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AmeriSave is a good fit for borrowers with strong credit who are looking to save on origination fees.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)
Min. credit score required
620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 600 for VA loans, 600 for USDA loans
Nationwide availability
Available in all U.S. states except New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
I am/was a first time homebuyer and was hounded to put a $500 hold down on a mortgage rate with very hard scare sales tactics. Once I had been pressured into doing that, I only got emails from the lender saying to upload more documents but no response to any of my questions. I decided to go with ano...
Hannah M
California (Jan 13, 2023)
We refinanced our home with AmeriSave because we received the best rate from them. Unfortunately, they immediately sold our loan to Freedom Mortgage who has been horrible dealing with an insurance loss claim. Freedom Mortgage has held our money for months for no reason other than their incompetence...
Sold loan to incompetent lender
CA (Dec 21, 2022)
NMLS: 1168
4.1
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)
Nationwide Availability
Available in all U.S. states except New York
Min. credit score required
620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 600 for VA loans, 600 for USDA loans
Offers prequalification and customized rate quote in a few minutes and without a hard credit pull (in most cases)
Offers transparent pricing and fee structure
Time to close averages 25 days
No branch retail locations
No personal buyer education (though does offer an online “Knowledge Center”)
No first-time homebuyer program
AmeriSave is a good fit for borrowers with strong credit who are looking to save on origination fees.
To determine AmeriSave’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors.
AmeriSave Mortgage Corporation charges a flat $500 application fee. Unlike other lenders who charge an origination fee of 1 percent of the loan principal, AmeriSave charges a cheaper flat fee. It doesn’t list mortgage rates for specific loans on its website; you’ll need to fill out a form and wait for a representative to contact you to receive a quote. Requesting mortgage rate quotes won’t show up as a hard inquiry on your credit report, but submitting a loan application will.
AmeriSave is available to borrowers in most states, but some of its credit minimums are higher compared to those of other lenders, which might mean you won’t qualify even if you’re in a state that the lender services.
AmeriSave Mortgage Corporation has been in operation for 20 years. The lender has an A+ rating from the Better Business Bureau and a 4.3 out of 5 stars (“Excellent”) from Trustpilot. The lender’s online “Knowledge Center” includes FAQs, videos and other educational resources, and as you learn more about your options, you can take advantage of its calculators, including rent versus buy and an affordability measure. The lender doesn’t have an app at this time. For questions, you can call AmeriSave at 888-700-4026 Monday through Friday, 8 a.m. to 5 p.m. ET.
While it has no retail branches, AmeriSave Mortgage offers a couple of ways to do — or at least start — the application process. It can be done completely over the phone (800 777-9609) or online (there’s a chat button you can scan on the website). The latter connects you to a loan officer — not a bot, but a human, whose name and NMLS ID is listed — who may even provide you with their direct office phone or cell number and recommend a real estate agent. Documents can be emailed or uploaded to a secure website portal or even faxed.
Here are some general guidelines for applying:
AmeriSave Mortgage Corporation offers rate-and-term, cash-out and streamline refinancing, and can facilitate closings “in days, not weeks,” according to its website. You can apply for a refinance online.
AmeriSave charges a $500 application fee and a $295 underwriting fee, although its fees can vary based on your location and loan type. The lender promises to match the rate and closing costs of a competitor, or pay you $500 after you close with the other lender.
AmeriSave’s HELOC allows you to tap up to $249,900 of your home’s equity through a variable-rate line of credit. You can tap the funds during a 10-year draw period, and will repay the loan over a 10-year period. A HELOC may be a good choice if you’re looking to fund a large purchase, like college tuition or a home renovation.
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Rating: 4.1 stars out of 5
4.1
Bankrate Score
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Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC) |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; interest-only |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 600 for VA loans, 600 for USDA loans |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 740 for jumbo loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment 3.5% for FHA loans |
Down payment 5% for conventional loans, 3.5% for FHA loans, none for VA loans, 10% for jumbo loans, 10% for ARM loans |
Nationwide availability Available in all U.S. states except New York |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
NMLS: 1168
3.9
840 ratings
This lender has 9 reviews.
75% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?