AmeriValue Home Equity Review
ConsumersAdvocate.org Rating: 7.1 / 10 (Very good)
AmeriValue is an online service that matches those looking for new mortgages and mortgage refinancing to a large network of local and national lenders. It operates as a free service and doesn't require login information. The process requires minimal information and can be completed quickly. The company can connect you to multiple financial institutions all with varying requirements so it can work with all different types of credit scores and economic situations.
AmeriValue's cash-out mortgage refinance product can be an alternative to a normal home equity loan. Where home equity loans are basically a second mortgage allowing you to convert equity into cash, a cash-out refinance replaces your existing mortgage with one that has better rates and perhaps a different term. The cash you receive with a cash-out refinance is also based on your home's equity but it is bundled into the renegotiated mortgage instead of being a second monthly mortgage payment.
|
AmeriValue's Mortgage Refinance Programs |
|
|
Fixed Rate Mortgages |
Adjustable Rate Mortgages |
|
FHA Loans |
VA Loans |
* AmeriValue also offers loans for new homes.
Qualification
AmeriValue does not itself list qualifications for mortgage refinance. They assess a client's particular situation and connect them to appropriate lenders.
Process
After logging on to AmeriValue's website, you will need the following information to begin your mortgage refinance:
- Property Type
- Estimated Credit Rating
- Zip Code
- Estimated Home Value
- 1st Mortgage Balance
- 1st Mortgage Interest
- Fixed or Adjustable
- Cash-Out Amount
- Bankruptcy/Foreclosure History
- Income Verification
- Late Payments-Yes/No
- Military Service-Yes/No
- Address
|
Other Information You Might Need |
|
|
Homeowners insurance |
Property tax bill |
|
Prior closing documents |
Latest payroll stubs |
|
W-2 forms |
Most recent bank statements |
Rates
AmeriValue's rates are entirely dependent on the lender to which you are connected.
AmeriValue-Final Thoughts
AmeriValue is a good choice for mortgage refinance borrowers because of their flexible access to lenders and low repayment terms. If you are considering a home equity loan, you might want to take a second to see if a cash-out refinance is a more attractive option. You'll get money to use for whatever you want all the same, but you also could end up getting a better deal on your mortgage and lower monthly payments.