In a Nutshell
- Quick and easy comparison tool
- Possibility to bundle additional services
- A+ rating from Better Business Bureau
- Not a lot of reputation info online
- Won’t get loan terms until you speak with a direct lender
AmeriValue at a Glance
|Direct lender or marketplace||Marketplace|
|Loan Types||Purchase and refinance|
|Featured Loans||Varies based on lender|
|Repayment Terms||Varies based on lender|
|Minimum Down Payment||Varies based on lender|
|Minimum Credit Score||Varies based on lender|
|Best For||Homeowners who want reliable lenders|
AmeriValue is not your traditional mortgage lender. In fact, it isn't a lender at all. It's a marketplace where you can find a large group of mortgage loan lenders that are specifically geared toward your borrowing needs. AmeriValue carefully picks out the right lenders from its pool of dozens of nationally-acclaimed brands that will work with your situation and requirements. You can fill out the application form online and sit back and wait for the offers to come in. That's pretty convenient.
AmeriValue has a reputation for working with some of the top brand name lenders in the country. Successful mortgage lenders like Landmark Mortgage Capital, AnnieMac Home Mortgage, and Mutual of Omaha Mortgage are included in the AmeriValue network. This superior quality network makes AmeriValue the ideal solution for consumers who like to know that they’re working with quality and reliable services.
Types of Loans/Products
Since AmeriValue isn’t the direct lender, it does not determine the type of loans you have to choose from. However, the common loans that are made available from AmeriValue partners include:
- Conventional fixed and adjustable-rate loans
- VA loans
- FHA loans
- Jumbo loans
- Balloon loans
Which loans are available will vary from one lender to the next, and so will other things like loan terms, including the credit score required, the APR and down payment you’ll pay, specific loan terms, and exactly who is eligible.
The Application Process
The application process is really the crowning glory of the entire AmeriValue service. You won’t spend hours filling out mind-numbing forms that you’ve filled out countless times before with this mortgage lender portal. Instead, it’s fast, easy, and smooth. Here’s how it works:
Step one: Fill out the form.
This is really simple. You’ll answer a few basic questions, like what type of property you want to purchase, your estimated credit rating, the average value of your desired home, how much of a down payment you want to put down, and whether or not you’ve filed for bankruptcy in the past 3 years. It takes about a minute. Easy enough.
Step two: You sit back and sip lemonade.
Well, the beverage of choice is up to you. But the idea is the same. You just sit back, and you wait for the responses to come in. AmeriValue will send your application form out to its network of mortgage lenders. In response, reliable lenders will send offers for you to choose from. And the best part is, they're all quality quotes because only lenders willing to work with you and having your loan product will respond. So, it's a huge time-saver.
Step three: Compare and choose.
Now, you have several offers on the table. Compare the different rates, loan terms, and services available to you. Decide which things are a priority and which ones you don't care about. Then, select the loan provider that has the most attractive offer for you.
Remember, you're under no obligation whatsoever to choose any of the offers you receive.
Rates and Fees – The Bare Basics
AmeriValue also doesn’t set out the rates and fees structure of the loan you’ll eventually take home with you. That is decided by the individual lenders and will fluctuate depending on individual policies.
Some lenders will not charge you much in the way of fees, while others will slip in hidden fees. So, be on the lookout for these since they will dramatically change the overall costs of the loan you're taking out. Some common fees that you should expect to pay include an origination fee, closing fees, and processing fees.
APR and repayment terms are also set by the individual lenders. Some will let you pay back the loan over the course of 10, 15, or 20 years. Others will let you spread out the loan repayment over 25 or even 30 years. Remember, though, that the longer you take to pay off your loan, the more you’ll end up paying out in interest payments in the long run.
Help & Support
Customer support is available via the online contact form. Fill it out with your name, your contact information, and your questions, and AmeriValue will get back to you in a timely fashion. Also, look into the customer support options available from the AmeriValue partners that you’ll be dealing with throughout the course of your loan expedition.
AmeriValue is a good value if you're looking for top name lenders in the mortgage loan industry. The lending network works with brands like Barrett Financial Group—Ryan Leach, Christensen Financial Inc, and Northern Colorado Mortgage. The online application process is a quick and easy one, and AmeriValue makes comparing loans simple. With no service charges, AmeriValue is an obvious choice.
Q: How much should I put down for a down payment?
A: While various lenders will accept differing amounts, the nationally recommended average for a down payment is 20%. At this rate, you won’t have to pay private mortgage insurance, a big savings for homeowners.
Q: What should I know before buying a foreclosed home?
A: There are a few things to consider when looking into a home that’s been foreclosed on. Check that your deposit is refundable, discuss any fees that might be charged going over the settlement date, and get a private inspector since these homes don’t come with a disclosure of the condition of the property.
Q: How much money can I borrow for a mortgage loan?
A: Mortgage loan limits depend on the nationally-set limit and the individual lenders. The lender will approve a higher loan amount for people with excellent credit, but people with poor credit can also get approved for a loan. In theory, you could get as much as 95% of the value of the home you are looking at. It is not recommended to take out this much, though.
Q: What’s the benefit of taking out an FHA loan?
A: An FHA loan can give you a down payment of as little as 3.5%. This is a major help for first-time buyers or for people who have limited income and can't make the higher average down payments.
12121 Wilshire Blvd., Suite 810
Los Angeles, CA 90025