ABOUT AMERISAVE MORTGAGE
AmeriSave Mortgage Corp. (NMLS #1168) is an online, direct-to-consumer lender that offers home purchase loans in 49 states and Washington, D.C. The company also has refinance options for those who want to adjust their rate or term or take out cash. AmeriSave has helped over 664,000 borrowers, funding over $115 billion in loans since it was founded in 2002.
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Rocket Mortgage
Purchase options:Conventional, FHA, VA, jumbo
Refinancing options:Cash-out, rate and term
Min. credit score:580 to 620
Max. loan amount:$2.5 million
AmeriSave Mortgage
Purchase options:Conventional, VA, USDA, FHA
Refinancing options:Cash-out, rate and term
Min. credit score:600 to 620
Max. loan amount:$1.5 million
Purchase options: Commercial, residential, military, seniors
Refinancing options:Cash-out, rate and term
Min. credit score:580 to 620
Max. loan amount:$1.0 million
Purchase options: Commercial, residential, military
Refinancing options:Cash-out, rate and term
Min. credit score:280 to 320
Max. loan amount:$1.0 million
Purchase options: Refinancing options available to lower payments
Refinancing options:change terms or take cash out
Min. credit score:580 to 620
Max. loan amount:$2.0 million
Our editors’ take on AmeriSave
AmeriSave is a good choice for an efficient, online lender. It is best for buyers who need a loan that falls outside conventional funding, since AmeriSave covers a wide range of loan types, including FHA, VA, USDA and jumbo loans. We recommend AmeriSave for buying or refinancing since it is well-established with over 20 years of experience and almost nationwide availability (not available in New York).
We don’t recommend AmeriSave for individuals who prefer face-to-face interactions, since the process is completely online. Additionally, those with unique financial situations, such as self-employed individuals, may find it hard to meet the requirements through AmeriSave’s online platform. For these situations, it may be better to work with an in-person lender to figure out how to meet financing requirements.
How we rated AmeriSave
Overall, we rated AmeriSave with excellent and good scores across the board. AmeriSave has competitive rates and encourages buyers to shop around instead of using spammy sales tactics to lock buyers in. We also liked that the online application process was easy for most, and reviewers who ran into issues were able to get the customer support they needed.
We do think AmeriSave’s costs and fees could be more transparent at the beginning of the loan process. We also appreciate that AmeriSave offers several different loan types, but it could make the process for non-conventional loans a little smoother.
Rates: Excellent
You can check rates and the loan types AmeriSave Mortgage is likely to offer you by getting pre-qualified. AmeriSave doesn’t require a hard credit check at this stage, so there’s no effect on your credit score. This process takes just a few minutes.
Several reviewers described AmeriSave’s rates as “competitive” or “good.” Chimeria, a reviewer from Pennsylvania, said, “AmeriSave was cheaper than other places that I had looked at. Their rates were better.”
Kira from North Dakota liked that AmeriSave didn’t try to incentivize them to choose the company. “They also had unbeatable interest rates and encouraged me to shop around at other lenders, whether it be online or local, to see if somebody had a lower rate,” they said.
The company offers both fixed-rate mortgages and adjustable-rate mortgages (ARMs). ARM options come with a fixed rate for the first five, seven or 10 years. After that, the rate changes once per year.
The choice between a fixed-rate and adjustable-rate loan depends on your financial situation and personal preferences. Some borrowers prefer a predictable monthly payment over the loan term so they can plan for their spending and saving accordingly. In such cases, a fixed rate may be preferable.
Others may want to take advantage of a starting period with a relatively low fixed rate and take a chance on rate changes in the future. You may decide on an ARM if you plan to move out of your home before the fixed-rate period ends or believe rates are going to decrease over the long term. Keep in mind that you can refinance from an ARM to a fixed-rate mortgage later.
According to data from the Home Mortgage Disclosure Act, AmeriSave had a lower average home purchase rate than the national average in both 2021 and 2020.
AmeriSave average home purchase rate vs. national average
| Year | Difference from national average |
|---|---|
| 2021 | -0.11% |
| 2020 | -0.25% |
| 2019 | +0.02% |
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.
Application process: Excellent
You can view potential rates and loan offers from AmeriSave without a hard credit check by getting pre-qualified. If you choose to move forward, you can start AmeriSave’s preapproval process; be prepared to share income and asset information. If you’re preapproved, you can lock in your rate for 90 days, and you get a certified approval letter to share with sellers.
James, a ConsumersApproach reviewer from Crystal, Minnesota, had this to say about applying for a mortgage with AmeriSave: “They have a website where they ask[ed] for me to upload whatever documents. The UI was pretty simple. It told me which documents were needed and… which ones you had left to upload. … Plus, when I was confused, I was able to get in contact with them, and they picked up pretty quickly.”
Jacob from Oregon shared a similar sentiment: “The app was helpful. They also helped me with any problems I had with the application.” Another reviewer pointed out, “As far as the online application process, it was pretty straightforward. It’s the person that’s behind the phone and the way that they communicate with the client that makes the difference.”
AmeriSave application features
| Feature | Availability |
|---|---|
| Online application | Yes |
| Mobile document upload | Yes |
| Physical branches | X |
| Publishes minimum rate on website | Yes |
| Rate lock | 90 days |
| Pre-qualification (no hard credit pull) | Yes |
| Certified approval letter | Yes |
Loan types: Good
AmeriSave offers a range of mortgage products, including conventional loans, government-backed loans (FHA,VA, and USDA) and jumbo loans for those who need to borrow amounts beyond the conforming loan limits set by Fannie Mae and Freddie Mac.
When choosing a non-conventional loan, a few reviewers found the process with AmeriSave took longer or ran into problems. Originally, this customer chose AmeriSave for a VA loan. “Everything was going along okay. And then two weeks before closing, their underwriters decided that because I wasn’t moving in within 60 days, I could not do a VA loan,” they said. “I had to switch to a conventional loan. And I had basically a week to come up with 10% down.”
Another reviewer had delays because of FHA requirements. “I applied for an FHA home equity loan, and I’m satisfied with the rates and terms.” said Gary of West Virginia. “They had to wait till my name had been on the title for one year according to FHA before they could fund the loan.”
You can both purchase and refinance with AmeriSave; the company has rate-and-term refinancing and cash-out refinancing.
In 2021, AmeriSave saw a large increase in home purchase loan applications (38,757 from 7,914 in 2020). Of those applications, about 23% (8,782) turned into closed loans. About 24% (9,417) of applications were denied.
Loan applications for home purchases only by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 38,757 | 7,914 | 4,657 |
| Home purchase loans closed | 8,782 | 1,124 | 1,562 |
| Home purchase applications denied | 9,417 | 698 | 908 |
| Home purchase preapprovals denied | 0 | 6 | 26 |
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.
Requirements: Good
AmeriSave provides some details about loan requirements. For a conventional loan, you’ll need a credit score of at least 620. FHA, VA and USDA loans from AmeriSave require a minimum credit score of 600.
Through a ConsumersApproach phone survey, Jeet from California said that going through the documentation requirements with other lenders felt like an FBI inquiry. “With AmeriSave, they literally just asked for my pay stub. And I already had the pre-approval within the same day. So, within, I think, six hours or so,” they said.
AmeriSave does have a higher down payment requirement on conventional loans than some other lenders. You’ll need to offer at least 5% down (other lenders may require as little as 3%). FHA loans have a lower requirement, at 3.5%. Both VA and USDA loans have no down payment requirements, which means you could receive up to 100% financing.
Cost and fees: Good
Unlike many mortgage lenders, AmeriSave doesn’t charge loan origination fees or application fees.
You can expect other closing costs (e.g., appraisal fees, attorney fees, credit report charges) to total around 2% to 5% of the loan amount. AmeriSave will provide you with a Loan Estimate (a document that outlines all of the estimated closing costs) after you are preapproved.
You’ll also receive a Closing Disclosure at least three business days before your closing that states the total closing costs and how much cash you’ll need to bring to closing.
While several reviewers agreed there were no hidden fees, they did feel that fees were high. “The only thing I didn’t like was I think I had to pay a lot to pay it down. I think my costs were like $20,000 or something,” said a Texas reviewer in a ConsumersApproach phone survey. Another reviewer in Ohio had a similar experience: “So I had to pay a little extra fee to buy down the rate a little bit. My fees were a little high…”
