AmeriSave Mortgage Corporation Review 2021

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At a glance

Visit AmeriSave Mortgage Corporation website

NMLS: 1168

4.5

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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 the District of Columbia
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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 claims to be one of the largest and fastest-growing direct-to-consumer mortgage lenders in the U.S. The digital lender has approximately 1,250 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 $103 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.

Good for

Borrowers looking for a quick prequalification and educational resources

Loan types 

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

Lender fees 

AmeriSave Mortgage Corporation charges a flat $500 application fee. The lender does not charge loan origination fees.

Rates

AmeriSave Mortgage Corporation doesn’t list mortgage rates for specific loans on its website, but does showcase one daily rate (“Mortgage rates as low as…”). 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 where you are in the home-buying process. 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.

Reputation 

AmeriSave Mortgage Corporation has an A+ rating from the Better Business Bureau and a 4.2 rating out of five stars from Trustpilot.

Online services

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. 

Minimum borrower requirements

AmeriSave Mortgage Corporation has a variety of loan products for both new homebuyers and borrowers who wish to refinance. For FHA loans, borrowers need a minimum 3.5 percent down payment. Conventional loans through AmeriSave Mortgage Corporation can require a down payment as low as 3 percent. As with most mortgage lenders, the specific loans offered are dependent on the borrower’s creditworthiness, income and other factors.

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

Breakdown of AmeriSave Mortgage Corporation overall review score 

  • Affordability: 14.75/15
  • Availability: 14/15
  • Borrower experience: 8/10

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.

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AmeriSave Mortgage Corporation consumer reviews

4.0

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812 reviews

5 stars
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1 stars
559
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184

Customer service rating

Knowledge
4.0
Level of service
4.1
Professionalism
4.0
Responsiveness
4.2

77% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with AmeriSave Mortgage Corporation .

10 of 263 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 Customer Service!

Samantha | florida | 9/18/2020

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Amerisave Good Customer Service with Great Rates

Kumar | Maryland | 9/20/2020

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Great Experience

LP Bach | Arizona | 9/21/2020

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Great Experience

Jerry S | Calif | 9/22/2020

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Great Rates and Fast Processing

jo alm | florida | 9/26/2020

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what can i say

vincent sanchez | tulare ca | 9/30/2020

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Amerisave Refinance

Todd Schwantes | Wisconsin | 10/5/2020

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Refinancing

james Hess | OH | 10/6/2020

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Great Experience with AmeriSave

NoVa Borrower | Virginia | 10/9/2020

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The Best Mortgage Company Out There

Oniel | Jacksonville, FL | 11/4/2020

Written by
Dhara Singh
Mortgage reporter
Dhara Singh is a mortgage reporter for Bankrate. She is a former data analyst turned financial journalist who previously worked at Yahoo Finance, CNET, Cashay.com and JPMorgan Chase covering the housing and retirement beats.
Edited by
Mortgage editor