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AmeriSave Mortgage originates a variety of mortgage types, and the lender also offers rate buydowns.
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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
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 Mortgage originates a variety of mortgage types, and the lender also offers rate buydowns.
To determine AmeriSave Mortgage’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 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. The company offers a variety of loan types, including FHA, VA and USDA mortgages and home equity lines of credit.
AmeriSave Mortgage 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 complete — or at least start — the application process. It can be done completely over the phone (800-777-9609) or online, including via chat. (The latter connects you to a loan officer.) When it comes time to provide documentation, you can email or upload them to a secure website portal.
Here are some tips to prepare for the process:
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 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 the initial 10-year period; you’ll then repay your balance over the next 10 years.
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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, refinancing; home equity line of credit (HELOC), home equity loan; construction loans |
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 3% for conventional loans, 3.5% for FHA loans, none for VA loans, none for USDA 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
842 ratings
This lender has 4 reviews.
75% of customers would recommend this lender.
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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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?