Overview

AmeriSave is a major lender, with a variety of loan options for purchasing and refinancing, as well as home equity loans. These include conventional, jumbo, fixed, adjustable, and government-backed loans such as FHA, VA, and USDA loans. With each loan, you get a choice between fixed or variable rate and flexible repayment terms of 10, 15, 20, 25, or 30 years. Interest rates are competitive, and AmeriSave offers a range of tools to help you make an informed borrowing choice.

Suitable For?

This lender is great for straightforward applications. If you have all your paperwork in order and know where you’re buying/refinancing, then AmeriSave can help you get this done quickly.

Types of Loans/Products

AmeriSaveoffers a selection of loans for purchase and refinance. While they are mostly focused on purchase and refinance loans, it does offer all the most common types of home loans.

Here’s the full breakdown of purchase options:

• Conforming loans
• Jumbo loan, with loan amounts as high as $2.5 million
• FHA, VA, and USDA loans, according to the usual rules

And here are the refinance options:

• Conventional rate-and-term refinance
• Cash-out refinance

The Application Process

Potential borrowers can complete an application and lock in a rate via AmeriSave’s website, or over the phone or live chat with a licensed loan originator. The great thing about the AmeriSave service is it serves prospective home buyers too.

To begin the process online, you’ll need to fill out a short application form that takes about 3 minutes to complete. This includes details about yourself, where you live, and what type of home you are purchasing/refinancing. Once this information has been submitted, you’ll be presented with multiple, customized rate quotes that you’re pre-qualified for without requiring SSN or a hard credit check in most circumstances.

After receiving your pre-approved rate, you can go ahead and complete the rest of the process online where you will be required to submit a hard credit check. AmeriSave offers the option of securely uploading your documents to the portal and even e-signing them to expedite the process and an AmeriSave loan originator will be assigned to you to help answer any questions and finalize any documentations.

Rates and Terms

With AmeriSave you get to choose between five different repayment terms: 10, 15, 20, 25, or 30 years. You can take a fixed-rate mortgage or an ARM with 5/1, 7/1, or 10/1 options.

Help & Support

To get in touch with AmeriSave, simply call or start a live chat online with a licensed loan originator. The company’s call centers are available toll-free Monday through Friday between 8:00 am and 9:00 pm ET. Chat support is available during these hours. The company can handle the whole application and approval process by phone, and many customers do prefer this option. The support staff are well trained and able to answer our questions promptly and effectively. Customers can also find answers directly on AmeriSave’s website, which features an informative FAQ section.

Summary

Thanks to a fully in-house process and a variety of loan options, AmeriSave is a good choice for customers seeking a mortgage. The company offers both traditional mortgages and several government-backed loan options. More importantly, its variety of loan repayment terms give borrowers the flexibility to find the right choice for their impending home purchase or home refinance. A straightforward application process also helps customers close on their homes more quickly.

Physical Address

AmeriSave Mortgage Corporation

1200 Altmore Avenue

Building 2 - Suite 300

Sandy Springs

GA 30342

Overview

New American Funding operates 200+ physical locations in 31 states and offers its online service to the rest (except for New York and Hawaii). It offers a large suite of mortgage products, including conventional fixed-rate and adjustable home loans, as well as government-backed FHA and VA loans.

Suitable For?

New American Funding caters to all types of borrowers, but where it really stands out is with its assistance tofirst-time buyersand the Latino community. Its agents speak English and Spanish. More broadly, it is also active in addressing challenges Hispanic people face in achieving home ownership. New American has programs to help first time buyers and works with state down-payment assistance programs in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Missouri, Nevada, Texas, Utah, Washington, and Wisconsin.

Loan Features

Loan types include:

New American Funding offers: conventional fixed-rate, adjustable-rate, and jumbo loans; government-backed FHA, VA, and HARP loans; special home-improvement and interest-only loans; and cash-out refinances and reverse mortgages.

Features include:

• Option of paying only interest each month for a fixed introductory term of up to 5-10 years. This gives the borrower the flexibility of being able to pay toward the principal loan amount at a time of their choosing rather than being obligated to pay a fixed monthly amount.
• Cash-out refinance and reverse mortgage both offer ways to tap into home equity to get cash. A reverse mortgage is a special government-backed program for borrowers aged 62 or older. A cash-out refi involves retiring your existing mortgage and taking out a new one for an amount larger than you currently owe. The excess between your old loan’s outstanding balance and new balance is paid to the borrower in cash.

The Application Process

Interested borrowers can begin a loan application by requesting an online quote or contacting New American Funding by phone, email, or at one of its locations. Borrowers can get prequalified online but must be approved by a loan agent to get access to the online application. Home loans close in an average time of less than 30 days.

New American Funding’s process involves 5 steps:

• Pre-approval, in which the borrower provides documentation on income, assets, expenses, and credit. A loan officer then decides if the borrower can be approved for a specific loan amount.
• An official offer is sent to the borrower, detailing purchase price, down payment, loan amount, deposit, and terms and conditions.
• The borrower hands over a deposit or opening escrow.
• The application moves to the underwriter, who reviews the file and decides whether to give a final stamp approval.
• New American wires the funds.

Rates and Terms – The Bare Basics

Loan amounts range from small mortgages to super jumbo loans. The minimum down payment varies depending on type of loan. Government-backed programs such as FHA and VA loans offer lower down payments, as well as loans for first-time home buyers who receive special assistance.

Borrowers must:

• Be aged 18 or more.
• Be U.S. citizens or permanent residents.
• Have good credit for a conventional loan, or fair credit for some government-backed loans.

Repayment Terms

New American doesn’t reveal any rates on its website. To find out what rate you prequalify for, borrowers may request a rate online or speak to a loan agent in person, by phone, or by email.

Loan lengths vary from 15-30 years for fixed-rate loans, to 5-10 years for adjustable-rate mortgages.

Help & Support

The Better Business Bureau gives New American Funding an A+ rating for the overwhelmingly positive feedback it has received from customers.

Loan agents can be contacted by the following methods:

• Toll-free number
• Email
• At any of the 200+ branches in 31 states

Summary

New American Funding offers a full suite of conventional and government-backed mortgages, with extra support for:

• First-time buyers
• Minorities
• Retirees
• High-net worth buyers.

It started out as a family business and has stayed true to its roots, maintaining its independence and prioritizing a high level of customer service. Customers can apply for and manage their loans online, by phone, or in person, for maximum convenience and flexibility.

Physical Address

Broker Solutions, Inc. DBA New American Funding

14511 Myford Road, Suite 100

Tustin, CA 92780

Overview

Veterans United is one of only a handful of dedicated VA lenders. You won’t find conventional or FHA loans there, but you will find everything to do with VA loans. This includes VA purchase loans, as well as a range of refinancing options, including: VA Streamline, Interest Rate Reduction Refinance (IRRRL) and Cash-Out refinancing.

Suitable For?

VA loans are available to anyone who meets the minimum qualification requirements set by the Department of Veterans Affairs. Veterans United serves all of these people and it brings with it more experience in VA loans than any other lender. Veterans United goes above and beyond for its customers, including realty and advisory services built specifically for veterans by veterans

Types of Loans/Products

Veterans United offers only one type of home loan: the VA loan. A VA home loan is a loan offered by private lenders and partially guaranteed by the federal government’s Department of Veterans Affairs. The government’s involvement allows lenders to take on more risk than they would with an ordinary borrower.

Here are some of the features offered by Veterans United:

• Veterans United Military Advisors, a team of former senior enlisted leaders from each branch of the Armed Forces whose mission is to educate veterans about homeownership and VA loans.
• Veterans United Realty, an independent affiliate partner of Veterans United that offers a nationwide network of real estate agents with experience in serving Veterans.
• Lighthouse Program, a free service that helps Veterans build their credit score and improve their financial picture before applying for a home loan.
• Veterans United Foundation, which exists to help military-related families in need and also offers a biannual scholarship to service members and military families.
• Regular promotional offers. For example, when we checked in, Veterans United and Realtor.com had teamed up to offer a competition with a first prize of $75,000 toward the purchase of a new home.

The Application Process

Veterans United accepts applicants online and by phone. Its agents offer a unique ability in helping veterans get through their home loan application. Aside from the close attention, applying for a loan from Veterans United is just like applying anywhere else. You’ll need to provide documentation about yourself and your finances, such as state ID or driver’s license, social security number, and tax filings.

Here are some specific things to know before applying for a VA loan from Veterans United:

• Minimum eligibility requirements of either: 181 days on active duty in peacetime; 90 consecutive days active duty in wartime; 6 years in the National Guard or Reserve; or spouse of Veteran who died in the line of duty.
• Minimum credit score of 600.
• Minimum down payment of 0%.
• No need to purchase PMI (private mortgage insurance).
• Certificate of Eligibility from the VA is a strict requirement. Fortunately, Veterans United helps applicants secure this document.

Rates and Terms

Veterans United offers a choice between 2 repayment terms: a 30-year fixed-rate repayment or a 15-year fixed-rate repayment.

Like all other VA lenders, a VA loan from Veterans United includes a mandated funding fee of 2.15% of the amount of the loan (or 2.4% for members of the National Guard and Reserves). Surviving spouses and veterans receiving VA disability compensation are exempt from the fee. The fee can be reduced to 1.5% with a 5% down payment or 1.25% with a 10% down payment.

Help & Support

Unlike most lenders, Veterans United offers 24/7 customer service by phone. The reason for this is it allows troops deployed overseas to be able to get in touch whenever it suits them. Of course, anyone can use this service, even veterans or service people not on active duty.
Ph: (800) 884-5560

Summary

Veterans United does one thing, but it does it very well: VA loans. There are plenty of lenders and organizations out there dedicated to getting veterans into their dream home but few can claim to approach VA loans with quite the same dedication as Veterans United. If you qualify for a VA loan under the Department of Veterans Affairs eligibility requirements, then we highly recommend asking for a quote from Veterans United.

Physical Address

Veterans United

1400 Veterans United Dr.

Columbia, MO 65203

Overview

Rocket Mortgage is fully designed for digital natives with an advanced and smooth loan platform that keeps the entire process online and on smartphones. Rocket provides:

• Detailed and personalized loan rates information
• Fast platform constantly updated in real time
• Government-backed loans for veterans, first-time buyers, and borrowers with small down payments
• 5- or 7-year ARM and 15- or 30-year fixed-rate mortgages

Who Is Rocket Mortgage Suitable For?

Rocket Mortgage is run entirely online with all of the information provided on the website or mobile apps, making it suited to digital natives who are used to running all aspects of their lives from their mobile phones. The many mortgage options make it suitable for borrowers with small down payments and lower credit scores. Users who prefer flexibility will prefer the variable ARM mortgage while the traditional fixed-rate mortgages provide reliability and certainty for anyone who likes to plan their budget in advance.

Loan Features

Rocket Mortgage has a variety of loan features.

• VA loans: Veterans are served with government-backed VA loans which aren’t always available from online lenders
• FHA loans: First-time buyers with a low credit score or less cash for a down payment can get financing to purchase a home or refinance for any purpose. Rocket Mortgage’s FHA loans require a down payment as low as 3%
• Easy online format:Rocket Mortgage’s straightforward layout helps borrowers to easily compare down payments, APR rates, and total monthly payments on different financing options. You can alsoadjust your down payment onlineto see what impact it will have on your final monthly payments
• Simple comparison:Easily compare the mortgage loan options

The Application Process

When applying for a loan via Rocket Mortgage:

• Create an account which takes about 5 seconds.
• Complete the guided online questionnaire. It’s very simple and straightforward with support along the way, and will include your financial and personal information
• Get your quotes. You can customize them by adjusting your down payment, monthly payments, or loan term until you’re happy with the funding option before you.
• Click the button to request approval online.
• Come back and log in again the next day or every day for as long as you’d like to check on the changing rates, then only click the button to lock in rates once you’re happy.
• E-sign all of the relevant paperwork online and closing can happen where and when you want it.

Deep Dive into Pros and Cons

The platform for Rocket Mortgage is advanced. Both the apps and the website are easy to use and smooth to navigate from every device. It’s possible though that anyone who isn’t fully comfortable making major financial decisions online will feel nervous about this entirely digital platform. Rocket Mortgage offers a full range of mortgage, refinancing, and home equity loan options that include government-backed loans, rivaling that of a traditional bank. Thanks to real-time rate updates, new borrowers can stay in control of their financing options by logging on as often as they want to check for the newest rates before locking in the right deal.

That said, the number of loan options can be overwhelming. It’s not really possible to browse loan terms and rates without creating an account and inputting your full financial information, making it difficult for the casual browser to compare loan options. If you’re serious about taking out a mortgage, it’s worth it to go to this trouble. However, anyone who just wants more information about their options is likely to shrink away from having to share details just to get better loan rate information.

Loan Terms – The Bare Basics

It’s difficult to share exact terms of Rocket Mortgage loans and mortgages because APR rate information can only be accessed by sharing all of your financial details and getting a personalized quote. You also can’t find out how much of a down payment you need to make without going through the entire application process, although Rocket Mortgage does offer FHA loans which require a down payment of as low as 3%.

Rocket Mortgage does reveal that terms range from 8 to 30 with the YOURgage loan and that variable rate mortgages have terms of 5 or 7 years. Rocket Mortgage only gives loans for owner-occupied homes, not for investment properties. Fortunately, Rocket Mortgage uses advanced automated tools to make it faster and easier to import your full financial information.

Repayment Terms

Rocket Mortgage offers traditional fixed-rate mortgages of 15- or 30- year terms. The variable ARM loans have terms of either 5 or 7 years. Somewhere in between, in terms of both repayment period and the level of flexibility, are the unique YOURgage mortgage loans, which allow the borrower to choose any term between 8 and 30 years and lock in to a fixed-rate mortgage.

APR rates aren’t available until you complete a full application.

Help & Support

Rocket Mortgage gives support, particularly through the live chat, which is accessible at the touch of a button from the mobile apps and the website.

Live chat isn’t quite round-the-clock but it is open from 7am to midnight ET on weekdays and 9am to midnight on weekends. There’s also telephone support for more traditional borrowers from 9am to midnight on weekdays, 9am to 8pm on Saturdays, and 9am to 7pm on Sundays.

Summary

Rocket Mortgage is a fast and digitally advanced mortgage loan provider that offers a range of refinancing and mortgage options including VA and FHA loans which can be hard to find online. The application process is entirely online and speeded up thanks to advanced automated tools. Between a functional website and effective mobile apps, Rocket Mortgage makes it easy to keep coming back and checking up on real time APR rates until you find the exact deal you want. Fast application times and responsive customer service add to the attraction of this loan provider.

Physical Address

Quicken Loans

1050 Woodward Avenue

Detroit, MI 48226-1906

USA