When buying or refinancing a home, it’s essential to work with a lender that you can trust. In doing so, you stand to benefit from mortgage terms that are best suited to your financial needs.
With the help of an online mortgage aggregator like AmeriValue, you’ll be on your way to getting a great mortgage in no time.
Table of Contents:
- How Does AmeriValue Work?
- Mortgage Options
- Pros & Cons
How Does AmeriValue Work?
As an online mortgage aggregator, AmeriValue helps users to connect with different mortgage lenders so that they can find the best possible loan.
The process of finding a loan with AmeriValue can vary depending on the specific type of loan that you want. Overall, it’s a great way to compare different loan rates as you shop around for home loans.
By using AmeriValues’ simple online application form, you can quickly and easily start to get loan offers by email. This questionnaire-like form requires minimal information, and that makes it relatively hassle-free when compared to some loan applications. Once your application is complete, all that’s left is to sift through the loan options that you receive until you find one that’s right for you.
AmeriValue can connect users with as many as five different loan originators. It’s an excellent way to compare loan terms from competing lenders so that you can see what kind of options you have.
AmeriValue Mortgage Options
AmeriValue works to connect its users with lenders who provide a variety of common loan types. These include conventional, FHA, and VA loans.
It’s important to note that the loan options available through AmeriValue are not extremely varied when compared to similar lending services. If you’re searching for a specific loan type that is not very common, this company may not be able to help you with finding a lender who offers it.
Listed below are some of the most popular mortgage options that AmeriValue can offer.
This loan type is becoming increasingly popular thanks to the fact that it offers low rates and flexible guidelines. The government does not back these loans in any way, and they are especially convenient for first-time borrowers.
If you have a satisfactory credit score and can make a down payment, you should qualify for a conventional loan.
If you already have a mortgage, that doesn’t necessarily mean that you must continue paying it back according to your current payment plan and interest rate.
Refinancing is a great way to alter your existing mortgage so that you can reap benefits such as lower monthly payments and better interest rates.
As the name suggests, FHA loans are given out by the Federal Housing Administration. These loans are ideal for low-income and moderate-income borrowers, and you can even get approved for a mortgage with a credit score as low as 500.
While having a low credit score will require a bigger down payment, it’s still an excellent option for somebody who would like to take out a mortgage even though their financial history is less than perfect.
If you are a veteran, active military member, or a surviving spouse of a veteran, VA loans offer unique borrowing terms that are a bit more advantageous than your standard mortgage.
For more detailed information on this type of loan, be sure to visit the U.S. Department of Veteran Affairs’ website.
AmeriValue Mortgage Qualifications
When asking what qualifications are necessary to find a loan through AmeriValue, it’s important to keep in mind that AmeriValue’s function is to connect lenders and potential homeowners. As such, it is a bit complicated, to sum up, the necessary qualifications for AmeriValue since the requirements differ based on the lender and loan type. Still, there is some basic information that you can use as a benchmark for determining your eligibility for a given kind of loan.
First off, the minimum credit score needed to qualify for an FHA loan is 580. The government regulates this credit score standard, so you won’t have any luck trying to get an FHA loan if your credit score is lower than that. Furthermore, many lenders ask for an even higher credit score of 620 for the most common loan types.
After you’ve decided on a lender and loan from the options that AmeriValue has sent to you, you should be prepared to supply some basic information and documentation. The required documentation usually includes vital personal information, such as your birthday, income, financial history, and other such details. You may also need to provide pay stubs and tax documentation from the past year or two to verify the status of your financial situation.
For exact details on mortgage qualifications or the loan application process, you’ll have to communicate directly with your potential lender. AmeriValue is a great way to get connected, but from there, you’ll have to undergo the application process according to the standards and regulations that your lender has set.
Pros and Cons
One huge advantage that AmeriValue boasts is that you can use it free of charge. From that point of view, it’s a great deal for anyone who’s looking to find the best loan for buying a new home or refinancing their current home. All you must do is quickly complete the online application, and AmeriValue will send you loan options based on the information that you provided.
AmeriValue helps connect potential homebuyers with some of the most commonly sought-after loan types. While this is great for most users, it may not be ideal for somebody looking for a particular kind of loan. Fortunately, the online form is very user-friendly, and it takes only a little time to complete.
AmeriValue is helpful, but only up to a certain point. Once you’ve completed the form and received a list of potential lenders and loans, everything else that follows is strictly between you and the lender. At this point, the job of AmeriValue.com is complete as they are neither a lender nor a mortgage brokerage. They serve only as a conduit to connect borrowers and lenders.