Amerivalue mortgage review
Get quotes from multiple lenders, but you may be inviting spam.Amerivalue is a matching service that connects potential home buyers and mortgage lenders. But some customers have complained of multiple unwanted calls and emails after filling out the questionnaire.
|Loan products offered||Conventional, Jumbo, Home Equity/HELOC, Refinance|
|Minimum credit score||680|
|Minimum down payment (Conventional)||3%|
|State availability||AL, AR, AZ, CA, DC, DE, FL, IA, IL, LA, MD, ME, MI, MN, MS, ND, NE, NH, NM, NY, OK, OR, PA, SD, TN, TX, VA, VT, WA, WV, WY|
To get a quote, you need to have a credit score of 680 or higher. If you do, fill out a questionnaire to get offers from lenders with which you’ll likely qualify. The lender you choose will run a credit check as part of your application process, so be as accurate as possible when filling out the questionnaire to get the best offers available to you.
Amerivalue requires no personal documentation to give you quotes, but ultimately your lenders will. If you decide to apply for one of the loans offered to you, you may need:
- Credit history
- Bank statements
- Renting history
- Credit history
- Bank statements
- Renting history
Costs and fees
Amerivalue doesn’t charge any fees, but any lender you’re matched with through the site likely will. Fees and costs generally range from 2% to 5% of the home’s price and can include:
- Application fee.
- Origination fee.
- Rate lock fee.
- Underwriting fee.
- Ongoing fees.
- Third-party fees.
How to compare mortgage rates with Amerivalue
To get quotes from multiple lenders, you only need to visit the Amerivalue website. The front page starts with the first question in the questionnaire.
- Visit the Amerivalue website and select either Refinance or Purchase Home.
- Answer questions about the property you want to purchase or refinance.
- Provide information about the cost of the property and your down payment.
- Answer a few general financial questions.
- Enter your full name and contact information.
- Receive an email containing lender matches that best suit your financial needs.
What types of mortgages can I get through Amerivalue?
Other mortgage product quotes offered through Amerivalue
While these products aren’t available through Amerivalue, you can get offers from other lenders for the following:
- Refinance. Depending on the lender, you can refinance your current mortgage to get a better interest rate, remove your private mortgage insurance or change your loan terms.
- Home equity. Tap into the equity you’ve built up in your home for needs like home improvements or to pay off other debts.
How Amerivalue’s mortgage service compares to its competitors
Amerivalue’s mortgage marketplace can save you time in your search for a lender by having banks send their offers to you. But it falls a little short when compared to its competitors. While other marketplaces work with top lenders and have lists of over 1,500 to choose from, Amerivalue’s service only presents your financial details to a network of under 200.
The Amerivalue network is also limited to 31 states, where competing marketplaces can offer loans to borrowers nationwide.
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Amerivalue reviews and complaints
Amerivalue has very few online reviews. But LeadPoint, the company that owns Amerivalue, is rated C- by the Better Business Bureau (BBB). The company is not accredited with the BBB and has been given 1 out of 5 stars by eight customers. These customers complained mostly about getting spam emails from Amerivalue. This is common when marketplaces share your info with multiple lenders.
Considering that there aren’t many reviews for this company and that most of the negative reviews complained about receiving spam emails, tread lightly. There are other comparable and more highly-rated companies that provide similar services, like LendingTree and Credible.
Amerivalue pros and cons
Amerivalue has a simple interface that offers some benefits. But its simplicity leaves so much unknown that it may send you looking for an alternative.
- Quotes from multiple lenders. Get quotes from up to five lenders at once, saving you time from applying to each one individually.
- No hard pull. Get lender quotes without using your Social Security number, so there’s no hard pull on your credit.
- Potential spam. Customers report that they received phone calls and email spam from the company’s owner, LeadPoint.
- No visual comparison. Unlike other lender marketplaces, there’s no central hub where you can see all lenders, compare lender reviews or check the interest rates you’re eligible for.
- High credit-score requirements. To get a quote, you need to have a credit score of 680 or higher. To compare, many lenders require a credit score of 620 for most loan products.
- Fees and rates unknown. Each lender has a different qualification process, and you may not know your true fees and rates until well after you apply or go through the lender’s prequalification process.
What is Amerivalue?
Amerivalue isn’t a direct lender. Instead, the company connects potential homebuyers with lenders from the SecureRights network, which works with almost 200 lenders. But submitting your phone number and email gives your consent to receive marketing alerts.
LeadPoint, Inc, the site’s parent company, has had several legal issues since 2008. Its license was revoked in Indiana, and it allegedly sold customer leads to advertisers that were not licensed as deposit originators in California.
In 2011, LeadPoint paid $20,000 in fines in New Hampshire for brokering mortgages without a license. And in 2020, the company had to pay a $10,000 fine for acting as a lead generator in Connecticut without a proper license.
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
If you have good credit and live in one of the states where Amerivalue’s network is licensed, this marketplace can save you some time by having lenders bring their offers to you. But the offers you get come from a limited lender pool, and you can expect marketing phone calls, mailers and emails after you apply. If you’re interested in using a marketplace that protects you from spam, you may want to consider a different service provider.