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AmeriHome Mortgage review 2024
The Yahoo view: AmeriHome Mortgage offers various mortgage loan options and borrower incentives, which could reduce your out-of-pocket costs. However, if you’re located in Hawaii, Massachusetts, or New York — or you want a USDA loan, home equity loan, or HELOC — you’ll need to look elsewhere.
AmeriHome Mortgage is a national mortgage lender that offers loans in 47 U.S. states. The company offers a variety of mortgage options, including conventional, FHA, VA, non-qualified, and jumbo loans. There are also interest rate buydown options to help you lower your interest rate by up to 3%.
The company has high customer ratings, boasting 4.3 out of 5 stars on Trustpilot and an A+ rating from the Better Business Bureau. It also has several borrower incentives that can reduce your out-of-pocket costs.
In this article:
Key benefits
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AmeriHome offers many loan options for both new home buyers and existing homeowners looking to refinance a mortgage.
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The lender accepts alternative credit data, such as bank statements and assets, for non-qualified mortgages.
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Borrowers can get $300 to $750 in credits when refinancing.
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The company provides free “mortgage checkups” every six months to help you determine if your current mortgage is still meeting your personal finance goals.
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Its mortgage rate buydowns could lower your rate by up to 3%.
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The lender has high ratings, with a 4.3 out of 5 stars on Trustpilot and an A+ with the Better Business Bureau.
Need to know
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AmeriHome only originates mortgages in 47 states. If you’re in Hawaii, Massachusetts, or New York, you will need to look elsewhere.
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The lender has no physical branches. You can apply online or call a loan officer to start your application.
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There are no USDA loans, home equity loans, or HELOCs available through AmeriHome.
Loan types offered
Learn more: What is a non-qualified loan?
AmeriHome Mortgage for FHA loan home buyers
AmeriHome offers FHA purchase loans and FHA Streamline Refinances, which allow you to refinance an existing FHA mortgage into a new one with little paperwork. In fact, Yahoo Finance chose AmeriHome as the best mortgage lender for refinancing FHA loans.
FHA loans account for nearly a quarter of AmeriHome’s total mortgage origination volume, according to 2023 Home Mortgage Disclosure Act data, and are the lender’s second-most popular mortgage product behind conventional loans.
Learn more: What is an FHA loan, and how do you qualify?
AmeriHome Mortgage for home equity lending
There are no home equity loan or home equity line of credit (HELOC) options at AmeriHome Mortgage. However, the lender does offer cash-out refinancing, another way to borrow from your home’s equity. With cash-out refinances, you take out a new mortgage loan that’s larger than your current one. The new loan pays off the old balance, and you get the difference back in cash.
You can use the funds from a cash-out refinance for any purpose. Many homeowners use the money to pay for home repairs, consolidate debt, or cover unexpected bills or expenses.
Learn more: Cash-out refinance vs. HELOC
AmeriHome Mortgage interest rates
AmeriHome isn’t super up-front with its mortgage rates. There are no advertised or sample rates on the website, though you can get an “instant” rate quote by answering a few quick questions about yourself, your home-buying or refinancing goals, and your credit score. You also have to provide your contact information. The tool then displays several loan options as well as the estimated rate and monthly payment.
Read more: 5 strategies to get the lowest mortgage rates
Applying for a mortgage with AmeriHome
To apply for an AmeriHome mortgage, you must create an account in the lender’s online portal. You can then fill out the digital application and submit any required documentation.
The lender has no physical branches, so applying in person is not an option. You can apply over the phone by calling 844-272-5617 or 877-205-0768.
AmeriHome Mortgage home-buyer tools and calculators
AmeriHome offers quite a wide range of home-buyer resources. The lender has an informative blog, a video library, and various financial calculators. There are payment amortization, rent vs. own, APR, debt consolidation, prepayment savings, early payoff, tax savings, and refinance break-even point calculators — this last one helps you determine when a refinance may be worth the cost.
More: Use the Yahoo Finance mortgage calculator
How AmeriHome compares to other mortgage lenders
AmeriHome Mortgage vs. Pennymac mortgages
AmeriHome and Pennymac each offer many types of mortgage loans, but the two lenders differ slightly. While AmeriHome offers non-qualified mortgages and interest-only options, Pennymac has USDA and home equity loans, which AmeriHome does not.
Pennymac is more transparent about its mortgage rates, clearly displaying them on the lender’s homepage. AmeriHome’s buydown option is heftier, allowing you to lower your rate by up to 3% versus Pennymac’s 1%.
AmeriHome Mortgage vs. Guild Mortgage
AmeriHome may have a lot of loan options, but Guild Mortgage’s are far more vast. In addition to offering all the same products as AmeriHome, Guild also has USDA, lot, construction, energy-efficient, bridge, manufactured home, piggyback, medical professional, and ITIN loans. You can also get HELOCs and home equity loans at Guild.
Neither lender offers any advertised or sample rates, but both offer buydowns of up to 3%.
AmeriHome Mortgage FAQs
What bank owns AmeriHome mortgage?
AmeriHome Mortgage is a subsidiary of Western Alliance Bank, which is headquartered in Phoenix, Ariz.
Is AmeriHome a good company?
Ratings show that AmeriHome is a good company to work with. It boasts an A+ rating from the Better Business Bureau and 4.3 stars on Trustpilot.
How do I contact AmeriHome loans?
There are several ways to contact AmeriHome. You can call 888-469-0810, email consumersupport@amerihome.com, or submit a contact form on the AmeriHome website.
This article was edited by Laura Grace Tarpley
