If you’re in the market for a mortgage, you’ve probably come across two big names: AmeriSave and Rocket Mortgage. But which one should you choose when buying a home?
Both lenders offer competitive rates and a streamlined application process, but there are some key differences between these mortgage giants that borrowers should consider.
A Brief Comparison Table
| Category | AmeriSave | Rocket Mortgage |
| Overview | Online mortgage lender based in Michigan | Top national mortgage lender, now part of Rocket Companies |
| Loan Types | Conventional, FHA, VA, Jumbo | Conventional, FHA, VA, Jumbo, Physician and Business loans |
| Credit Score Requirements | 620 min, 640 min for Jumbo | 580 min |
| Maximum DTI | Up to 50% | Up to 55% |
| Loan Amounts | Up to $3 million | Up to $15 million |
| Turnaround Time | 16-18 days advertised | As fast as 8 days |
| Customer Service | Phone, chat, and email support | 24/7 support via phone, chat, social media |
| Digital Experience | Solid online tools and application | Industry-leading website and mobile app |
| Underwriting | In-house | Both in-house and third-party |
| Availability | Operates in all 50 states | Available nationwide |
| Reputation | Positive reputation, A+ BBB rating | Excellent reputation and customer service reviews |
Overview of AmeriSave
AmeriSave is an online direct mortgage lender that provides mortgages in all 50 states. They offer a wide range of loan products including conventional, FHA, VA, and USDA loans with both fixed and adjustable rates.
Some pros of using AmeriSave include:
- Competitive interest rates and fees
- Online rate quotes and pre-approvals
- Fast turnaround time from application to closing
- Access to licensed mortgage advisors
- Range of home loan programs
However, there are some potential downsides to consider as well:
- Limited branch locations for in-person support
- Lower customer satisfaction scores than some competitors
- Fewer specialized mortgage programs than some lenders
Overall, AmeriSave is a solid option for borrowers looking for an online lender with competitive rates and a smooth loan process. But those wanting more customized service may prefer a lender with more of a local presence.
Overview of Rocket Mortgage
Formerly known as Quicken Loans, Rocket Mortgage is America’s largest mortgage lender. Like AmeriSave, they provide home loans in all 50 states with a focus on online, streamlined service.
Some benefits of Rocket Mortgage include:
- Industry-leading online and mobile tools
- Fast approvals and closings, sometimes in as little as 8 days
- Wide range of mortgage products including government loans
- Large servicer, meaning they are less likely to sell your loan
- Excellent customer service scores
Potential downsides are:
- Rates not always as competitive as smaller lenders
- Large loan volumes can lead to delays during busy times
- Seen by some as more impersonal than a local mortgage broker
For those who value tech-savvy service and fast approvals, Rocket Mortgage is a great fit. But borrowers who want more guidance may prefer a hands-on broker.
Also Read: Choose Between Triad Financial And 21st Mortgage.
Key Differences Between Amerisave And Rocket Mortgage
- Interest Rates and Fees
One of the most important factors when choosing a mortgage lender is the interest rate and fees they can offer. This impacts your monthly payment and total interest costs over the loan term.
Both AmeriSave and Rocket Mortgage advertise competitive rates across loan products. As large lenders, they have the buying power to offer reduced rates that smaller lenders cannot match. However, interest rates should always be compared for your specific scenario, as they fluctuate daily.
When it comes to fees, AmeriSave and Rocket Mortgage have similar origination fees around 1% of the loan amount. Discount points to buy down rates and closing costs will also be comparable.
The bottom line is that both lenders offer below market rate pricing, but actual rates and fees should be verified through personalized quotes. This will determine which lender truly provides the lowest costs for your situation.
- Loan Options and Qualifications
AmeriSave and Rocket Mortgage provide conventional, FHA, VA, and USDA loans. Both have options for first-time home buyers with limited funds as well as jumbo loans over $510,400 in most markets.
For credit requirements, AmeriSave needs a minimum 620 FICO score with a 640 minimum for Jumbo loans. Rocket Mortgage requires a 580 FICO minimum across the board. So Rocket Mortgage may be a better option for those will less-than-perfect credit.
When it comes to debt-to-income ratios, AmeriSave allows up to 50% while Rocket Mortgage goes up to 55% DTI. Rocket Mortgage is also more flexible on credit history length, allowing those with only 3 months of history to qualify.
For loan amounts, AmeriSave caps loans at $3 million while Rocket Mortgage goes up to $15 million. Rocket also offers physician and business loans AmeriSave does not carry.
Overall, qualification criteria is broadly similar between lenders but Rocket does have greater flexibility on credit and income requirements.
Also Read: Comparison Between Lendio And Fundera
- Turnaround Time
How quickly can you close on your mortgage with AmeriSave versus Rocket Mortgage?
AmeriSave advertises a 16 day turnaround between application and closing for purchase mortgages and 18 days for refinances. However, some borrowers report the process taking 4-6 weeks in reality.
Rocket Mortgage touts an average home loan closing in as few as 8 days. Given their online systems and ability to underwrite in-house, they often live up to this rapid timeline.
For both lenders, timelines can vary depending on your scenario’s complexity. For example, if purchasing a home that needs appraisal, that adds to the timeline. VA loans generally take longer as well.
But Rocket Mortgage’s end-to-end digital process gives them an edge when it comes to fast approvals and closings. If speed is critical, they are hard to beat.
- Customer Support Experience
The level of customer service you receive can impact the lending experience. Do AmeriSave and Rocket provide helpful support?
AmeriSave offers customer support by phone and online chat. Their advisors are well-trained in the mortgage process. However, some borrowers say communication lags at times, especially for complex loans.
Rocket Mortgage provides 24/7 support by phone, chat, and social media. Their large service staff and digital focus results in rave customer service reviews. The ability to do almost everything online is also a plus.
Third-party review sites like Consumer Affairs give Rocket Mortgage consistently higher ratings for service. So for a white-glove, high-touch experience, Rocket seems to come out ahead.
- Making a Decision
Here are some key questions to help decide between AmeriSave and Rocket Mortgage:
- How quickly do you need to close? Rocket has the edge for fast turnarounds.
- What level of credit do you have? Rocket requires lower minimum scores.
- Do you prefer digital or personal service? AmeriSave offers more human support.
- Does customized lending matter? Rocket has more specialized loan options.
- Are low rates and fees the priority? Get multiple quotes for comparison.
For most borrowers, the decision between AmeriSave and Rocket Mortgage will come down to rate/fee comparison and the service model preferred. Be sure to get rate quotes from both lenders as early as possible in the home buying or refinance process. This allows time to evaluate the mortgage solutions each provides.
Also Read: Comparison Between Rocket Mortgage And Wells Fargo
Frequently Asked Questions (FAQs)
Yes, AmeriSave is a legitimate and reputable mortgage lender. They are an established company that has been providing home loans since 2011. AmeriSave is ranked as one of the top 10 mortgage lenders in America. They are accredited by the Better Business Bureau with an A+ rating. Overall, AmeriSave has a strong reputation in the lending industry.
Rocket Mortgage’s biggest competitor is United Wholesale Mortgage. Like Rocket, UWM specializes in wholesale mortgages originated by brokers. They are the 2nd largest wholesale lender behind Rocket but have been quickly gaining market share. In 2021, Rocket Mortgage held 32% of the wholesale market compared to UWM’s 18% share. But UWM saw their volume grow 56% compared to Rocket’s 4% growth. Other top wholesale lenders competing with Rocket Mortgage include Fairway Independent and Amerihome Mortgage.
There are a few reasons why Rocket Mortgage may not be the right lender for some home buyers:
Rates not always as competitive as smaller lenders, Large loan volumes can mean delays during busy times, Seen as impersonal since process is mainly online, Loan specialists may be less experienced than a local broker, Repeat issues with errors in loan documents, For buyers who want a more personalized, hands-on experience, working with a local mortgage broker may be preferable over Rocket’s digital process.
Overall, yes AmeriSave is considered a good mortgage company. They have been helping homeowners nationwide get competitive rates and a smooth lending experience since 2011. AmeriSave has positive customer ratings thanks to their low rates, variety of loan options, and knowledgeable advisors. Their fully online process also appeals to today’s digital borrowers. Downsides are AmeriSave provides less personalized service compared to using a local broker. But for those who value fast and easy access to home financing, AmeriSave is a solid choice.
Also Read: Choose Between Mr. Cooper And Rocket Mortgage.
The Bottom Line
When weighing AmeriSave versus Rocket Mortgage, consider your priorities in terms of timeline, service model, and loan qualifications. AmeriSave offers the human touch of mortgage advisors while Rocket Mortgage provides ultra-fast digital closings.
Be sure to get rate quotes from both lenders, as pricing can vary. There is no one-size-fits all best mortgage company. But understanding the key strengths of AmeriSave and Rocket Mortgage helps borrowers determine the better fit.