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AmeriSave Mortgage Corporation Review 2024

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At a glance

AmeriSave Mortgage Corporation
NMLS: 1168
Editor's take

AmeriSave Mortgage originates a variety of mortgage types, and the lender also offers rate buydowns. It was in the top 40 mortgage originators in the U.S. in 2022.

Bankrate Score
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4.1
Rating: 4.1 stars out of 5
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Customer Rating
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3.9
Rating: 3.89 stars out of 5

847 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 600 for VA loans, 600 for USDA loans

Location

Nationwide availability

All U.S. states except New York

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

AmeriSave Mortgage Corporation

NMLS: 1168

4.1

Rating: 4.1 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states except New York

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 600 for VA loans, 600 for USDA loans

AmeriSave Mortgage Corporation overview

AmeriSave Mortgage Corporation, an online mortgage lender, has funded more than $130 billion in home loans since its inception more than 20 years ago. It maintains its corporate headquarters in Atlanta and established a Third Party Origination (TPO) division to provide funding for mortgages to community banks, credit unions and mortgage brokers and bankers in 2010.

Pros and cons of AmeriSave Mortgage Corporation

Pros
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    Fast prequalifications with custom rate quote and no credit pull

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    Offers transparent pricing and fee structure

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    Closings average 25 days

Cons
  • Close X

    No branch locations

Our Editor’s Take on AmeriSave Mortgage Corporation

AmeriSave Mortgage originates a variety of mortgage types, and the lender also offers rate buydowns. It was in the top 40 mortgage originators in the U.S. in 2022.

How Bankrate scored AmeriSave Mortgage Corporation

  • Affordability: AmeriSave Mortgage charges flat fees, which could save you money at closing. The lender’s rates aren’t listed on its website, however, so you might have a harder time initially comparing its offer to others. To get a rate quote, you’ll have to first complete a detailed form.
  • Availability: This lender is available to borrowers in all states except New York and in Puerto Rico.
  • Borrower experience: While AmeriSave’s platform lends some convenience to the transaction, the lender doesn’t rate highly among customers overall. 

Affordability: 6.8/10

Unlike other lenders who charge an origination fee of 1 percent of the loan principal, AmeriSave Mortgage charges a flat $500 application fee and a $295 underwriting fee. It doesn’t display mortgage rates for specific loans on its website; you’ll need to fill out a form and wait for a loan officer to contact you to receive a quote. A quote won’t show up as a hard inquiry on your credit report, but submitting a loan application will.

Availability: 10/10

AmeriSave Mortgage 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. The lender offers a variety of loan types, including FHA, VA and USDA mortgages and home equity lines of credit (HELOCs).

Borrower experience: 7.9/10

AmeriSave Mortgage has an A+ rating from the Better Business Bureau and a 4.3 out of 5 stars (“Excellent”) from Trustpilot. However, it ranked below average in J.D. Power’s 2023 mortgage lender ratings. 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 a rent versus buy tool and an affordability measure. The lender doesn’t have an app at this time. For questions, you can call 888-700-4026 Monday through Friday, 8 a.m. to 5 p.m. ET.

How to apply for a mortgage with AmeriSave Mortgage

You can apply for a mortgage with AmeriSave Mortgage online or by phone at 800-777-9609. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with AmeriSave Mortgage

AmeriSave Mortgage offers both rate-and-term and cash-out refinancing options.

FAQ about AmeriSave Mortgage

How much are AmeriSave Mortgage closing costs?

AmeriSave Mortgage charges a $500 application fee and a $295 underwriting fee, although these 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.

Does AmeriSave Mortgage offer home equity loan products?

AmeriSave offers a home equity line of credit (HELOC) that allows you to tap your equity, often up to 80 percent combined loan-to-value (CLTV). You can draw the funds during an initial 10-year period; you’ll then repay your balance over the next 10 years.

Compare AmeriSave Mortgage Corporation to other lenders

AmeriSave Mortgage Corporation
Rating: 4.1 stars out of 5
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4.1

Bankrate Score
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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
  • Star
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except New York

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

AmeriSave Mortgage Corporation customer ratings and reviews

logo

NMLS: 1168

3.9

Rating: 3.89 stars out of 5

847 ratings

Info

This lender has 7 recent reviews.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4.1 stars out of 5
Professionalism
Rating: 3.9 stars out of 5
Responsiveness
Rating: 3.9 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
66%
7%
1%
1%
25%

74% of customers would recommend this lender.

of 7 reviews

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.

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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.

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