Ameris Bank Reviews

Ameris Bank doesn’t publish its starting rates online. Keep in mind that many factors — ones both within and outside your control — affect mortgage rates. These include your credit history and score, the loan amount and property value, the loan type, where the property is located, your down payment amount and economic conditions.

Ameris Bank offers both fixed-rate and adjustable-rate mortgages (ARMs). While fixed-rate mortgages offer predictable and stable monthly payments, ARMs could offer interest savings, especially at a time when mortgage rates are high. With an ARM, you get a relatively low fixed rate during an initial period before the rate resets according to your loan terms.

Ameris Bank average home purchase rate vs. national average

You can complete the Ameris Bank application process online if you prefer (or you can apply by phone or in person in eight states). If you choose to apply online, you start by creating an account within the application portal.

Once you create an account, you’ll provide information about your loan preferences as well as your assets, expenses, employment and income. It may be helpful to have some important financial documents nearby, like your prior year’s tax return, a recent pay stub, bank account statements and retirement and/or investment account statements. Ameris Bank will also request authorization to pull your credit report.

When you’ve completed the application, a loan officer will be in touch to help finalize the details. They may also ask you to upload financial documentation to the application portal. The company provides a checklist on its website to help applicants gather everything they need.

Ameris Bank states that you should receive a preapproval decision within a few days of completing your application.

Ameris Bank application features

Ameris Bank offers a wide variety of loan options, including conventional (fixed- or adjustable-rate), FHA, VA, USDA and jumbo loans. The company states that various loan terms are available.

Ameris Bank also offers specialized loan programs, like construction-to-permanent, rehabilitation and medical professional loans. A number of its programs, including government and company-exclusive options, can help borrowers who need assistance with down payments. Its Ameris Dream loan, for example, offers 100% financing to eligible first-time homebuyers.

In 2021, Ameris Bank received 20,514 home purchase loan applications. Of those, about 4% (843) were denied. About 77% (15,810) of the applications resulted in closed loans.

Loan applications for home purchases only by year

Refinancing

In 2021, a majority of the mortgage loans Ameris Bank originated were for home purchases (about 58%). Rate-and-term and cash-out refinances made up about 40% of Ameris Bank mortgage loans.

Refinancing became a popular choice among many homeowners in 2020 and 2021 as rates dropped to new lows. Since then, though, rates have rebounded. For this reason, fewer borrowers are estimated to refinance in 2022.

Home purchase vs. refinance loans by year

HELOC and home equity loans

Ameris Bank offers HELOCs, but it has no home equity loan options as of publishing. The company charges a $50 annual fee on its HELOCs, but there are no origination fees — and Ameris Bank will also pay up to $2,000 for other closing costs. The company provides several ways to access HELOC funds. You can use a card, write a check, transfer the funds online or request cash in person at a branch.

You may consider using a HELOC if you need an open credit line in case of an emergency. A HELOC can also be useful if you need consistent access to cash but aren’t sure exactly how much you’ll need (like for home improvement projects).

Ameris Bank does not disclose specific borrower requirements on its website. However, most lenders set a minimum credit score of 620 for conventional loans. FHA loans have a lower minimum – usually 500. VA and USDA loan requirements can vary by lender.

Typically, you’ll need a 3% down payment for a conventional loan unless you qualify for a program like Ameris Bank’s 100% financing program.

While VA and USDA loans have no down payment requirements, you’ll need to offer at least 3.5% on an FHA loan. If your credit score is below 580, the down payment requirement increases to 10%.

National mortgage requirements by type

For more information on other loan types, see our guide on jumbo loans.

Ameris Bank doesn’t provide much information about its fees online. Most lenders charge an origination fee. These fees are typically 0.5% to 1% of the total loan amount.

Lender fees are just a part of the overall closing costs you’ll pay to start a new loan. Other closing costs include prepaid items (like homeowners insurance premiums) and third-party service fees (such as an appraisal fee). Closing costs generally amount to 2% to 5% of the loan amount. After you apply, Ameris Bank will give you a Loan Estimate with details of these costs.

Ameris Bank offers closing cost assistance, like its Ameris Down Payment Grant program, which provides eligible borrowers with up to 4% of the purchase price to use toward a down payment and closing costs. You can consult with your loan advisor to learn more about down payment assistance programs and find out if you’re eligible.