators and other resources available to users.
Over the past five years, review of National Multiple Application License System (NMLS) data could trigger fines for any administrative or enforcement actions related to consumer mortgages.
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Editorial disclosure of mortgage:
The information in this article has not been reviewed or approved by any advertiser. As of the release date, the details of financial products, including interest rates and fees, are accurate. All products or services are not entitled to be provided. Check out the lender's website for the latest information. This site does not include all currently available offers.
This article is from Laura Grace Tarpley.