Amerivalue mortgage review
Complete a questionnaire for quotes from multiple lenders.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 types||Purchase, Refinance, Jumbo, Home Equity, Fixed, Adjustable, VA|
|Minimum down payment||3%|
You pay nothing in fees to use the Amerivalue website.
Should you choose a lender, the fees vary depending on your loan, financial situation and the lender. And you’ll only know the cost after you apply and compare lenders’ offers.
- Quotes from multiple lenders.
- No hard pull.
- Potential phone call and email spam.
- No visual comparison.
- High credit score requirements.
- Fees unknown until you apply.
Nine complaints and four reviews stand on the BBB website and revolve around getting spam email from the company. This is common when marketplaces share your info with multiple lenders.
What types of loans does Amerivalue offer?Amerivalue can connect you with several different mortgage types, including:
The most common mortgage type, conventional mortgages generally range in length from 15 to 30 years, and may be available with a fixed or adjustable interest rate.
VA loans are available to qualifying veterans, military service members and select military spouses and can get you into a home with $0 down.
A jumbo loan is any loan too big to be bought out by government lenders Fannie Mae and Freddie Mac. As of 2020, in most counties any loan over $510,400 is considered a jumbo loan.
Other loan types
- Refinance. Refinance your current mortgage to get a better interest rate or change your loan term.
- Home equity. Tap into the equity you’ve built up in your home.
Amerivalue doesn’t charge any fees, but any lender you’re matched with through the site likely will. Closing 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
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 that you’ll likely qualify with.
DocumentationAmerivalue requires no personal documentation to give you quotes. 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
Pros and cons of Amerivalue
- Quotes from multiple lenders. You can get quotes from up to five lenders, saving you time from applying on your own.
- No hard pull. You can get a quote without using your Social Security number, so there’s no hard pull on your credit.
- Potential phone call and email spam. Customers report that they received phone calls and email spam from the company’s owner, LeadPoint.
- No visual comparison. After you give Amerivalue your information, you have to just sit back and wait for lenders to contact you, and then compare them on your own. There’s no central hub where you can see all lenders, compare lender reviews or see all of 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.
- Fees unknown until you apply. Once you fill out the questionnaire and get your quotes, then you’ll find out the fees you’ll pay on your mortgage.
How to get a home loan with Amerivalue
To get quotes:
- Visit the Amerivalue website.
- Select a mortgage loan or a refinancing loan.
- Choose property type and what kind of property are you looking to buy — primary or investment property.
- Provide information about the cost of the property and your down payment.
- Answer financial questions about your credit score and financial history.
- Enter your full name and contact information.
- Receive mortgage loan quotes from lenders.
What is Amerivalue?Amerivalue isn’t a direct lender. Instead, connects potential homebuyers with lenders, and by submitting your phone number and email, you’re giving consent to receive marketing calls and emails.
Its parent company, LeadPoint, has an A+ rating with the BBB, but only one out of five stars — although with only four reviews, it’s hard to say how customers feel.
But the site has had several legal issues since 2008. Its license was revoked in Indiana, it allegedly operated without a license and was fined in New Hampshire and it allegedly sold customer leads to advertisers that were not licensed as deposit originators in California.
Frequently asked questions
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
Amerivalue is best for borrowers with good credit looking to easily compare loan options from multiple lenders. But because it’s a marketplace, expect marketing phone calls, mailers and emails after you apply. And it doesn’t work with lenders that offer government-backed loans, so low-income borrowers won’t have luck with this service.