Quicken loans vs Amerisave: Everything you need to know
Let’s look at two well-known mortgage lenders side by side. We’ll analyze mortgage rates, customer service, the loan procedure, each lender’s features, and more in our Amerisave vs. Quicken Loans comparison.
History of both mortgage lenders
In 2002, Amerisave Mortgage Corporation was established. Atlanta, Georgia, is the company’s headquarters. Amerisave aims to deliver practical, prudent home loan solutions to its consumers.
Quicken Loans, which was started in 1985, is the oldest of the two. Their goal is to make your mortgage experience as pleasant as possible.
Pros & Cons
- Online application process
- Lower than average mortgage rates
- Quick closing time
- Down payment assistance is available
- Not licensed to lend in New York
- High origination fee
- No home equity loan options
- Licensed to lend in all 50 states
- Daily updated mortgage rates available on the website
- Streamlined approval and loan process
- Online application and mortgage management
- Private mortgage insurance (PMI) payment options
- No USDA loans
- No home equity loan options
BBB rating comparison
The BBB considers the number of complaints made, the size of the business, the length of time the firm has been in operation, long-standing unresolved complaints, and other variables.
The Better Business Bureau has not yet assigned Amerisave a rating. On the other hand, Quicken Loans has been a Better Business Bureau-accredited company for over ten years.
Quicken Loans has an “A+” rating, which means the firm scored a 97-100 on a 100-point scale. These favorable indicators indicate that Quicken Loans is a reliable organization that will give an excellent experience to its consumers.
J.D. Power comparison
In the 2018 J.D. Power U.S. Primary Mortgage Servicer Satisfaction Study, Quicken Loans was one of three mortgage lenders to obtain a perfect score of 5 out of 5 stars.
SunTrust, Regions, Capital One, Bank of America, Wells Fargo, Fifth Third Mortgage, and others scored worse than Quicken Loans.
Quicken Loans came out on top in the J.D. Power Primary Mortgage Origination Satisfaction Study. Quicken Loans outperformed LoanDepot, PNC Mortgage, Flagstar Bank, and others in the survey. Amerisave was left out of both J.D. Power studies.
Today’s mortgage rate comparison
Quicken Loans is somewhat more expensive than America. However, keep in mind that rates vary from person to person.
The present housing market is a significant influence on mortgage rates. Mortgage rates might fluctuate depending on the state of the property market. Another element considered to calculate how much you will pay for your mortgage is your credit score.
Expect to pay a higher interest rate if you have terrible credit than good credit. Your down payment amount is also a factor in determining how much you will pay.
Also Read: USDA land loans
Loan options comparison
Fixed-rate loans, adjustable-rate loans for people who want to renew in a few years, and cash-out refinances are all available via Amerisave. FHA, jumbo, HARP, VA, and USDA loans are available via Amerisave.
Quicken Loans, like Amerisave, provides adjustable rate mortgages, FHA, VA, and jumbo loans. YOURgage is another service provided by Quicken Loans.
This function allows you to select a term between 8 and 30 years. YOURgage can assist you in determining the best rate for your budget and future mortgage goals. Homeowners who are 62 years or older can apply for a reverse mortgage.
Reverse mortgages allow senior homeowners to use their home equity to achieve their financial goals. You can also go with an FHA Streamline loan, which can help you get a cheaper interest rate.
Mortgage lender feature comparison
You will enjoy Amerisave’s features.
After closing, you can receive up to $6500 cashback through the AmeriSave Advantage program.
There are payment options available with low down payments.
Charts: See how mortgage interest rates have changed over time.
You’ll enjoy Quicken Loans’ features.
RateShield Approval: Your mortgage rates will never change, even if interest rates rise.
- Customers will get authorized faster than ever before with Rocket Mortgage.
- Letter of approval within 24 hours.
- Loan process comparison
Both firms make it possible to get a loan faster than other lenders. Quicken Loans, on the other hand, is a little speedier. Quicken Loans stands apart from other lenders since it offers Rocket Mortgage.
Mortgage Loan Application Process in a Flash
Rocket Mortgage shortens the time it takes to apply for a mortgage online. You may apply for a loan with Rocket Mortgage, whether at home, in line, or on the go, without ever having to talk with a loan officer or send in papers.
Rocket Mortgage enables you to transmit financial information digitally, resulting in greater accuracy and shorter approval timeframes.
You may acquire a loan approval from Rocket Mortgage in as little as a few days and sometimes even minutes. Although Rocket Mortgage is Quicken Loans’ online experience, you will have no trouble speaking with loan professionals if necessary.
You may look for affordable rates with Amerisave. In a matter of seconds, you may have a personalized rate. You can apply online or phone a professional loan originator after choosing a loan alternative.
Your loan will then be closed. Amerisave will schedule a closing when underwriting is completed.
Customer support comparison
Amerisave offers an extensive knowledge base where you may find answers to many of your questions. They include a first-time buyer’s guide, as well as education information, refinancing videos, mortgage news, and more.
Monday through Friday, 8:00 a.m. to 5:00 p.m. Eastern time, customer assistance is available.
Quicken Loans provides a home buyer’s guide to help you prepare for a home purchase, make an offer, work with an agent, get approved, and more.
Quicken Loans also provides refinance guidelines to assist you in better understanding the refinancing process.
Quicken Loans provides SMS and email updates to keep you informed about rates, mortgage news, home buying advice, and more. You may also discover more by visiting their Zing blog.