AmeriHome Mortgage assessment: Good lender for customer service and portfolio loans, but no adjustable-rate mortgages

Share to friends

Insider’s specialists select the perfect merchandise and companies to assist make good selections together with your cash (here’s how). In some instances, we obtain a fee from our our partners, nonetheless, our opinions are our personal. Terms apply to affords listed on this web page.

AmeriHome logo on a blue background with coins.
AmeriHome affords fixed-rate conforming, FHA, VA, jumbo, and portfolio loans.

Overall lender ranking

FeatureInsider ranking (out of 5)
Loan sorts4
Affordability3
Customer satisfaction4.7
Trustworthiness5
Total4.18

Pros and cons

ProsCons
  • Portfolio mortgage choices could make qualifying for a mortgage simpler for self-employed debtors or traders
  • Has 4.7 out of 5 stars on TrustPilot
  • AmeriWallet provides earlier prospects a reduction on closing prices
  • Few additional advantages or bonus options
  • Not obtainable in Massachusetts or New York
  • Doesn’t provide adjustable-rate mortgages (ARMs)
  • Doesn’t disclose its charges or charges on-line

AmeriHome Mortgage rates of interest and charges

AmeriHome would not present pattern charges or disclose lender charges on its web site. To get an thought of the charges this lender affords, you may want to make use of its “instant rate quote” device.

To get an prompt charge quote, you may present your title, e-mail, and cellphone quantity, along with some fundamental details about the kind of house you need to purchase. No credit score inquiry is required to see a charge quote. Once you present this info, you’ll be able to see pattern charges, month-to-month funds, and potential charges for a wide range of mortgage choices. 

Compare to different mortgage lenders

AmeriHome vs. SoFi mortgages

AmeriHome Mortgage logo
SoFi Logo

Types of mortgages

Fixed-rate conforming, FHA, VA, jumbo, portfolio loans

Types of mortgages

Fixed-rate conforming and jumbo mortgages

Standout characteristic

AmeriWallet

Standout characteristic

Customer low cost

AmeriHome MortgagesSoFi Home Loans
READ ALSO  Bank of America savings rates are low, but similar to banks like Chase and Wells Fargo

Both AmeriHome and SoFi provide reductions for earlier prospects, although AmeriHome’s is value extra. AmeriHome’s AmeriWallet provides prospects as much as $1,000 off closing prices, whereas SoFi affords a $500 low cost off its mortgage processing price.

The caveat is that each are tough for most individuals to qualify for: You’ll must have already got gotten a mortgage with AmeriHome to qualify for AmeriWallet. You will need to have a private mortgage, pupil mortgage, or a $50,000 stability on a SoFi Invest account to qualify for SoFi’s low cost. 

AmeriHome could be the higher selection in the event you’re wanting for a wider vary of mortgage choices, whereas SoFi is an efficient possibility for those that need a easy on-line expertise.

AmeriHome vs. Chase mortgages

AmeriHome Mortgage logo
Chase logo

Types of mortgages

Fixed-rate conforming, FHA, VA, jumbo, portfolio loans

Types of mortgages

Conforming, jumbo, FHA, VA, HELOC, Chase DreaMaker

Standout characteristic

AmeriWallet

Standout characteristic

DreaMaker mortgage

AmeriHome MortgagesChase Mortgage

Chase is an efficient mortgage lender for low-income and first-time homebuyers due to its DreaMaker mortgage, which permits 3% down funds, diminished mortgage insurance coverage prices, and versatile credit score necessities. The DreaMaker mortgage can be mixed with Chase’s Homebuyer Grant, which affords as much as $5,000 in closing value or down cost help.

READ ALSO  The best banks of 2022

AmeriHome should be the higher possibility in the event you want a portfolio mortgage or in the event you’re a earlier AmeriHome customer, but Chase’s particular mortgage and grant choices make it a robust competitor. 

How AmeriHome Mortgage works

AmeriHome Mortgage is accessible in 48 states and Washington, DC. If you are shopping for or refinancing a house in Massachusetts or New York, you will not be capable to get a mortgage with this lender.

AmeriHome affords conforming, FHA, VA, jumbo, and portfolio loans.

Portfolio loans are mortgages {that a} lender retains of their portfolio, fairly than promoting to a different entity like Fannie Mae or Freddie Mac. Because these mortgages aren’t being bought, they will have much less stringent or totally different qualification necessities than conforming mortgages. AmeriHome says its portfolio loans are geared towards those that must promote their present house to buy a brand new house, traders, self-employed debtors, and retirees.

AmeriHome solely lends fixed-rate loans, so you will not be capable to get an ARM with this lender. It affords a wide range of time period lengths on its mortgages, from 10 to 30 years. 

You can get began with this lender on-line or over the cellphone. 

If you have beforehand bought or refinanced by way of AmeriHome, you are eligible for its earlier customer low cost, referred to as AmeriWallet. This low cost provides earlier prospects $500 off lender charges and as much as $500 off appraisal charges. 

READ ALSO  The best mortgage lenders of November 2022

Is AmeriHome Mortgage reliable?

AmeriHome has an A+ rating from the Better Business Bureau. A robust BBB grade signifies an organization advertises truthfully, responds successfully to customer complaints, and is clear about enterprise practices. This lender would not have any latest public scandals.

On TrustPilot, AmeriHome has a 4.7 out of 5 star ranking based mostly on 2,476 customer evaluations. 

AmeriHome Mortgage FAQ

Who owns AmeriHome Mortgage?

AmeriHome is a subsidiary of Western Alliance Bank. It was based in 2013 by present CEO Jim Furash.

Did AmeriHome Mortgage change their title?

No, AmeriHome hasn’t modified its title. AmeriHome was acquired by Western Alliance Bank in 2021, but it did not change its title within the merger. 

Does AmeriHome Mortgage have an app?

No, AmeriHome would not have an app. Some lenders, like Rocket Mortgage, provide apps that allow you to apply and monitor your utility standing in your cellular gadget. If a mobile-first expertise is vital to you, you may need to take a look at our information to the best online mortgage lenders.

Read the unique article on Business Insider