AmeriSave Mortgage Corporation: 2025 Home Equity Review

Affordability: 3/5

• APR: Undisclosed. Amerisave doesn’t publish any of its rates online, though the website claims its rates are “competitive.” To get any sort of quote, you have to answer a series of questions, like how much cash you want to access, your property address and your credit score (though this will not affect your score).  

Ameriprise earns a 3 out of 5 for affordability because the lack of transparency with rates makes it harder for borrowers to compare options.

Availability: 4.6/5

• Licensing: Amerisave has a broad reach, as it’s licensed to provide home equity loans in every state except New York.
• Credit score: Minimum 640 score to borrow up to 85 percent of your home’s value; minimum  680 credit score to borrow up to 90 percent. 
• Loan minimum: Amerisave’s loan minimum is $25,000, which is a bit higher than that of other home equity lenders. 
• Draw requirement: You are required to draw your entire credit line at origination.

Amerisave scores 4.6 out of 5 for availability because it is licensed in almost every state and offers both HELOCs and home equity loans with flexible terms. However, the requirement to borrow all of your HELOC funds immediately costs it some points.

Borrower experience: 4.2/5

• Rate transparency: Amerisave doesn’t publicly advertise its home equity loan or HELOC rates – not even the ceiling on variable HELOC rates in fine print. But it does have a proprietary rate tool that uses a soft credit pull and artificial intelligence to analyze a consumer’s debt profile. This tool compares all the lender’s available programs and rate options to enable a consumer to choose more easily among them. 
• Customer service: You can reach Amerisave by phone (1-866-5134-7283), by email (customercare@amerisave.com), or apply for a loan through its website. When calling the company, to get any sort of info at all, they require that you share information like the purpose of your loan, your type of home, your marital status and other details. Amerisave also has a live chat function, though when tested, live chat didn’t provide any responses.
• Convenience: According to Amerisave’s phone representative, once all of the required paperwork is submitted online, a mobile notary will be assigned to sign documents at a place of your choosing. The company’s website also features tools like a home loan calculator and articles on topics such as borrowing against your equity and using home equity responsibly for debt consolidation.  

AmeriSave earns a 4.2 out of 5 for its proprietary rate tool and helpful educational resources; main drawback is the lack of published rates.

As of this writing, Amerisave has a 4.6 rating on Trustpilot, out of more than 16,000 reviews. The company has been accredited with the Better Business Bureau since 2020 and gets an A+ rating. Amerisave also ranked fifth among all lenders in J.D. Power’s 2024 mortgage origination satisfaction survey.