AmeriSave Mortgage Corporation Review 2022

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At a glance

AmeriSave Mortgage Corporation

NMLS: 1168

4.8

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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
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Nationwide availability

Available in all U.S. states (except New York) and Washington, D.C.
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Min. credit score required

620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 580 for VA loans; 640 for USDA loans

Pros and cons

Pros

  • Available in all U.S. states (except New York) and Washington, D.C.
  • 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

Cons

  • No branch retail locations
  • No formal buyer education classes in person (though does offer an online “Knowledge Center”)
  • Doesn’t offer a first-time homebuyer program

AmeriSave Mortgage Corporation overview

AmeriSave Mortgage Corporation, a direct-to-consumer mortgage lender, has approximately 1,000 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 $115 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.


AmeriSave Mortgage Corporation is good for:

Borrowers looking for a quick prequalification and educational resources


AmeriSave Mortgage Corporation loan types offered

  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term, cash-out and streamline refinancing

Breakdown of AmeriSave Mortgage Corporation score: 4.8 out of 5 stars

  • Affordability: 5/5
  • Availability: 5/5
  • Borrower experience: 4.3/5

Review methodology

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.

Affordability: 5 out of 5 stars

AmeriSave Mortgage Corporation offers competitive rates and charges a flat $500 application fee. The lender does not charge loan origination fees. It doesn’t list mortgage rates for specific loans on its website; 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 which stage in the home-buying process you’re currently in. 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.

Availability: 5 out of 5 stars

AmeriSave Mortgage Corporation is available in almost every state (with the exception of New York). Eligible borrowers can receive a prequalification and detailed rate quote online within a few minutes, and can apply for a loan online or over the phone with a licensed loan originator. To qualify for a conventional loan, you must have a minimum credit score of 620 and a down payment of at least 3 percent.

Borrower experience: 4.3 out of 5 stars

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.

Reputation

AmeriSave Mortgage Corporation has an A+ rating from the Better Business Bureau and a 4.3 rating out of five stars (“Excellent”) from Trustpilot. The lender also ranked in J.D. Power’s 2021 mortgage origination report for customer satisfaction.

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.

Not sure if AmeriSave Mortgage Corporation is right for you? Consider these alternatives

AmeriSave Mortgage Corporation consumer reviews

3.9

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838 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
562
60
7
5
204

Customer service rating

Knowledge
4.1
Level of service
4.1
Professionalism
4.0
Responsiveness
4.0

75% of reviews would recommend this lender

5 of 10 rates honored

Review this lender

Write a review of your experience with AmeriSave Mortgage Corporation .

10 of 24 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.

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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Great Loan Officers with Amerisave

C Arnold | Port Charlotte, FL | 11/17/2021

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Excellent customer service, great rates.

Hannah BW | Alabama | 1/13/2022

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Very Pleased

Pleased with two transactions w/ Amerisave | Michigan | 2/9/2022

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I believe that they are the only ones that are giving me a chance.

Great!!!!!!!!!!!!!!!!!!!! | FANTASIC!!!!!!!!!!!!!!!!!!!!!!!!! | 8/5/2022

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Company customer service lacking

Thomas Brode | Sarasota, FL | 10/26/2021

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Horrible...AVOID!

Terrible...AVOID | Los Angeles | 10/13/2021

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RUN DO NOT BELIEVE THE LOW RATES

Joe H | Newark DE | 10/15/2021

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Poorly Run Organization

Worst customer service | Pennsylvania | 11/4/2021

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Lied to ....

Robin | Greeneville, Tn | 12/24/2021

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The Bad Reviews are true ~ Do Your Research

Automated Nightmare | Las Vegas, NV | 1/10/2022

Written by
Jeff Ostrowski
Senior mortgage reporter
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Edited by
Mortgage editor