AmeriSave Unveils Multi-Channel Messaging Through Partnership With Botsplash

Atlanta, Georgia – August 13, 2018 – Today’s customers want answers instantly, and AmeriSave Mortgage Corporation, NMLS ID #1168, understands the importance of being readily available to answer their questions.

Through a partnership with botsplash, an innovative digital messaging platform, AmeriSave is now able to connect their loan originators to consumers utilizing botsplash’s centralized messaging hub to engage with prospective customers via chat, text or Facebook. Custom integrations with AmeriSave’s proprietary systems enables a seamless process. This allows loan originators the ability to engage with customers across multiple messaging platforms with ease and convenience.

Not only does this technology simplify communication for loan originators, but it reaches customers when and where they want to be reached. “We strive for customer centric innovation and forward thinking outreach.  We aspire to communicate with our customers in any medium of their choice,” states Mike Berte, President of AmeriSave.

“AmeriSave has robust in-house proprietary systems managed by an innovative and agile team. This facilitated a quick and smooth integration of our platform into their ecosystem. AmeriSave understands the importance of digital engagement, and through this partnership we are thrilled to offer a platform for loan originators and customers to interact with convenience,” said Aru Anavekar, CEO, botsplash.

“Botsplash’s intuitive messaging platform empowers our sales and operations teams.  Applicants on 16 percent of our recently originated loans communicated through this platform at various stages of the mortgage process,” said Magesh Sarma, Chief Strategy Officer of AmeriSave.

5 Thing That- Can Drive Up Your Mortgage Rate

5 Things That Can Drive Up Your Mortgage Rate

When applying for a mortgage loan, every borrower hopes to receive the best rate possible. However, many may not be certain what factors actually determine the rate they receive.

Check out our list below of the top 5 things that could be driving your mortgage rates through the roof!

1) Credit Score

This is a given and many are aware that in order to receive the best rate possible, your credit score must meet your lender’s credit threshold.

If your score is under that threshold, you could end up paying more interest as opposed to someone whose credit score is higher.

Check out our blog post on the 5 steps you should take to get your credit, mortgage ready!

2) Occupancy

If you are mortgaging a property that isn’t your primary residence, you could pay significantly more in interest.

Because second homes are riskier investments, interest rates reflect those risks lenders must take into account for negative possibilities.

3) Loan Amount

If your loan amount is really high or really low, you could pay more in interest. Loans over or under the conforming loan limit could possibly see raised interest rates due to lenders having to make up costs.

4) Down Payment

Generally speaking, putting down a higher down payment could make your interest rate lower. This is because the more stake you put into your future property, the less of a risk you become.

5) Type of Interest Rate

There are two types of interest rates: fixed and adjustable. A fixed interest rate stays the same whereas an adjustable rate changes based on the market.

You typically can get a lower adjustable rate; however, over time that rate could go up or down.

4 Tips for Paying Off Your Mortgage

4 Tips For Paying Off Your Mortgage

Many people have a goal of paying off their mortgage early, which is great, but not always feasible or the best decision for everyone. For instance, homeowners with low mortgage rates may decide putting their extra money toward a retirement plan is a more financially savvy move than paying down their mortgage quickly.

There are a number of valid factors that can come into play when deciding if it’s the best decision to pay off a mortgage early, however, there are many who make it a personal goal to get their mortgage paid off as soon as possible. If you fall into that category, these tips are for you!

1. Shorten your mortgage term

Refinancing your mortgage with a 15-year mortgage term can help you pay off your loan faster under certain conditions. It’s important to look at the whole picture when making this type of decision. How long do you have left on your current loan, will your new interest rate be higher or lower than your current interest rate, and do you have the funds to cover all of the closing costs associated with a refinance? Once you answer those questions you can decide your next move.

2. Put extra funds toward your mortgage

Let’s say you receive a bonus or a nice tax refund that allows you to pay a large sum towards your loan. Those additional payments on the principal can help cut the total interest on the loan.
With irregular additional payments, however, it will be difficult to predict your mortgage payoff date.

3. Make an extra payment every year

A great way to make one extra payment a year is to save 1/12 the amount of your monthly payment each month and after the 12th month make the extra payment.
This doesn’t tie up the extra money in case an emergency occurs and you need the saved funds.

4. Pay more each month

Instead of waiting until the end of the year to make an extra payment, you can pay more toward principal each month.
Consulting your financial advisor and loan provider is key when making these type of financial decisions and deciding to pay more aggressively.

Get Your Credit Mortgage Ready

Get Your Credit Mortgage Ready!

If you’re considering buying a new home, then you’re probably aware of the criteria that factors into obtaining a mortgage loan. However, one of the many standards that concern most individuals is the shape of their credit.

Your credit does affect your loan eligibility and rate, that’s why it’s important to take steps in order to improve your report/score before submitting an application.

Check out these 5 steps so that you can have confidence when applying for your next home loan!

  1. Check your credit report

Okay, first things first, check your credit report. You’ve probably heard this advice many time, but there is a reason it is the first step you should take; credit reports may have mistakes. In fact, according to a report by the Federal Trade Commission, 1 in 5 Americans have an error on their credit report. Those aren’t the best odds. Spending time once a year reviewing your report to confirm there are no errors can increase your score and ultimately save you money; better scores typically equal better rates.

  1. Pay down your debt

You’ve probably heard of this little thing called debt-to-income ratio, and if you haven’t, get acquainted with this term. Basically, your debt-to-income ratio is the total of your monthly debt payments divided by your monthly gross income. The higher your ratio, the bigger risk you are to a mortgage lender because you’re less likely to be able to pay your monthly mortgage bill. Paying down debt and paying off collections will also be good for you in the long run because it’s less monthly payments you have to make on top of your mortgage.

  1. Don’t over utilize your credit

No matter how high the limit is on your credit cards, utilizing a high percentage can have a negative impact on your credit. A good rule of thumb is to keep your utilization under 30%, so if you had a credit card with $1500 limit, you wouldn’t want to spend more than $450 at any given time. Also, if you can afford to pay off your credit cards in whole every month, that can help boost your score.

  1. Diversify your credit lines

This may seem counterintuitive, but with responsible managing, having several forms of credit lines can improve your credit. A good mix of credit cards and loans that you make regular, on-time payments with low utilization shows lenders that you are responsible with your debt.

  1. Get some credit

For many, the world of credit cards and personal loans seems daunting and scary, so they opt out of dealing with any form of credit at all. However, building a credit history is important if you plan on purchasing a home with a mortgage. The older your credit history the better, so start building soon. Secured cards and small loans are good starting places. If you’re still unsure, ask a financial professional for help.

 

If you already follow these steps, then you’re on the right track and may be ready to venture into home ownership. Check out our rate calculators and get your no obligation quote today!

Why millennials are delaying homeownership

Why Millennials Are Delaying Homeownership

Homeownership, once the milestone many young adults strived for to prove “they made it”, has seen a steady decline from the younger millennial generation. There have been many reports and articles about millennials and their “unusual” buying behaviors; many claiming that this generation simply is changing the narrative of what it means to attain the American dream. Although that may very well be true, in the case of delayed homeownership, there may be an even simpler reason behind why this generation is opting out: affordability.

Low housing inventory has been an issue and on many industry insiders’ radar for quite some time now, but the supply of starter homes is even more stark which makes home prices rise. This fact is knocking many millennials in competitive markets out of the running. Another contributing factor to the home buying delay is credit history. According to data collected from TransUnion, about 38% of millennials fall into the subprime credit category meaning their credit history/score is below average. Being a high risk borrowers makes housing affordability even more challenging because the borrower usually has to apply for loans with higher interest rates and less favorable terms.

With all that being said, millennials may be delaying homeownership, but that doesn’t mean they aren’t planning on ever purchasing a home. The job market is stable and people’s overall incomes are on the rise. As the younger generation continues to take steps to improve their financial situations and (hopefully) as inventory starts to catchup with demand, we will begin to see more millennials take the next step into homeownership.

2018’S Top 10 Housing Markets

The beginning of the year is off to a strong start for many housing markets across the US. According to a list aggregated by realtor.com, 10 metros are predicted to shine the brightest in 2018. The list was made by analyzing the prices and number of sales of existing home, the number of homes constructed in the 100 largest markets, the local economies in each metro, population trends, unemployment and finally, median household incomes.

10. Tulsa, OK Median home price: $199,586

With the home price national average at $275,000, Tulsa has the most affordable homes on this list falling well below the average.

9.Nashville, TN Median home price: $358,501

The population in Nashville is rising as more people move in to the now popular city which is making the listing prices jump. In the past year prices have soared 10.8%.

8. Colorado Springs, CO Median home price: $375,000

Thanks to legalized recreational marijuana, the entire state of Colorado has seen an economic boom. Builders are capitalizing on the city’s more affordable costs in comparison to neighboring city Denver.

7. Charlotte, NC Median home price: $325,045

Charlotte is a major financial hub so many are moving into the area for work. Not to mention, the low cost of living makes this a prime place for out of towners to retire.

6. Salt Lake City, UT Median home price: $360,828

The popularity of Salt Lake City makes the city an extremely competitive market for potential homebuyers. Some buyers are offering 20 -25% higher than the asking price.

5. Lakeland, FL Median home price: $224,950

Over the last few years, Lakeland has revived itself from a city severely affected by the recession to a booming housing industry.

4. Stockton, CA Median home price: $385,050

With prices less than a quarter of what buyers would pay in San Francisco, Stockton is becoming the new it city despite its reputation for crime.

3. Deltona, FL Median home price: $275,050

Location, location, location! Situated between Daytona Beach and Orlando with a 30 minute commute to either, Deltona is a prime area to take roots for an affordable price.

2. Dallas, TX Median home price: $339,300

Thanks to low cost of living and taxes, many companies are relocating to this Texas city and bringing their employees with them.

1.Las Vegas, NV Median home price: $285,045

In Las Vegas the economy is expected to grow a whopping 8.7% in 2018; compare that to the other top 100 markets’ 6.4% growth. The once downtrodden city is on the rise and attracting a wide range of new residents.

Are Mortgage Rates on the Rise

Are Mortgage Rates On The Rise?

Mortgage rates change daily, but by historical standards, rates are still looking pretty good. However, according to the Federal Reserve’s September minutes, rates are expected to increase, and some experts believe a rate hike is on the horizon.

According to data from Bankrate, the 30-year fixed rate mortgage rose minimally to 4.07% from 4.06%; this time last year it was 3.62%. The 15-year fixed-rate mortgage rose to 3.33% from 3.32%, and the adjustable-rate mortgage declined to 3.54% from 3.55%.

If you’re in the market for a new home or a refi, now may be an optimal time to act. Although rates have increased slightly, they are still alluring. Head over to amerisave.com and take advantage of our great rates today!

Credit Scores Are On the Rise

Credit Scores Are On The Rise

If you haven’t checked your credit score recently, maybe you should. According to an analysis performed by VantageScore, around 8% of Americans are seeing a bump in their scores with an average 10 point increase as new credit rules role into effect that remove civil debts and certain tax liens from credit reports.

Overall, the average FICO credit score for Americans is 700 which is the highest it’s ever been. Many experts agree that 700 is really good, with scores ranging from 300 – 850. For a long time, since the housing crisis, credit scores have been sitting right around 686 as confirmed by Ethan Dornhelm – vice president for scores and analytics at FICO.

So, what do these new credit reporting rules mean for you? Well, despite the potential boost in score and all that it entails, the expectation is that personal credit reports will have improved accuracy. Major reporting agencies (Experian, Equifax and TransUnion) will now be required to update files a minimum of once every 90 days and new entries will need to include name, address, birth date and social security number.

Better credit scores may mean better rates and terms for most potential borrowers seeking a mortgage loan. To be sure you are setting yourself up for the best loan terms possible, make sure to do the following:

1. Check your credit report

Your score may have increased, so it’s good to check. Also, comb your report to confirm everything is correct.

2. Make all payments on time

One late payment could have a significant impact on your score.

3. Don’t spend the max limit on your credit cards

Many financial experts advise credit cardholders to spend no more than 30% of their limit.

4. Decrease debt

Your debt-to-income ratio has an effect on your score, so pay down any debts as fast as possible.

It Costs to be a Renter in Today’s Market

It Costs To Be A Renter In Today’s Market

In most major cities in the U.S. when it comes to home affordability, buying a home instead of renting is usually the less expensive route. For years individuals have put off homeownership in order to save more money, but with rent prices steadily rising month after month, it may be time to rethink your money saving strategy.

According to ATTOM Data Solutions’ 2017 Rental Affordability report, in 66% of the housing market buying is more affordable than renting when looking at monthly payments alone. However, homeownership comes with other costs such as a sizable down payment and other fees, but when thinking of long term investments, owning your home can produce the higher savings.

When deciding to own a home, there are a number of factors you must consider such as the amount of time you plan on staying in your home and if you’re financially stable enough to take on a mortgage. However, if you find yourself throwing money into a property you’ve been renting long term, it’s important to keep in mind you are still technically paying a mortgage, just not your own.

If you are at a point in your life where you can realistically jump on the real estate train but you have made a decision to forego homeownership, now may be the time to opt in. Rates are rising, but they’re still relatively low by historical standards. Also, as you may already know, in many housing markets inventory is low and may continue shrinking. This means, there will be even fewer homes to choose from this time next year than there are now. So, if you’re on the fence about whether you should renew your lease or begin searching for a new home of your own, weigh your options and decide which choice makes the most financial sense for you. Check out our calculator Am I better off renting? to help make your decision!

New Found Optimism In The Housing Market Among Americans

After months and months of declined confidence in the housing market, Americans are shifting their opinions. Data collected by Fannie Mae’s Home Purchase Sentiment Index shows an improved assurance after a 5 month decline.

“Three months after the presidential election, measures of consumer optimism regarding personal financial prospects and the economy are at or near the highest levels we’ve seen in the nearly seven-year history of the National Housing Survey,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.

It seems the new presidential administration has sparked consumer optimism in the economy, and their personal financial visions. This increase in housing optimism could spark an acceleration in housing action. However, it’s important to mention that even though consumers believe it’s an optimal time to sell their homes, they aren’t too thrilled about their prospects in purchasing a new home.

The American people’s belief that home prices would increase over the next year rose by seven percentage points while the percentage of those who believe it’s a good time to purchase a home decreased by three percentage points. The number of individuals who believe mortgages will stay the same remained unchanged.