AmeriSave Mortgage vs Quicken Loans
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.
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.
Overview
AmeriSave Mortgage
3%
620
FHA, VA, USDA
25 Days
22 Years
Quicken Loans
3%
620
FHA, VA
30–50 Days
39 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
Rhonda Hauck
January 23rd, 2024
Everett, WA
Great service, very professional and courteous. Treated me respectfully plus the ease of the paperwork and knowledge of representative was all very helpful and made this transaction painless. I would not hesitate to use AmeriSave Mortgage again. Rhonda H
Helpful Critical Review
Kirawen
October 18th, 2023
DETAILS
Verified Customer
Review Source
Our loan originator was amazing, but the rest of the process and the rest of the people we worked with were awful. Specifically working with Clayton H was awful. He was rude, unprofessional, and not helpful, especially after talking with our friends who had gone through different companies and their loan processors were there to support them and not shame them and blame them for not having documents.
Reviews for Quicken Loans
Helpful Favorable Review
JUDY PARSONS
March 20th, 2023
Lake Luzerne, NY
DETAILS
Bryan and Anthony from Michigan were wonderful and so helpful through the whole progress. I was amazed at how quickly and easy to apply with Rocket Mortgage. They are skilled and very knowledgeable. They always called back on my messages with questions and concerns that I had and they addressed them. They were so professional and very friendly. I felt like I could trust them from the first phone conversation. Amazing from the beginning.
Helpful Critical Review
Julita Varner
November 12th, 2022
Sylvania, OH
DETAILS
HORRIBLE! Quicken Loans screwed up EVERYTHING! The most egregious issue is they collected funds that were to be held in escrow for taxes but failed to pay the taxes. I found out when I received a notice of delinquency and that's when Quicken told me they reduced my closing costs and I was supposed to pay my taxes directly. They said "sorry" for NOT telling me this and for having to increase my monthly payments by $257 to make up the shortage. Fortunately, I can shift some things to make the payment but what if, like many people, I couldn't afford it? Absolutely SHAMEFUL!!!
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.
