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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 Mortgage originates a variety of mortgage types, and the lender also offers rate buydowns.

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 stars out of 5

842 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

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 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 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. The company was the nation’s 36th-largest mortgage originator in 2022, according to federal data.
 

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 Mortgage originates a variety of mortgage types, and the lender also offers rate buydowns.

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.

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.

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, refinancing; home equity line of credit (HELOC), home equity loan; construction loans

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

3% for conventional loans, 3.5% for FHA loans, none for VA loans, none for USDA 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 stars out of 5

842 ratings

Info

This lender has 4 reviews.

Knowledge
Rating: 4.1 stars out of 5
Level of service
Rating: 4.1 stars out of 5
Professionalism
Rating: 3.9 stars out of 5
Responsiveness
Rating: 4 stars out of 5
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1 star
67%
7%
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1%
25%

75% of customers would recommend this lender.

of 4 reviews

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