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Amerisave vs Quicken Loans: Which Mortgage Lender is Right for You?

Choosing the right mortgage lender is essential for anyone looking to purchase a home or refinance their existing mortgage. Two of the most popular lenders in the US are Amerisave and Quicken Loans. Both are well-established and offer a range of mortgage products. In this article, we will compare Amerisave vs Quicken Loans to help you decide which mortgage lender is right for you.

Amerisave Overview

Amerisave was founded in 2002 and is based in Atlanta, Georgia. It is a privately owned company that offers a variety of mortgage products, including conventional, FHA, VA, and jumbo loans. It has an online platform that allows customers to apply for a mortgage and track their application status. Amerisave prides itself on providing excellent customer service and has a rating of A+ with the Better Business Bureau.

Quicken Loans Overview

Quicken Loans, based in Detroit, Michigan, was founded in 1985 and is now the largest mortgage lender in the US. It offers a range of mortgage products, including conventional, FHA, VA, and jumbo loans. It has an online platform called Rocket Mortgage, which allows customers to apply for a mortgage and receive a response within minutes. Quicken Loans has won numerous awards for its customer service and has an A+ rating with the Better Business Bureau.

Interest Rates

When it comes to interest rates, both Amerisave and Quicken Loans offer competitive rates. However, Amerisave has a reputation for offering slightly lower rates than Quicken Loans. That being said, interest rates can vary depending on several factors, such as credit score, down payment, and loan amount. It is always a good idea to compare rates from multiple lenders to ensure you are getting the best deal.

Fees and Charges

Both Amerisave and Quicken Loans charge origination fees, which can range from 0.5% to 1% of the loan amount. However, Quicken Loans has a reputation for charging higher fees than Amerisave. Amerisave also offers a price match guarantee, which means it will match or beat any competitor's rate or fee offer. This gives borrowers added confidence that they are getting a good deal.

Closing Time

Both Amerisave and Quicken Loans offer quick closing times. Amerisave's online platform allows borrowers to track their application and receive updates in real-time, which can help speed up the approval process. Quicken Loans' Rocket Mortgage platform claims to offer a response within minutes and has a reputation for closing loans quickly. However, both companies advise borrowers to allow at least 30 days for the closing process to ensure everything is completed on time.

Credit Score and Qualification

Both Amerisave and Quicken Loans have flexible credit score requirements and offer a range of mortgage products to suit different needs. However, Quicken Loans has an advantage in that it offers a range of special programs, such as FHA loans for first-time homebuyers and VA loans for veterans. Quicken Loans also offers the Home Affordable Refinance Program (HARP), which is designed to help homeowners who are underwater on their mortgage to refinance.

Customer Service

Amerisave and Quicken Loans both have a reputation for providing excellent customer service. Both companies have highly trained loan officers who are available to answer questions and guide borrowers through the application process. Amerisave has a rating of A+ with the Better Business Bureau, whereas Quicken Loans has won numerous awards for its customer service, including JD Power's highest rating for mortgage origination satisfaction for ten years in a row.

Conclusion

Both Amerisave and Quicken Loans are highly respected mortgage lenders with strong reputations for customer service. When it comes to choosing between the two, the decision ultimately comes down to personal preference and specific needs. Amerisave may offer slightly lower rates and fees, whereas Quicken Loans offers a wider range of mortgage products, including special programs for first-time homebuyers and veterans. It is always a good idea to compare multiple lenders to ensure you are getting the best deal.

Regardless of which lender you choose, make sure to do your research, compare rates and fees, and read reviews before making a final decision.

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