Lender introduces a new program aimed at making homebuying more affordable
AmeriSave Mortgage has rolled out a new lender-paid buydown program that aims to “make homebuying more affordable amid a period of interest rate uncertainty.”
The new Lock & Drop program offers qualified borrowers a 1% mortgage rate reduction over the first year of the loan and a $750 credit that can be used when qualifying for a future refinance transaction. Lock & Drop is the latest addition in AmeriSave’s series of lender-paid buydown options funded by an incentivized third-party, such as home sellers, realtors, or homebuilders.
“For more than 20 years, AmeriSave Mortgage has helped homebuyers save money on their mortgage payments,” said Mike Berte, president and chief operating officer of AmeriSave Mortgage. “Our new Lock & Drop program gives today’s prospective homebuyers greater confidence during this period of interest rate uncertainty so they can purchase their dream home with peace of mind.”
In November, the Atlanta-based lender launched a new HELOC offering in response to the growing demand for the product.
“We saw a need in the market because consumers were coming to us for that demand,” AmeriSave chief economist Cameron Findlay told MPA in an interview. “So, we accommodated that. We partnered with investors in the street, and we now have a product that’s fully digital, and by all essence of the standard, I would say, a top leading contender in the marketplace for home equity lines of credit that are out there in terms of simplicity and in terms of benefit to the consumer. It really is a state-of-the-art, digital HELOC offering. More specifically, we reduce the cost to the consumer through our technology by leveraging asset valuation models. That avoids us having to place the cost of an appraisal on to the consumer as well.”
Licensed in 50 states, AmeriSave also provides financing for new home purchases and cash-out refinancing options.
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