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AMCAP Mortgage Reviews

For anyone who wants to get their hands on affordable loans and mortgages, searching for the right lender can be frustrating. Today, we will look at the pros and cons of AMCAP, a mortgage company from Houston, TX. Here are some AMCAP mortgage reviews.

AMCAP Purchase Mortgage is a direct lender from Houston, TX. It was founded in 2007 and has had mixed success since the beginning. Generally, people have criticized them for their customer service and the lengthy paperwork process. The pros include three different mortgage programs and refinancing.

An approved mortgage document and a house-shaped keychain
AMCAP have been in the market for 15 years, but it seems like they still have work to do

AMCAP Mortgage Reviews

AMCAP Mortgage was founded in Houston, TX, and since its inception in 2007, this company has had mixed reviews.

Many of their happy customers reported friendly agents willing to help and answer any questions, while some criticized them for the opposite – an unfriendly and unavailable staff.

While it seems that most experiences with AMCAP are individual, let’s check out the actual offers and options available when taking a mortgage loan with this company.

What Mortgages Are Available?

Firstly, we must look at the available mortgage programs offered by AMCAP. Next to conventional mortgages, they offer FHA, USDA, VA, and conforming. This is a benefit that not many lenders offer and could be a game-changer for the clients.

FHA is an excellent loan program for first-time homebuyers who don’t have a lot of money for a large down payment. The USDA program is available to rural property owners, and with AMCAP, no down payments are required. The VA program is backed by the US Department of Veterans Affairs and helps active duty service members, veterans, and widowed military spouses to acquire homes.

AMCAP allows borrowers to apply for loans of up to $3,000,000, but this heavily depends on the type of mortgage. Their website also states that they have a Foreign National, a Bank Statement, and an ITIN Mortgage program.

How Are the Mortgage Rates?

AMCAP has competitive mortgage rates that mainly depend on the type of loan and length of the term. They have a mortgage calculator on their website where you can enter numbers that suit you and show you monthly payments based on various interest rates (and other factors.)

They generally offer non-standard interest rates, for example, hybrid mortgages and fixed-rate ones.

A person singing an FHA loan
With AMCAP, you can get an FHA loan

Some of the Perks Include Family Home Loans and Refinancing

Besides the three types of mortgages, the perks of choosing AMCAP include refinancing options and programs that help borrowers get mortgages a bit easier.

You can refinance large loans of up to $3,000,000. The Bank Statement program allows borrowers to provide monthly bank statements instead of their tax returns to verify their monthly income.

They offer a Foreign National program for noncitizens looking to invest in property in the US and an ITIN Mortgage Loan program or the Individual Tax Identification Number loans for people who aren’t eligible for social security numbers.

They’re Available in 35 States, Including Washington DC

While they’re not exactly nationwide, they are available in 35 states. You can find a loan officer in your area when you head to AMCAP’s website and contact them to get assigned to the right agent. This significantly increases the possibilities you have with AMCAP and their mortgages.

You Can Get Loans for Home Flipping Projects and Secondary Properties

Generally, investment homes and rentals don’t qualify for financing, but not with AMCAP. They provide funding for both primary and secondary residences, so your vacation property can be refinanced, too.

Additionally, if you’re looking to get into the house flipping business, you can take out a loan for this type of property with AMCAP, too. That way, you’ll grow your business without worries and return the loan after selling it for a higher price (if you want to prepay, of course.)

A mortgage agent and their client shaking hands
AMCAP offers refinancing, loan programs, and secondary property loans

The Cons Are Mostly Related to Additional Purchase Fees

AMCAP also has a lot of negative reviews, which were primarily related to their customer service. However, they have fees that may deter you from going for their services – an origination fee and a prepayment fee.

A person would think prepaying a loan is good, but with AMCAP, you’ll get fined. Considering how the Federal Law prohibits prepayment penalties on many types of home loans (USDA and FHA included,) they can be allowed under certain temporal and financial restrictions.

Lenders generally charge origination fees, and they are paid to process a loan application. These are typically around 1% of the loan amount but sometimes up to 10%. It’s uncertain how much AMCAP takes.

People Generally Dislike Their Customer Service and Availability

Most reviews mentioned AMCAP’s customer service and availability. Some have dubbed their experience with this company as one of the worst because of how long it took the agents to process the paperwork, their responsiveness, and their capabilities.

People often mentioned the loan officers being kind and nice, but their lack of organization and management skills seemed to have given many people the idea that AMCAP hires less than able agents.

This is based on experiences written by users on Yelp.

You Can Only Get Loans on Multi-Family Properties, and Not Single-Family or Manufactured Homes

One thing that could make AMCAP slightly tougher to work with or consider is that they don’t offer mortgages for single-family and manufactured homes. You can only apply for mortgages for multi-family properties, which are duplexes, condos, and townhouses, among many others.

This is great news for those looking to finance properties with two or more units, but this isn’t often the case. All the perks and programs of AMCAP may bring little benefit because of the multi-family property limitation.

A young couple saving money for their mortgage
You can only invest in multi-family homes with AMCAP

An Overview of AMCAP Pros and Cons

Now that we’ve laid out all the good and bad services provided by AMCAP, let’s put it in a quick chart overview. You can use it as a checklist to guide you through the lender selection process.

The pros may seem to outnumber the cons, but the weight of the negative sides is enough to disrupt the balance when choosing the right path.

Offers multiple types of mortgages – FHA, USDA, VA, conventional, and conformingThey only offer multi-family home loans
Offers hybrid and fixed-rate mortgage ratesThey charge a prepayment fee (if you pay before the mortgage ends)
Refinancing loans of up to $3,000,000 is possibleThey charge an origination fee (a fee to start the loan application)
Available across 35 statesTheir clients haven’t been happy with the customer service and availability
You can finance secondary properties, and house flipping projects
Offers Foreign Nationals, Bank Statement, and ITIN programs

Other Mortgage Companies to Consider

While AMCAP may seem like a great lender with excellent benefits, most people take out loans for single-family homes, and that’s where the problem arises.

If you want to find a company that can offer you similar perks and let you invest in a single-family house, Supermoney recommends the following companies:

  • AmeriSave – they offer the same mortgage types as AMCAP, plus jumbo mortgages; they finance single-family and multi-family homes, but not manufactured ones; they also have adjustable interest rates; there are no prepayment and origination fees, and AmeriSave is available in 49 states,
  • New American Funding – they offer loans of up to $2,000,000, seven different mortgage types, and finance all types of properties, including vacation and investment properties; they accept clients with a credit score 620 and above, and charge an origination fee,
  • Guaranteed Rate – they have six different types of mortgages, offer home loans for all kinds of primary and secondary properties, don’t have prepayment and origination fees, and are available in all 50 states. People with a credit score of at least 620 can apply for loans,
  • Veterans United Home Loans – they offer the same types of loans as AMCAP but consider both single-family and multi-family properties; they don’t offer mortgages for manufactured homes and charge an origination fee but not the prepayment fee; the smallest duration you can get a loan is 15 years, but people with a credit score of 620 can apply.

Will AMCAP Be Good for You Longterm? It Depends On the Mortgages

If you find AMCAP to have everything you need and have a good experience with their customer service, they will be the right lender for you. However, considering the alternatives and their benefits, it can be challenging to trust just one lender to do everything for you.

Before deciding to go with one company, you should do some research and ask for mortgage calculations from multiple lenders. The consensus is that AMCAP needs to work on its agility and resourcefulness, but they have perks that are hard to ignore.

If you get an excellent offer on a mortgage, ensure you ask them everything you want to know and set your own reminders for submitting paperwork.