AmeriSave Mortgage Corporation Review 2023

How Bankrate scored AmeriSave Mortgage Corporation

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.

• Affordability: AmeriSave Mortgage doesn’t charge fees on loans, saving you a bundle 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.
• Availability: AmeriSave Mortgage is available to borrowers nationwide and in Puerto Rico. It boasts a deep bench of loan offerings, including non-qualified (non-QM) mortgages.
• Borrower experience: While AmeriSave’s platform lends some convenience to the transaction, the lender doesn’t rate highly among customers overall. To get a rate quote, you’ll have to first complete a detailed form.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

Affordability: 3/5

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.

Availability: 5/5

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.

Borrower experience: 4.2/5

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.

How to apply for a mortgage with AmeriSave Mortgage Corporation

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:

1. Run the numbers. Consider how much you can afford in a monthly home loan payment. Be sure to take into account the four components of a monthly payment– principal balance, insurance, taxes and interest– as well as homeowners association fees, if applicable.
2. Obtain prequalification. Once you’re prequalified, you can view potential rates and loan offers from AmeriSave without a hard credit check.
3. Get preapproved and start shopping. To get preapproved — basically a statement from the lender that lets you know how much of a loan you qualify for — you’ll need to provide detailed income and asset information, and permission for them to pull your credit score. Good for 45–90 days, preapproval letters tell sellers you’re serious. For borrowers who go through more detailed checking, AmeriSave offers a Certified “Approval Letter.” Unlike standard preapproval letters, this document reflects underwriting verification, and will lock in an interest rate for 90 days.
4. Schedule an appraisal and home inspection. Before you can close on the loan, you’ll need a home inspection to check for any major issues and a home appraisal to assess the home’s value.
5. Close on the loan. It takes between an hour and an hour and a half to sign the closing documents at the title or escrow office. Your funds should be available 2 to 3 days after your signing.

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.

Frequently asked questions about AmeriSave Mortgage Corporation

How much are AmeriSave Mortgage closing costs?

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.

Does AmeriSave Mortgage offer home equity loan products?

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.