AmeriHome’s offerings were deemed standard by Business Insider Personal Finance team when compared to those of the top mortgage lenders.
AmeriHome Mortgage is rated highly by its customers online. It could make a good choice for borrowers who do not qualify for a QM loan. This lender does not have any features that make it stand out. If you’re looking for more options, or additional benefits like live chat online or assistance with down payments, it might be worth shopping elsewhere. The lender is also lacking in transparency regarding rates and fees.
AmeriHome Mortgages Compare lenders Advertisement: Compare participating lenders with Mortgage Research Center NMLS 1907, Equal Housing Opportunity.
The Pros and Cons of Using Pros
- Non-QM Loans for those in unique financial situations
- Online customer reviews are good
- You can save money on your closing costs by using a loyalty program
You can also find out more about Cons
- Some standout features
- Massachusetts and New York are not included
- No conforming ARMs
- Transparency in rates and fees is lacking
Product Details
- Jumbo loans up to $3 Million
- Available in all 50 states, Washington DC
- The minimum credit score displayed and the down payment shown are only for conforming loans
AmeriHome Mortgage Overview
AmeriHome offers mortgage loans in all 48 US states, plus Washington, D.C. This product is not offered in Massachusetts and New York. This lender can be contacted online or by phone.
Mortgage Loans
AmeriHome provides both conventional mortgages and Government-backed Mortgages.
AmeriHome offers both conforming and jumbo loan options. A conforming loan may be available with just a 3% deposit and a credit score of 620.
AmeriHome offers only fixed rate loans. You won’t find a conforming ARM from this lender. The term lengths range from 10 to thirty years.
You can refinance your home.
AmeriHome offers both rate-and-term and a data analytics post depth=”20″ data analytics product module=”body_link”>cash out refinance/a>. AmeriHome offers rate and term refinancing as well as Cash-Out Refinancing .
Also Read: AmeriSave Mortgage Home Loan
Jumbo Loans
AmeriHome offers Jumbo Loans up to $3 Million. Mortgages with a jumbo loan are those that surpass the conforming mortgage limit. This will be $806,500 by 2025.
FHA Loans and VA Loans
The lender offers two types of mortgages that are backed by the government:
- FHA Loans : 3.5% Down Mortgage is a popular choice for low income borrowers and first time home buyers.
- VA Loans A Zero-Down Mortgage for Veterans and Military Members who Meet Minimum Service Requirements
Non-QM loans
This lender offers a variety of non QM loan choices, such as DSCR mortgages, which are designed for investors in real estate, or bank statements for self-employed borrowers. You can also qualify for a loan based on assets and get a home loan without having to sell your old one.
Non-QM mortgages are available for those who do not qualify for conventional loans. However, because these loans carry a higher risk for lenders, the cost is significantly more.
Rate Buydown
AmeriHome offers a temporary Buydown Program that allows you to lower your interest rates for a specified period. AmeriHome offers 3-2-1, 2-1, 1-1, and 1-0 Buydowns.
AmeriPurchase+ & AmeriWallet
AmeriPurchase+ is a lender program that offers $750 in lender credits when purchasing a house with AmeriHome.
If you have previously purchased a home or refinanced a loan through AmeriHome you are eligible to receive the previous customer discount called AmeriWallet. AmeriWallet is a $750 credit from a lender for any purchase or refinance.
Customer Support and Service
AmeriHome offers a customer service line that is available Monday to Friday, 8 am to 5 pm PT. Online access to your AmeriHome Account is available for making payments and viewing loan details.
AmeriHome Mortgage Rates and Fees
Business Insider reviewed Home Mortgage Disclosure act data and found that AmeriHome mortgage rates were about average when compared with other lenders.
AmeriHome’s website does not disclose fees or current mortgage rates . You can use the rate calculator to get an idea about what rates are offered by this lender.
You will need to provide some information on the home that you are interested in purchasing, along with your name, phone number and email address. A rate quote does not require a credit check. After you enter this information you will be able to see sample loan rates, possible monthly payments and fees.
According to HMDA, in 2023, an average borrower who obtained a conventional loan from this lender spent $3,488 on origination fees. The origination fee is about average when compared with other lenders.
AmeriHome mortgage pros and cons
The Pros and Cons of Using Pros
- Qualifying for a home loan can be easier for investors or self-employed individuals who are not qualified for mortgages.
- Online customer reviews are good
- Discounts on the closing costs
AmeriHome can be a great option for borrowers who do not meet the QM requirements. Many previous customers have said that they had a positive experience with AmeriHome and received excellent customer service.
FAQs
AmeriHome Mortgage offers what types of loans?
AmeriHome provides conforming loans, FHA and VA loans, as well as jumbos, non-QM, and jumbo loans.
What is the process for applying for an AmeriHome mortgage?
AmeriHome accepts mortgage applications online and over the telephone.
AmeriHome Mortgage rates are competitive.
AmeriHome offers mortgage rates that are in the middle of other lenders.
How would you describe the service that AmeriHome mortgage provides?
AmeriHome has a great reputation among previous customers who say that they worked with professionals with high levels of knowledge to obtain their mortgage.
AmeriHome Mortgage: What are its pros and cons?
AmeriHome Mortgage is a good company that offers loans without QM. Its main disadvantage is the lack of special benefits or programs that make it stand out.
