Rocket Mortgage vs. AmeriSave:
Which One Is Best?

Rocket Mortgage vs. AmeriSave: An In-Depth Lender Comparison

Rocket Mortgage and AmeriSave are two of the leading lenders in the market today. Each offers a wide array of loan products and both have a strong online presence. Additionally, both lenders provide excellent customer support and user-friendly digital tools, ensuring a hassle-free and convenient loan application process.

However, each lender has unique features that can make one a better fit for your specific needs. In this section, we'll delve into an in-depth comparison based on the loan application process, loan types and customer support.

Company Overview

Rocket Mortgage

Headquartered in Detroit Michigan, Rocket Mortgage is now the largest mortgage lender in the country. In 2022, the lender originated over 464,000 loans worth $127.58 billion.

Formerly known as Quicken Loans, the company changed its name to Rocket Mortgage LLC in July 2021 to better reflect its core business, which looks to simplify home financing using innovative technology.

Rocket Mortgage is renowned for its fast and easy completely digital mortgage application process. With its competitive mortgage rates, award-winning customer service, and innovative loan programs, Rocket Mortgage continues to be a top choice for borrowers across the country.

AmeriSave

Based in Atlanta, Georgia, AmeriSave is a direct-to-consumer mortgage lender founded in 2002. The company is now a major player in the mortgage industry, funding over $115 billion in mortgage loans to date.

With licenses in the District of Columbia and in 49 states (excluding only New York), AmeriSave offers a wide range of loan products, including conventional mortgages, jumbo loans, and government-backed loans.

As one of the pioneers of a fully digital mortgage experience, AmeriSave has invested heavily in proprietary technology to provide borrowers with a seamless mortgage application process that significantly reduces costs.

The lender is well-known for its competitive pricing backed by its $500 Rate Match Guarantee. AmeriSave is committed to delivering exceptional customer service and affordable mortgage solutions to its borrowers.

Loan Process

Rocket Mortgage

To begin your loan process with Rocket Mortgage, simply visit their website or use their mobile app and indicate whether you're purchasing a home or refinancing. Create an account by providing basic information such as your name, email and password, and confirm your account through email.

To proceed to a pre-approval, you’ll need to provide your social security number and answer a series of questions regarding your homebuying goals, assets, and other personal information. Based on your answers and credit data, the platform will show you various loan options. You can customize your loan by adjusting the loan term or interest rate.

One of the unique features of Rocket Mortgage is its ability to automatically retrieve your financial information from various financial institutions, including assets and investment account statements. Additionally, it can import your income and employment information if you're currently employed. However, additional documentation such as tax returns and a list of assets and debts may still be required.

The system will then automatically underwrite your loan and provide an approval letter. At this point, you can lock your interest rate for up to 90 days with Rocket’s RateShield program without a purchase agreement, giving you time to find your ideal home.

When you've found the home you want and made an offer, you can complete the full loan application process. Check the provided "to-do list" to submit or e-sign your documents. You can track the loan process, schedule your closing date and manage your mortgage payments through their online dashboard, making it a well-designed, streamlined, and user-friendly mortgage application process.

AmeriSave

AmeriSave provides an easy-to-use website with valuable educational information and a straightforward digital application process. To start the pre-qualification process, you'll need to answer a few personal and financial questions and agree to a soft credit inquiry. Prequalification will give you the current rate, loan options, and an estimate of what you can afford.

To proceed, submit an online loan application and authorize a hard credit check. The lender might request pre-approval documents such as pay stubs and bank statements.

AmeriSave's online portal lets you upload any necessary documents. After a thorough review of your finances and credit, they provide a Certified Approval and a 90-day interest rate lock as you shop for a home.

With a certified approval and locked mortgage rate, you can confidently estimate your monthly payments for any home you're considering buying. AmeriSave offers a $1,500 Certified Closing Promise if your loan doesn't close through no fault of your own.

Following underwriting, you can either e-sign your documents or schedule an in-person closing, depending on your location. The lender closes loans in an average of 25 days.

Loan Types

Rocket Mortgage

Rocket Mortgage provides a comprehensive range of purchase and refinance loan options including fixed-rate mortgages with 30-year or 15-year terms. Similarly, the lender offers adjustable-rate mortgages (ARMs) that have a fixed rate for either 7 or 10 years before the rate adjusts every six months.

Government-backed loans such as FHA and VA loans are also available excluding USDA loans. For borrowers looking for mortgages above the conforming loan limits, Rocket Mortgage offers jumbo loans of up to $2.5 million. Additionally, the lender has home equity loans that allow homeowners to leverage their equity.

If you are looking to personalize your loan term to match your financial objectives and budget, Rocket Mortgage provides YOURgage mortgage that allows you to choose a loan term ranging from 8 to 29 years.

The lender features first-time homebuyer assistance programs like their Purchase Plus program which provides up to $7,500 in lender credits for first-time home buyers in underserved communities. They also offer the BorrowSmart Access program, providing a $3,000 credit for first-time homebuyers to use towards a down payment.

AmeriSave

AmeriSave offers a wide range of loan options, including home purchase loans, rate and term, and cash-out refinances. They provide both conforming and jumbo loans, along with government-backed loans like FHA, USDA, and VA loans.

This lender offers fixed-rate mortgages with 15- and 30-year terms, as well as less common terms like 10, 20, and 25 years. Their adjustable-rate mortgages include popular options like 5/1, 7/1, and 10/1. This means your rate will be fixed for 5, 7, or 10 years before adjusting after every year. AmeriSave also offers a home equity line of credit (HELOC) and jumbo loans of up to $1.5 million.

Customer Support

Rocket Mortgage

Rocket Mortgage has been recognized for its exceptional customer service, ranking first in client satisfaction for primary mortgage origination in the United States by J.D. Power for 12 consecutive years.

They offer 24/7 customer support through online chat, email, and phone. Additionally, Rocket Mortgage's website provides an extensive knowledge base and resource center to help borrowers navigate the mortgage process.

AmeriSave

AmeriSave offers customer support by phone and email. Their customer service team is available from 8 a.m. to 8 p.m. ET on weekdays, providing personalized support and guidance to borrowers throughout the mortgage application process.

In addition, AmeriSave’s website provides a comprehensive knowledge center and access to helpful resources such as mortgage calculators and educational articles.

Conclusion

Overall, both Rocket Mortgage and AmeriSave offer a range of mortgage options with competitive rates and convenient online application processes.

Rocket Mortgage is also a great option for borrowers looking for a home equity loan. Its technology-driven approach and flexible YOURgage option make it a good choice for those who value a streamlined experience and personalized loan terms.

On the other hand, AmeriSave may be a better fit if you’re in for a USDA loan, a flexible home equity line of credit, and fast closings with a locked-in rate. Ultimately, the best choice between these lenders will depend on individual needs and preferences.