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AmeriSave Mortgage Review: Mortgage and Mortgage Refinancing | 2022

AmeriSave Mortgage offers low rates and fees on fixed-rate purchase and refinance loans.

Daria Uhlig Daria Uhlig Edited by Chris Jennings Updated March 21, 2023

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

AmeriSave Mortgage Corp. has funded over $55 billion in home purchase and refinance loans since its founding in 2002. With licenses in the District of Columbia and every state except New York, AmeriSave can help you purchase or refinance a home nearly anywhere in the country.

AmeriSave reviewers give the lender kudos for its loan officers’ good communication and responsiveness. Customers also say they liked that its mortgage loans close quickly — even in cases where loan officers anticipated delays. Here’s what you should know about AmeriSave and its mortgage products before you apply for a loan.

In this post:

  • AmeriSave mortgage purchase review
  • AmeriSave mortgage refinancing review
  • How AmeriSave can improve
  • Compare multiple lenders first

AmeriSave mortgage purchase review

Best if:

  • You are comfortable with a fully online process
  • You have little or no cash to make a down payment
  • You need to close your loan quickly

AmeriSave’s mortgage loan offerings are comparable to products from other non-bank lenders. You can close on a conventional loan in as few as 25 days.

These are the loans AmeriSave offers:

  • Conventional: Conventional loans are available with fixed or adjustable rates. You can buy with a 3% down payment, but you’ll need to put 20% down to avoid private mortgage insurance.
  • FHA: Loans backed by the Federal Housing Authority are a good choice for buyers who don’t qualify for conventional financing due to a lower credit score. These loans require you to pay private mortgage insurance premiums for the life of the loan.
  • VA: If you’re a qualified veteran or family member, you can use your Veterans Affairs loan benefit to buy a home with little or no down payment.
  • USDA: Loans guaranteed by the U.S. Department of Agriculture let lower-income buyers finance 100% of their home purchase. To qualify, the home must be in an area the USDA designates as rural.

AmeriSave backs its rates and fees with a Rate Match Guarantee for customers who lock in a fixed rate on a conventional loan. They promise to pay you $500 if you find a better mortgage rate and close on a loan with another lender.

While AmeriSave’s website says you can view rates anonymously, that only applies to its 15-year fixed mortgage rate and 30-year fixed mortgage rate. For customized mortgage rates or rates on other products, you must fill out a request form with your contact information or request a pre-qualification.

The pre-qualification process is less formal than a mortgage pre-approval, so you won’t have to divulge your Social Security number, and AmeriSave typically won’t make a hard inquiry on your credit report.

Here’s a look at the purchase loans you can get from AmeriSave:

Mortgage
purchase programs
Conventional, FHA, VA, USDA
Fixed-rate
loan terms
10, 15, 20, 25, 30 years
Variable-rate
loan terms
5/1, 7/1, 10/1 ARMs
Rates and feesAPRs and fees vary by loan, borrower’s qualifications, discount points and lender credits.
  • VA funding fee: 1.40% with 10% down payment, 1.65% with 5% down payment, 2.30% with $0 down for first-time benefit users

  • FHA upfront mortgage insurance premium: 1.75%

  • USDA guarantee fee: 3.5% max. upfront fee; 0.5% max. annual fee

  • ARM: 2% max initial rate cap; 2% max periodic rate cap; 5% lifetime rate cap
Min. credit score
  • Conventional: 620
  • Government-backed loans: 600
Min. down payment
  • Conventional: 3%
  • FHA: 3.5% to 10%, depending on your credit score
  • 203(k): 3.5%
  • USDA: $0
  • VA: $0
AmeriSave Mortgage isn't our partner, but you can use Credible to compare prequalified rates from other mortgage lenders all at once.

Find Rates Now

Learn More: How Much Does It Cost to Buy a Home?

AmeriSave mortgage refinancing review

Best if:

  • You have an FHA, VA, or USDA loan that you want to finance with the same loan type
  • You want to reduce your interest rate or change the term of your loan
  • You want guaranteed low rates and fees

Mortgage refinance loans comprise the lion’s share of loans that AmeriSave originates. Loan types include conventional loans plus government-insured refinance options for homeowners who already have those loans. All of the lender’s refi products are first mortgages, so you won’t find home equity loans, home equity lines of credit or reverse mortgages.

Good to know: As long as you have enough equity and meet credit qualifications, you may be able to refinance your current mortgage with a new fixed- or adjustable-rate mortgage, or do a cash-out refinance that leaves you with cash in hand to spend however you’d like.

Like with its mortgage purchase rates, AmeriSave offers a Rate Match Guarantee for its refinance rates, so you can be sure you’re getting the best deal on your loan. You’ll need to pre-qualify and lock in your rate on the lender’s website to take advantage of the deal.

Here’s a look at the refinance loans you can get from AmeriSave:

Mortgage
refinance programs
Conventional, cash out, FHA (rate/term, streamline, and cash out), VA (streamline and cash out), USDA (standard and streamline)
Fixed-rate
loan terms
10, 15, 20, 25, 30 years
Variable-rate
loan terms
5/1, 7/1, 10/1 ARMs
Rates and feesAPRs and fees vary by loan, borrower’s qualifications, discount points and lender credits.
  • VA funding fee: 0.5% to 2.30% for first use of benefit, depending on loan

  • FHA upfront mortgage insurance premium: 1.75% upfront fee1; annual fee varies according to loan-to-value ratio

  • USDA guarantee fee: 3.5% max. upfront fee; 0.5% max. annual fee

  • ARM: 2% max initial rate cap; 2% max periodic rate cap; 5% lifetime rate cap
Min. credit score
  • Conventional: 620
  • Government-backed loans: 600
AmeriSave Mortgage isn't our partner, but you can use Credible to compare prequalified rates from other mortgage lenders all at once.

Find My Refi Rate

1The upfront fee is 0.01% for Streamline Refinance and Simple Refinance loans used to refinance an FHA mortgage that was endorsed on or before May 31, 2009.

How AmeriSave can improve

The lender has received high ratings from borrowers for providing good service once a loan is in process. But there are some aspects it can improve on to make for a better customer experience.

  • Transparency: The lender’s website says you can see its rates anonymously. However, this is only true for its 15-year and 30-year fixed mortgage rates.
  • Product selection: AmeriSave has no proprietary loan products and no second-mortgage refinance loans to make it stand out from other non-bank lenders.
  • Website: The website’s Knowledge Center, which has educational blog posts about buying and financing a home, has not published a new post since 2018. As such, it fails to reflect changes in the market during that time.
  • Customer service availability: Customer service reps are only available by phone Monday through Friday, from 8:00 a.m. to 5:00 p.m. ET. Evening and weekend availability would better serve customers.

Find Out: When to Buy a House

Compare multiple lenders first

To find the best mortgage lender for you, take the information included in this and other AmeriSave Mortgage Corp. reviews into consideration when browsing lenders. Make sure to research a number of lenders before coming to a final decision. Once you find a rate and lender you’re happy with, apply for a mortgage and consider locking in your rate.

Although AmeriSave is not one of our partner lenders, Credible makes it easy for you to find the best mortgage rate from a variety of lenders without leaving our site. You’ll get your rates in just three minutes. Once you’ve selected your loan, you can apply and work through the entire loan process right on our platform.

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.