AmeriSave Mortgage vs Quicken Loans

Kalicia Bateman
Kalicia Bateman | Contributor

AmeriSave Mortgage and Quicken Loans are both top mortgage lenders in the industry, offering online application processes and a variety of loan types.

AmeriSave and Quicken Loans set themselves apart from one another in different ways, such as clout in the industry, specialized mortgage programs, and customer sentiment.

Jump down to read a detailed analysis of both companies or helpful FAQs.

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Attention: Quicken Loans changed its name to Rocket Mortgage.

QuickenLoans.com remains operational, but you will be redirected to Rocket Mortgage to apply for a loan.

AmeriSave Mortgage logo verified_user
#1 AmeriSave Mortgage
9.9 Overall Score
4.6
star star star star star_half
(1,728)
Quicken Loans logo verified_user
#4 Quicken Loans
8.3 Overall Score
4.1
star star star star star_border
(584)

Overview

AmeriSave Mortgage

Minimum Down Payment

3%

Minimum Credit Score

620

Government-Insured Loan Types

FHA, VA, USDA

Average Time to Closing

25 Days

Time in Business

20 Years

Quicken Loans

3%

620

FHA, VA

30–50 Days

37 Years

Ratings

AmeriSave Mortgage

Overall Score
9.9 of 10
Review Score
4.6
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Value for Money
4.6
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Quality of Product or Service
4.6
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Company Trustworthiness
4.6
star star star star star_half
Likely to Recommend
8.6 of 10

Quicken Loans

8.3 of 10
4.1
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4.0
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4.0
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3.9
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7.2 of 10

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

Number of Reviews
1,728
Review Breakdown
4.6
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5 star
79%
4 star
12%
3 star
2%
2 star
1%
1 star
6%

Quicken Loans

584
4.1
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5 star
67%
4 star
7%
3 star
6%
2 star
3%
1 star
16%

Reviews for AmeriSave Mortgage

Helpful Favorable Review

star star star star star

Judy

September 27th, 2022

DETAILS

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Verified Customer

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Review Source

I searched for the top mortgage companies and this is one that came up. I'm glad I pick them because they were able to help me with what I needed. It was a fairly quick turn around and they gave me what they had quoted in the first comment. Every time I asedk a question, they answered and kept me in the loop on what was going on with the process of my mortgage refinance. Everyone was very helpful.

Helpful Critical Review

star star star_border star_border star_border

Darrell Burke

July 28th, 2022

DETAILS

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Verified Customer

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Review Source

We used AmeriSave twice for refinancing...our 2nd home and then our initial home. Each refi took 6 months...6 MONTHS! And why? We don't know but once we were assigned Jessica G, our refi moved to close in just 2 weeks. I don't know what's going on at the Atlanta office, but we will never use AmeriSave again.

Reviews for Quicken Loans

Helpful Favorable Review

star star star star star

Wendel Hamrick

September 7th, 2022

DETAILS

Our experience with Rocket was more than anticipated. Everything they said they could and would do went as expected. Communication with all departments was superb especially in a time that customer service is mediocre at best. They were all friendly and informative. Very timely and efficient in all phases. I would definitely Recommend Rocket Mortgage and hope to use them in the future.

Helpful Critical Review

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Danielle Lessard, Ph.D.

September 27th, 2022

Worst experience buying a home. My file was switched between three mortgage bankers and all gave me completely different stories and rates. Prices changed weekly all the way to closing. The bankers did not know what they were doing and each time my file was moved I had to explain to them what was going on with my file the last I knew. I had to provide them with everything but a dna sample. One day everything was good and the next they couldn't do the deal. I was on pins and needles for over 45 days. I will never ever use this company again and I dont recommend anyone else use them either.

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:

  AmeriSave Mortgage Quicken Loans
Loan Types
  • Fixed Rate Loan
  • Adjustable Rate Mortgage (ARM) Loan
  • FHA Loan
  • VA Loan
  • USDA Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage (ARM) Loan
  • FHA Loan
  • VA Loan
  • Jumbo Loan

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

Top Choice

AmeriSave Mortgage Logo
AmeriSave Mortgage

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.

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