AmeriSave Mortgage Reviews

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 near 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.

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.

You can check rates and the loan types AmeriSave Mortgage is likely to offer you by getting prequalified. 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.

You can view potential rates and loan offers from AmeriSave without a hard credit check by getting prequalified. 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  ConsumerAffairs 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

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.

AmeriSave provides some details about its home 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 ConsumerAffairs 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 preapproval 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.

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 ConsumerAffairs 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…”

Yes, AmeriSave Mortgage is a legitimate company. AmeriSave is a licensed mortgage lender that is authorized to originate home loans across most of the U.S. The company has been in business since 2002, giving it more than two decades of experience in the mortgage industry and a track record of funding billions of dollars in home loans.

In terms of regulatory history, AmeriSave has faced scrutiny in the past. In 2014, the Consumer Financial Protection Bureau (CFPB) ordered the company to pay $19.3 million related to misleading advertising and unauthorized fees. While this enforcement action is notable, it is also more than a decade old, and AmeriSave continues to operate as a licensed lender today.

Overall, AmeriSave is considered a legitimate mortgage company, but as with any lender, borrowers should review loan estimates carefully, compare offers and make sure they understand all terms and costs before moving forward.