Yahoo's take: AmeriHome Mortgage offers a variety of mortgage options and borrower incentives that can help you lower your out-of-pocket expenses, but if you live in Hawaii, Massachusetts or New York, or if you want a USDA loan, home equity loan or HELOC, you'll need to look elsewhere.
AmeriHome Mortgage is a national mortgage lender offering loans in 47 states. The company offers a variety of mortgage options, including conventional, FHA, VA, non-conformed and jumbo loans, as well as interest rate buydown options that can reduce your interest rate by up to 3%.
The company is highly rated by customers, with a 4.3 out of 5 star rating on Trustpilot and an A+ rating with the Better Business Bureau, and they also offer several borrower incentives that can reduce your out-of-pocket expenses.
In the article:
Key Benefits
AmeriHome offers many loan options for both new homebuyers and existing homeowners looking to refinance their mortgage.
Borrowers can receive a credit of between $300 and $750 when refinancing.
The company offers a free “mortgage checkup” every six months to help determine if your current mortgage still meets your personal financial goals.
A mortgage rate cut could lower your interest rate by up to 3%.
This lender has a high rating of 4.3 out of 5 stars on Trustpilot and an A+ with the Better Business Bureau.
Need to know
AmeriHome only offers mortgages in 47 states, so if you live in Hawaii, Massachusetts or New York, you'll need to look elsewhere.
The lender does not have a brick-and-mortar location, and you can apply online or call a loan officer to begin your application.
AmeriHome does not offer USDA loans, home equity loans, or HELOCs.
Types of loans offered
AmeriHome Mortgage for FHA Home Buyers
AmeriHome offers FHA Purchase Loans and FHA Simplified Refinances, which allow you to refinance your existing FHA mortgage into a new mortgage with very little paperwork.
FHA loans account for about a quarter of AmeriHome's total mortgage issuances, according to data from the Mortgage Disclosure Act of 2023, making them the lender's second-most popular mortgage product after conventional loans.
Read more here: Best FHA Lenders for 2024
AmeriHome Mortgage
AmeriHome Mortgage doesn't offer mortgages or mortgage-backed lines of credit (HELOCs). However, the lender does offer a cash-out refinance, which is another way to borrow against the equity in your home. With a cash-out refinance, you take out a new mortgage that's bigger than your current mortgage. You pay off your old balance with the new loan and get the difference in cash.
The funds from a cash-out refinance can be used for any purpose, and many homeowners use them to pay for home improvements, debt consolidation, or pay unexpected bills or expenses.
AmeriHome Mortgage Rates
AmeriHome isn't very forthright about mortgage rates. There are no ads or sample rates on the website, but you can get an “instant” interest rate quote by answering a few simple questions about yourself, your home-buying or refinancing goals, your credit score, etc. You'll also need to provide your contact information, and the tool will show you several loan options with estimated interest rates and monthly payments.
Read more: 5 strategies to get the lowest mortgage interest rate
Apply for a mortgage with AmeriHome
To apply for a mortgage with AmeriHome, you'll need to create an account on the lender's online portal, after which you'll fill out a digital application and submit the required documents.
This lender doesn't have a brick-and-mortar location, so you can't apply in person, but you can apply over the phone by calling 844-272-5617 or 877-205-0768.
AmeriHome offers a wide range of resources for homebuyers. The lender has an informative blog, a video library, and a variety of financial calculators, including amortizing payments, rent vs. buy, APR, debt consolidation, prepayment savings, early repayment, tax savings, and a refinance break-even calculator, the last of which can help you determine if refinancing is worth the expense.
Learn more: Use Yahoo Finance's mortgage calculator
Comparing AmeriHome to other mortgage lenders
AmeriHome Mortgage vs Pennymac Mortgage
While AmeriHome and Pennymac both offer many types of mortgages, there are some slight differences between the two lenders: AmeriHome offers non-qualified mortgages and interest-only options, while Pennymac offers USDA loans and home equity loans, which AmeriHome does not.
PennyMac is transparent about its mortgage rates, listing its rates on the lender's homepage, and AmeriHome's buydown option is stronger, allowing you to reduce your interest rate by up to 3% versus PennyMac's 1%.
PennyMac Mortgage Review
AmeriHome Mortgage vs Guild Mortgage
While AmeriHome has many loan options, Guild Mortgage has a much broader range of loan options. In addition to offering all of the same products as AmeriHome, Guild also offers USDA, land, construction, energy conservation, bridge, manufactured home, piggyback, ITIN and medical professional loans. Guild also offers HELOC and home equity loans.
Neither lender offers advertised or sample rates, but both offer buydowns of up to 3%.
Guild Mortgage Reviews
AmeriHome Mortgage FAQs
Which banks own AmeriHome mortgages?
AmeriHome Mortgage is a subsidiary of Western Alliance Bank, headquartered in Phoenix, Arizona.
Is AmeriHome a good company?
If you take a look at the reviews, you'll see that AmeriHome is a great company to work with, with 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: 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.