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AmeriSave Mortgage Corporation Review 2023

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At a glance

AmeriSave Mortgage Corporation
NMLS: 1168
Editor's take

AmeriSave is a good fit for borrowers with strong credit who are looking to save on origination fees.

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: 3.9 stars out of 5

840 ratings

Mortgage Percent

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)

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

Available in 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

Recent customer reviews

The customer 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. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Rating: 1 stars out of 5

Hard Sale Pitch, Poor Follow Through

I am/was a first time homebuyer and was hounded to put a $500 hold down on a mortgage rate with very hard scare sales tactics. Once I had been pressured into doing that, I only got emails from the lender saying to upload more documents but no response to any of my questions. I decided to go with ano...

Hannah M
California (Jan 13, 2023)

Rating: 2 stars out of 5

Don't choose AmeriSave as your mortgage lender

We refinanced our home with AmeriSave because we received the best rate from them. Unfortunately, they immediately sold our loan to Freedom Mortgage who has been horrible dealing with an insurance loss claim. Freedom Mortgage has held our money for months for no reason other than their incompetence...

Sold loan to incompetent lender
CA (Dec 21, 2022)

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, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)

Location

Nationwide Availability

Available in 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 approximately 1,000 licensed mortgage originators spread across the country, offering in-house underwriting, processing, funding and closing services. Since its founding in 2002, the lender has funded more than $115 billion in home loans. It 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.
 
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Bankrate insight

In early 2023, AmeriSave announced some product expansions: It's now offering unsecured personal loans and term life insurance (in partnership with Ladder, an online insurer).
 

Pros and cons of AmeriSave Mortgage Corporation

Pros
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    Offers prequalification and customized rate quote in a few minutes and without a hard credit pull (in most cases)

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    Offers transparent pricing and fee structure

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    Time to close averages 25 days

Cons
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    No branch retail locations

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    No personal buyer education (though does offer an online “Knowledge Center”)

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    No first-time homebuyer program

Our Editor’s Take on AmeriSave Mortgage Corporation

AmeriSave is a good fit for borrowers with strong credit who are looking to save on origination fees.

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.

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.

Compare AmeriSave Mortgage Corporation to other lenders

AmeriSave Mortgage Corporation
Rating: 4.1 stars out of 5
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4.1

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

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Read full review
U.S. Bank
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review

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, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; interest-only

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

5% for conventional loans, 3.5% for FHA loans, none for VA loans, 10% for jumbo loans, 10% for ARM 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

AmeriSave Mortgage Corporation customer ratings and reviews

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NMLS: 1168

3.9

Rating: 3.9 stars out of 5

840 ratings

Info

This lender has 9 reviews.

Knowledge
Rating: 4.1 stars out of 5
Level of service
Rating: 4.1 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3.9 stars out of 5
5 stars
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1 stars
67%
7%
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24%

75% of customers would recommend this lender.

of 9 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.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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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