Getting a home on a mortgage is a huge decision that people do not take lightly. Many mortgage companies are in the U.S., making it harder for people to choose from. Therefore, a detailed review of some of these companies is important.
AmeriHome is a national mortgage company that offers loans in almost all the states in the U.S. With low interest rates, a variety of mortgages, and several types of loans, here is a detailed review of the mortgage company AmeriHome.
Benefits of AmeriHome
AmeriHome stands out from its peers due to the many benefits that the company offers. First, there are many loan options for people to choose from, whether they are new or existing homeowners. They can also get about $300-750 in credits when they are refinancing. In addition, the company gives good buydown rates, which could be reduced by up to 3%.
Free mortgage checkups every six months are also a huge benefit that AmeriHome offers to its customers to help them restrategize when necessary.
The Downsides
As with any business, AmeriHome has some downsides to using the company that people need to know. Massachusetts, New York, and Hawaii residents are not privy to their services, as they only mortgage in 47 states. Furthermore, the company has no physical branches or walk-in stations.
Interested customers can only apply by calling a representative loan officer or signing up online. They also do not offer home equity loans, HELOCs, or USDA loans.
FHA Loans
AmeriHome offers Federal Housing Administration (FHA) loans and free FHA streamlined refinances, which allow people to refinance their existing FHA mortgage into a newer one without a lot of paperwork. Almost a quarter of the company’s tax-advantaged mortgage origination volume consists of FHA loans, making them some of its most popular loans.
According to a survey in 2023, FHA loans are the second-most popular type of loan they offer, only behind conventional loans.
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Conventional and HELOC Loans
Conventional loans make up most of the company’s loans, just like other companies. However, home equity loans are not part of their services. Home Equity Line of Credit (HELOC) is also not an option at AmeriHome. However, borrowers can get cash-out refinancing options.
This way, they can take out new mortgage loans larger than their current ones. The new loan would pay off the old balance, and the company would give them cash back.
Interest Rates
The company is not very forthcoming about its mortgage rates. The website also does not have sample or advertised rates that one would expect to see. However, you can get an instant quotation that shows the rate when you answer a couple of questions on the website.
You will need to provide your credit score, goals for home-buying or refinancing, and contact information. The website tool will give you an estimated rate, loan options, and monthly payment breakdowns.
How to Apply
Applying for a mortgage with the company is not difficult. As there are no physical offices, applications are carried out online. One must go to their online portal, fill out the digital application form, and submit the required documents.
For those who would rather speak to someone, you can call AmeriHome at 844-272-5617 or 877-205-0768 to speak to a representative who would help with the application over the phone.
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Useful Tools and Calculators
Since the company is primarily online, AmeriHome provides home buyers with a wide range of resources. They have access to a video library, blog, and many types of financial calculators, all ready to be used at any time.
These calculators include debt consolidation, payment amortization, early payoff, rent vs. own, prepayment savings, tax savings, APR, and refinance break-even point calculators to help you determine whether refinancing will be worth it.
Comparing AmeriHome Mortgages to Guild Mortgage
AmeriHome and Guild Mortgages are similar but very different. Both lenders do not offer any sample or advertised rates and offer buydowns up to 3%. However, the number of loan options they offer varies.
Guild Mortgage offers many products that AmeriHome does not, including USDA, HELOCs, home equity loans, and medical professional loans. These are not all the options that Guild Mortgage offers; more can be seen on its official website.
Comparing AmeriHome Mortgages to Pennymac Mortgages
Pennymac and AmeriHome are quite different even though they are companies in the same market. For example, Pennymac’s buy-down rate can only be reduced to 1%, unlike AmeriHome’s 3% reduction. Pennymac also offers USDA and home equity loans, while AmeriHome does not offer those; it provides interest-only loans and other non-qualified mortgages.
Unlike AmeriHome, Pennymac is quite transparent about its mortgage rates, and they are displayed clearly on its website’s homepage.
Western Alliance Bank, the Parent Company
The popular mortgage company is a subsidiary of Western Alliance Bank. The bank’s headquarters is located in Phoenix, Arizona, where it offers a wide range of commercial and banking services to those who need them. It is one of the largest banks in the United States of America and ranked 42 on Forbes’ list of the best banks in America.
The bank was founded in 1994 and has become a leading force ever since.
How Do I Contact AmeriHome Loans?
Even though AmeriHome has no physical locations or addresses, there are many ways to contact it. You can call a representative from the comfort of your home at 888-469-0810. You can also send an email to consumersupport@amerihome.com and wait for a prompt response.
Those who would rather apply online can also go to the company’s website, www.amerihome.com, to fill out and submit a contact form.
Can One Trust AmeriHome?
Despite all that has been said, many people may still have questions about the company or wonder if it is a good company or not. Based on reviews from past clients, ratings show that AmeriHome Mortgages is a good company that people can put their trust in.
It has a 4.3 out of 5 stars rating on Trustpilot and an A+ rating on Better Business Bureau. Its parent company, Western Alliance Bank, is also highly rated in the banking industry. Ultimately, ensure you do your due diligence before conducting business with the company.
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