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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 fees | APRs and fees vary by loan, borrower’s qualifications, discount points and lender credits.
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| Min. credit score |
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| Min. down payment |
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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.
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 fees | APRs and fees vary by loan, borrower’s qualifications, discount points and lender credits.
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| Min. credit score |
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| 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.
