AmeriSave Mortgage Corporation Review 2023

How Bankrate scored AmeriSave Mortgage Corporation

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:

• 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 gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability: Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the 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: What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products.
  • Borrower experience: Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support.

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

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 3/5

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.

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. The company offers a variety of loan types, including FHA, VA and USDA mortgages and home equity lines of credit.

Borrower experience: 4.2/5

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.

How to apply for a mortgage with AmeriSave Mortgage Corporation

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:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with AmeriSave Mortgage

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

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 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.