If you’re looking for a highly affordable and flexible mortgage lender, you should consider Ameris Bank. Ameris bank mortgage is perfect for first-time homebuyers.
This mortgage bank is ideal for your patronage if you are a borrower with little or no credit score.
Nevertheless, Ameris bank is one of the best regarding mortgages and provides excellent rates to its customers. Additionally, Ameris has a policy regarding down payment assistance grants.
Ameris bank mortgage accepts these modes of payment and offers assistance to people, but it only applies to some states. This is one of the services it provides as a mortgage banker.
Meanwhile, this article will cover reviews about the Ameris bank mortgage, payment, rates, and other things you should know.
Table of contents
- What is Ameris Bank Mortgage?
- How Does Ameris Bank Mortgage Work?
- Ameris Bank Mortgage Reviews: Interest Rates & Plans
- What Are The Mortgage Plans Available at Ameris Bank?
- What Are The Mortgage Loan Requirements For Ameris Bank?
- How Can I Apply For The Ameris Bank Mortgage?
- Can You Combine Ameris Bank Mortgage With Other Loan Programs?
- Is Ameris Bank Mortgage Legit Or a Scam?
- Other Similar Loan Mortgages Like Ameris Bank
- Frequently Asked Questions
What is Ameris Bank Mortgage?
Ameris bank offers mortgage services and lends persons or organizations funds. Thus, it proffers solutions to their financial needs.
This company provides in-house loan underwriting, funding, and closing. In addition, Ameris bank offers distinct ranges of mortgages, with outstanding loans, which include jumbo loans, rate lock loans (extended), rehab and construction loans, and loans for medical professions.
Interestingly, there have been excellent reviews about Ameris bank’s mortgage from almost every customer and review platform. So, this mortgage firm is the best loan option for anyone.
Read Also: How To Get A 40-Year Mortgage In 2023 | Full Guide
How Does Ameris Bank Mortgage Work?
To secure a mortgage with Ameris bank, you must search the lender’s website to find a loan officer in your area. After that, you have the option to begin the process either over the phone or online.
Moreover, you can visit any of the bank’s physical locations in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, or Virginia if you submit your application in person instead of online.
Meanwhile, mortgage loans are available from Ameris bank in 46 states and the District of Columbia. However, borrowers in the states of Alaska, Hawaii, Maine, and New York are not eligible for this option.
Furthermore, Ameris bank offers a broad range of mortgage products, including conforming, FHA, VA, USDA, and jumbo mortgages, in addition to more specialized offerings. It also provides mortgages for medical professionals in addition to construction and construction-to-permanent loans, rehabilitation loans, and construction loans.
Borrowers who are self-employed and need to show their income by using bank statements may find that this company’s Bank Statement Advantage program is a good solution.
Again, borrowers who have been through a “housing event” owing to financial difficulties, such as a foreclosure or short sale, are eligible for the company’s Recent Housing Event mortgage product.
The Ameris Dream mortgage is designed for first-time buyers who meet specific standards regarding their income and location. It enables up to 100 percent financing with no need for mortgage insurance.
In addition, Ameris bank mortgage provides a subsidy for a down payment of up to $12,500. If you remain a homeowner for at least five years after receiving the grant, any remaining balance on the second mortgage will be forgiven entirely.
On some of its loans, Ameris bank will consider applications from borrowers with non-traditional credit even if they have little or no credit history.
In place of a typical credit score, the lender may determine if you are creditworthy based on your history of rent payments or by analyzing your cash flow using the information from your bank statements.
Ameris Bank Mortgage Reviews: Interest Rates & Plans
Whether you want to refinance or are a first-time homebuyer, Ameris bank has mortgage products suitable for your needs. They’re also committed to making the procedure straightforward.
Further, it offers funding, “in-house” underwriting, closing, and appraisers aligning with your community’s home values, allowing timely processing and closing.
This section will cover customer reviews (from Zillow) about the Ameris bank mortgage, its interest rates, plans, pros & cons, etc.
“Whether you are a first-time homebuyer or ready to refinance, we have mortgage products designed to meet your needs, and we are dedicated to keeping the process as simple as possible. Our “in-house” underwriting, funding, closing, and appraisers familiar with home values in your community, allow for timely processing and closing.” – Tatiana Martinez from Buford, GA.
“This is by far the best mortgage company I’ve worked with. Marc and his team were great; they were fast, efficient, and professional, provided alternatives, and the communication channels were always open regardless of the time of day. I could not have asked for a better experience. Will be using him for a future purchase.” – joburke10 from Suwanee, GA
“Let me say Marc runs a crack squad over at Ameris. This guy is the GUY you want on your team. He is ready to answer all your questions whenever and wherever you need him. If you’re looking to get a loan, this guy will be on the ball, absolutely blitzing through the process like a fighter jet weaving a canyon.
His team was comprehensive and organized; they were ready with all the paperwork we needed when we needed it. We got to sit back and relax, waiting for paperwork to float. Extremely personable and professional. One-of-a-kind lending experience. Coffee is for closers, and Marc and his team get the coffee. Thanks for all the assistance Marc!” – Landon Ballard from Woodstock, GA
- Offers different mortgage types.
- The Ameris Edge jumbo loan accepts down payments as low as 5%
- It receives non-traditional credit from borrowers with or without limited credit.
- The Ameris Down Payment Grant program provides up to $12,500 for qualified first-time homebuyers.
- Ameris bank has physical locations in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, and Virginia.
- It does not lend in Alaska, Hawaii, Maine, or New York.
- Ameris doesn’t have rate transparency.
See Also: Guardian Mortgage Review 2023: Interest Rates & Plans
For information about its mortgage payment, rates, reviews/testimonials, servicing, etc., visit the Ameris bank website at ameris.com.
For all servicing inquiries, call Ameris bank at 855-249-8131 between 9:00 a.m.- 6:00 p.m. (ET), Monday – Friday.
Again, for construction loans, call Ameris bank at 888-596-2435 between 8:00 a.m.- 5:00 p.m. (ET), Monday – Friday.
Cost And Fees
Although it is not listed on the Ameris Bank website, you can pay between 2% to 5% of your home’s total price as fees. This includes origination, application, and third-party payments.
What Interest Rates Does Ameris Bank Mortgage Offer?
On its website, Ameris bank only provides a little information regarding its various costs and interest rates. Meanwhile, the majority of lending institutions impose an origination fee.
These costs typically range from 0.5 to 1 percent of the loan amount. When you get a new loan, the rates of fees charged by the lender are just one component of the entire closing costs you’ll have to pay.
Other expenditures associated with closing include prepaid products such as homeowner’s insurance premiums and service fees charged by third parties. The amount paid at closing might range from 2% to 5% of the total loan amount.
After submitting your application, Ameris bank will provide you with a Loan Estimate that outlines the associated fees in further detail. Further, Ameris bank assists with closing mortgage expenses through programs like the Ameris Down Payment Grant.
This program gives eligible borrowers up to 4% of the purchase price as a grant that can be applied toward a down payment and closing charges. So, talk to your loan consultant to find out more information about down payment help programs and determine whether you are eligible.
Check Out: Dave Ramsey Mortgage Review 2023: Interest Rates, Plans, Calculator
What Are The Mortgage Plans Available at Ameris Bank?
You can get the following mortgages through Ameris bank:
In addition, Ameris bank accepts refinance applications and provides the mortgage plans outlined below:
This refers to taking out a new loan to reduce your overall interest rate, consolidating your existing debt, or paying off current obligations.
Lending options for medical professionals:
This includes doctors, physician assistants, dentists, chiropractors, pharmacists, and more. Again, it covers funding of up to one hundred percent. And there is no requirement for a PMI.
Loans for construction and renovation:
This set of loans allows you to finance the construction of a new home on your land by obtaining two loans with only one application.
Extended-rate lock loans:
These allow you to lock in your interest rate for up to three months. Mortgages with fixed rates and conforming, FHA, and VA eligibility are all available.
What Are The Mortgage Loan Requirements For Ameris Bank?
The primary mortgage loan requirements for Ameris Bank include:
- An employment history of two years.
- Residency in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, or Virginia.
- No bankruptcy history for at least two years.
- A FICO credit score of 620 or greater.
To know whether or not you meet the mortgage requirements for Ameris Bank, contact the bank to speak with a loan officer. Otherwise, visit the branch or choose a loan officer from the website and apply from the loan officer’s webpage.
Although each situation differs, below is the major documentation you’ll require to apply for an Ameris Bank mortgage.
- Personal identification.
- Bank statements from the last two months.
- Income verification for the past 30 days.
- Employment verification contact information.
- Your completed W-2s and tax returns from the past two years.
- Other insurance and property documentation as applicable to you.
How Can I Apply For The Ameris Bank Mortgage?
Firstly, find yourself a loan officer. Then visit the Ameris bank website and select “Mortgage Programs.”
Afterward, pick “Apply Now,” and you will be prompted to look for a mortgage banker to work with. Choose the “Contact” option, then dial the bank’s number to speak with a loan officer.
Secondly, you can apply online by going to the loan officer’s website and selecting the “Apply Now” button. Afterward, follow the prompts that appear.
Can You Combine Ameris Bank Mortgage With Other Loan Programs?
This depends on your personal choice. As a result, you can accrue higher interest overall depending on how you consolidate your loans.
For instance, you can pay more in total interest if you take up a new loan with lower monthly payments but a longer repayment term and a higher interest rate.
So, ensure that the process of consolidation results in cost savings for you. And that the upfront fees for debt consolidation services will not hurt your ability to make timely payments.
Read More: Member First Mortgage Review 2023: Plans, Interest rate
Is Ameris Bank Mortgage Legit Or a Scam?
The Better Business Bureau has assigned Ameris Bank a C rating. This is because the organization has been the subject of three customer complaints in the past three years, two unanswered and one dismissed without explanation.
Meanwhile, the BBB evaluates a company’s trustworthiness based on how it handles consumer complaints, is truthful in its advertising, and is open about its business processes. Thus, Ameris bank hasn’t been involved in any recent public scandals.
But based on 854 online customer evaluations, Ameris bank has a 4.95 out of 5-star rating on its Zillow lender page.
Other Similar Loan Mortgages Like Ameris Bank
You can also find loan mortgages like Ameris bank. Look at them below!
Guild Mortgage is like Ameris bank in that it receives non-traditional credit (such as utility payments or on-time rent) from borrowers who lack a typical credit score through its Complete Rate program. Due to this perk and its simple online procedure, Guild Mortgage is an excellent lender for first-time homebuyers.
However, suppose you’re having trouble saving for a down payment. In that case, Ameris might be a better option because of its down payment grant and Ameris Dream mortgage, which allows qualified first-time homebuyers to put 0% down and pay no mortgage insurance.
Bank of America Mortgages
Ameris Bank and Bank of America have similar products for first-time purchasers who are short on funds. Bank of America provides up to $10,000 in down payment assistance and $7,500 in closing cost assistance.
Furthermore, Bank of America might be a suitable option for borrowers with problems qualifying through traditional methods because they have a limited credit history or not enough savings. You can also apply for its Community Affordable Loan Solution with non-traditional credit, and no closing costs or down payments are required.
It would be worthwhile to be preapproved with these two lenders as they are both affordable options for first-time homebuyers. However, if you want a greater selection of loan options, Ameris might be a better option overall.
Frequently Asked Questions
The lowest interest rates are frequently seen on VA loans. And the VA program, however, is only accessible to qualified service members and veterans. Generally, a conventional loan will have the lowest rates for non-VA buyers with good credit.
Ameris Bank has been around for 50 years and has over $20 billion in assets and 200+ branches. So you know it’s here to stay. The company has a long history, which means security for its clients and financiers.
Since acquiring the defunct bank of America branches, Ameris bank has seen its asset base grow to around $5.4 billion. Presently, Ameris bank operates 104 full-service branches and eight mortgage service centers in the Southeast.
Each day, you can withdraw $1,000 from an ATM.
The company’s policy is to have customer deposits available the next day. Deposits made via electronic direct deposit will be accessible the following business day.
Scheduled payments received Monday through Friday before the daily cutoff time will be handled the same business day. The daily cutoff time is at 4:00 p.m. Eastern time (3:00 p.m. Central). If a payment is scheduled to be processed after the cutoff time or planned for a weekend or federal holiday, it will be handled the following business day.
In conclusion, the SmartAsset reviewers gave Ameris bank 4.2 out of 5 stars, making it highly recommended. At Ameris bank, you can open a savings account, checking account, money market account, certificate of deposit, individual retirement account, mortgage product, or credit card.
Even though its average savings rate, you can discover better deals at other banks. There is no monthly charge associated with the regular checking account at Ameris bank.
Meanwhile, Ameris bank has good mortgage offerings for first-time homebuyers. You should check them out if you’re a first-time homebuyer.