Overview
AmeriSave Mortgage
3%
620
FHA, VA, USDA
25 Days
24 Years
Quicken Loans
3%
620
FHA, VA
30–50 Days
41 Years
Ratings
AmeriSave Mortgage
Quicken Loans
Pros & Cons
AmeriSave Mortgage
PROS
- Online application process
- Lower than average mortgage rates
- Quick closing time (approximately 25 days or less)
- Down payment assistance available
CONS
- Not licensed to lend in New York
- High origination fee
- No home equity loan options
Quicken Loans
PROS
- Licensed to lend in all 50 states
- Daily updated mortgage rates available on website
- Streamlined approval and loan process
- Online application and mortgage management
- Private mortgage insurance (PMI) payment options
CONS
- No USDA loans
- No home equity loan options
Reviews
AmeriSave Mortgage
Reviews
Quicken Loans
Reviews for AmeriSave Mortgage
Helpful Favorable Review
Rikki Anderson
March 16th, 2022
Westerville, OH
DETAILS
Verified Customer
Review Source
Very responsive to my questions and calls during the process. The main issue was that the originator had to go through a lot to get the loan processed correctly and it took many phonecalls to her. She did everything she could but others at the company dropped the ball. Loan Processor even told my personal financial information to my realtor - why? Not ok.
Helpful Critical Review
John
January 14th, 2022
Palm Coast, FL
DETAILS
Verified Customer
Review Source
They have the best rate but the process is very bad and support is very poor. Only the loan officer was the one who could really help us because he gave a damn. I think they need to change the process. Especially the portal and communication process. I am not happy I did it.
Reviews for Quicken Loans
Helpful Favorable Review
Dave Craswell
April 19th, 2022
The company was proactive and very responsive including weekends (super bowl) and late nights. Adam was super as he treated me with as a close friend and was genuinely concerned about my home purchase, way to go!
Helpful Critical Review
ralph baker
March 23rd, 2022
Hermitage, PA
DETAILS
Review Source
When we went to file our federal income tax we did not have a 1098 form from Ouicken Loans so my wife called and they said that we had selected paperless form on our mortgage renewal. This is not true so she asked them to send the 1098 forms. We waited and no forms . She called 5 different times and talked to 5 different people and each time they said that they would send the forms and we never received them. Not happy.
The Final Word
AmeriSave and Quicken Loans are comparable in the mortgage products and services they provide. Let’s take a closer look at what each company has to offer:
Time in Business
Loan Types
Mortgage Rates
Mortgage Process
Refinance Options
Specialized Programs
State Availability
Customer Reviews
Time in Business
While the length of time a mortgage company has been in business doesn’t necessarily indicate the quality of a company’s products and services, some homebuyers might prefer working with a company that has been in the business of lending mortgage loans for a longer period of time.
AmeriSave Mortgage has been operating since 2002, while Quicken Loans has been operating since 1985. Because Quicken Loans has been providing mortgage loans for almost 20 more years than AmeriSave, the company has been able to set itself apart from its competitors and become the largest lender in the United States.
Although AmeriSave hasn’t been in business for as many years, it has built trust and become a well-known mortgage lender in the industry.
Loan Types
AmeriSave and Quicken Loans both offer a variety of loan types:
It is beneficial that both companies offer government-backed loans options (FHA, VA, and USDA loans). However, if you’re looking to purchase a rural property, a USDA loan could be a good option for you and is only available through AmeriSave.
Mortgage Rates
AmeriSave and Quicken Loans both provide updated mortgage rates on their websites. Quicken Loans even provides daily-updated rates for various loan types, as well as a trend graph, displaying rate trends from as little as one week up to one year.
The lowest-advertised rates are typically reserved for homebuyers with excellent credit and financial stability. If you would like to see what rates you qualify for based on your specific finances, you should prequalify with both AmeriSave and Quicken Loans to see which company could save you more on your mortgage.
Mortgage Process
AmeriSave and Quicken Loans both have online application processes.
Quicken Loans takes the process one step further with a three-tier approval that even includes a 90-day rate lock. The three tiers include the following:
- Prequalified Approval
- Verified Approval
- RateShield℠ Approval
In addition, Quicken Loans offers a $1,000 Verified Approval guarantee — if you don’t close for whatever reason based on the company’s review, Quicken loans will pay you $1,000.
Refinance Options
Both AmeriSave and Quicken Loans offer rate and term refinancing, and cash out refinancing options. Neither company offers any home equity refinancing options, such as a home equity loan or home equity line of credit (HELOC).
Specialized Programs
AmeriSave and Quicken Loans both offer additional programs to assist homebuyers.
AmeriSave offers the following specialized programs:
- Down Payment Assistance — Within Fannie Mae guidelines, AmeriSave provides a 3% down payment option for low income families and first-time homebuyers. This government backing through Fannie Mae offers greater security to homebuyers.
Quicken Loans offer the following specialized programs:
- PMI Advantage Program — If you make a down payment of less than 20% and are required to pay private mortgage insurance (PMI), Quicken Loans provides options to cover the upfront cost either through a slightly raised interest rate or a one-time payment at closing.
- Good-Faith Deposit — You can make a deposit between $400 and $750 which can be used to cover any lender fees, and any remaining funds will be applied to closing costs.
State Availability
Quicken Loans’ mortgage services are available nationwide. AmeriSave’s products and services are available in all states but New York.
Customer Reviews
AmeriSave has more than 1,200 reviews, 89 percent of which are 4-star or 5-star. Satisfied AmeriSave customers frequently mention the following positive aspects of their experience with the company:
- Excellent customer service and support, including fast response times
- Easy online communication via email or the AmeriSave online portal
- Fast process from application to close
- Competitively low rates
Quicken Loans reviews, on the other hand, are widely varied. Approximately 64 percent of reviews are 5-star, while approximately 20 percent of reviews are 1-star. The most common complaint is of slow and uncommunicative customer service. However, positive reviews often highlight the following:
- Helpful and attentive loan officers
- Smooth and easy mortgage process
- Easy-to-use online portal, as well as reliable online support
Frequently Asked Questions
Is Rocket Mortgage the same as Quicken Loans?
Rocket Mortgage and Quicken Loans are the same company. Quicken Loans recently changed its name to Rocket Mortgage, through which it originates and services all mortgages. QuickenLoans.com is still operational, but you’ll be redirected to Rocket Mortgage to begin your mortgage application.
Is AmeriSave a reputable lender?
AmeriSave is the #1 company on BestCompany.com, and 89 percent of reviews are 4-star or 5-star.
What type of lender is AmeriSave?
AmeriSave is a direct mortgage lender, originating and servicing loans in-house.
What type of lender is Quicken Loans?
Quicken Loans is a direct mortgage lender, originating and servicing loans through Rocket Mortgage.
How long does it take AmeriSave to process a loan?
AmeriSave doesn’t disclose an exact closing timeline, but some customer reviews mention that their loan was closed within 25 days, significantly faster than the industry average of 40 to 65 days.
How long does it take Quicken Loans to process a loan?
Quicken Loans can typically process and close on your loan within 30 to 50 days.
Does AmeriSave sell its mortgages?
Although AmeriSave doesn’t disclose directly whether or not they sell loans, it is a common practice in the industry and it is likely that AmeriSave does sell loans.
Does Quicken Loans sell its mortgages?
Quicken Loans strives to service all the loans it originates, but the company can’t guarantee that your loan won’t be sold.
