AmeriSave Mortgage Corporation overview
Good for: Borrowers looking for a quick prequalification and educational resources
AmeriSave Mortgage Corporation claims to be one of the largest and fastest-growing direct-to-consumer mortgage lenders in the U.S. The digital lender has approximately 1,250 licensed mortgage originators spread across the country, offering in-house underwriting, processing, funding and closing services. Founded in 2002, the lender maintains its corporate headquarters in Atlanta, Georgia, 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. In the years since its founding, the lender has funded more than $103 billion in home loans. While there is a flat $500 application fee for loans, the lender also promises to match the rate and closing costs of a competitor, or pay you $500 after you close with the other lender. Another perk: Qualified borrowers can obtain a “Ready Buy Letter” or “Pre-Certified Approval Letter,” both of which last up to 60 days. The pre-certified letter is the next best thing to a cash offer, according to the lender.
- Rate-and-term, cash-out and streamline refinancing
AmeriSave Mortgage Corporation charges a flat $500 application fee. The lender does not charge loan origination fees.
AmeriSave Mortgage Corporation doesn’t list mortgage rates for specific loans on its website, but does showcase one daily rate (“Mortgage rates as low as…”). Borrowers have to fill out a form and wait for a representative to contact them to receive quotes. The form requests details such as your name, address and where you are in the home-buying process. According to the lender, getting prequalified or requesting mortgage rate quotes won’t result in a hard credit inquiry, but submitting a loan application will. A hard credit inquiry appears on your credit report and can affect your credit score.
AmeriSave Mortgage Corporation has an A+ rating from the Better Business Bureau and a 4.2 rating out of five stars from Trustpilot.
You can apply for an AmeriSave Mortgage Corporation home loan online, or start by obtaining a prequalification through the lender’s website in just a few minutes. If you have questions, you can easily connect with a loan officer through chat. 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 vs. buy and an affordability measure. The lender does not have an app at this time.
Minimum borrower requirements
AmeriSave Mortgage Corporation has a variety of loan products for both new homebuyers and borrowers who wish to refinance. For FHA loans, borrowers need a minimum 3.5 percent down payment. Conventional loans through AmeriSave Mortgage Corporation can require a down payment as low as 3 percent. As with most mortgage lenders, the specific loans offered are dependent on the borrower’s creditworthiness, income and other factors.
Refinancing with AmeriSave Mortgage Corporation
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.
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Breakdown of AmeriSave Mortgage Corporation overall review score
- Affordability: 14.75/15
- Availability: 14/15
- Borrower experience: 8/10
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.