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.
Not a verified partner
FHA, VA, USDA
Helpful Favorable Review
March 29th, 2023
Jersey City, NJ
This was the first mortgage rate that popped up and I am very happy that I picked them. Everybody was so helpful and explained the process well. They just made it easy to put everything together. The people at AmeriSave were very patient with things that I didn't understand. They took their time to explain everything very well and they're just overall friendly and very human.
Helpful Critical Review
February 8th, 2023
I have been trying to get my supplemental property tax paid through my impound account. I have sent several emails to research department and tax @ your mortgage online, I also called the customer service department. Everytime I called they give me the run around
Helpful Favorable Review
March 20th, 2023
Lake Luzerne, NY
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
November 12th, 2022
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!!!
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
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.
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.
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.
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:
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.
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).
AmeriSave and Quicken Loans both offer additional programs to assist homebuyers.
AmeriSave offers the following specialized programs:
Quicken Loans offer the following specialized programs:
Quicken Loans’ mortgage services are available nationwide. AmeriSave’s products and services are available in all states but New York.
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:
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:
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.
AmeriSave is the #1 company on BestCompany.com, and 89 percent of reviews are 4-star or 5-star.
AmeriSave is a direct mortgage lender, originating and servicing loans in-house.
Quicken Loans is a direct mortgage lender, originating and servicing loans through Rocket Mortgage.
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.
Quicken Loans can typically process and close on your loan within 30 to 50 days.
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.
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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