AmeriSave Mortgage

We are senior citizens that tried to refinance our house mortgage to acquire a lower interest rate and no money out. Our credit report was to a low 784 to a high 816. We were never told that only 80% of the value would be refinanced. If we had known that upfront, we would have cancelled the application. We were charged for a credit report and $525.00 for an appraisal and our loan was rejected. The processor of the loan did not keep in touch with us in a timely manner. He was impatient and very rude each time I tried to get information.

I was contacted by AmeriSave, 8-8-12 and was pre-approved for a refinance cash-out the same day. They have requested the same paperwork multiple times. Even though they got the appraisal in a few days of my pre-approval and my title search was complete 2 weeks or more ago, they are trying to find a problem with it. My original close date is supposed to be the 25th of September. The processor that was just assigned to me less than a week ago told me this morning that its 21 days before the underwriter can even review my loan because they are backed up. That is not the customers’ problem!

I'm a first time home buyer and I couldn't be more frustrated with this company. Paperwork is essential in the process but, I feel like they only wanted the $8.95 to run my credit report. If you do submit documents with them, and then rely on their website (or fax) to proceed, they will just keep telling you to select options that aren't available because the site does not present those options. I feel taken advantage of at a critical time in my life, but I'm thankful that they've helped me not trust online lenders. Just go to a traditional bank to discuss your mortgage, like I did, and you'll get the information and pre-qualification you need in the same day. I would gladly share information about my experience with a reporter or attorney.

The loan process is in the underwriting stage. There are lots of supporting documents needed to be submitted. The locking interest rate was quite difficult and stressful this time around. After many of selecting the term and rate, they finally informed me that my selection was not issued and that I had to select another one in order to move forward. So during all that time, I had missed out some of the better rates.

Everything went fine until I paid $375 for an appraisal, which came back at about 50% of the true value of my home as verified by two independent appraisers. I was such a fool for not checking these bozos out before I tried to do business with them. I'm positive they are getting some sort of kickback in the deal, and I plan to report them to the authorities. Scammers, stay away!

We applied for a refinance mortgage at the end of May 2012. It's now mid-September and we still don't have the refi mortgage, with little hope of ever seeing a closing. We informed the application processor upfront that we built a new house that currently had a mortgage and we would be moving into the house within the next few months. We were not listing our old house until after we moved and spruced up the old house.

Wow, what negative stories, glad I was rejected. I spent 3 days searching the net for the best refinance rates and watching them move from up and down from day to day. I've previously sold real estate in my area for 10+ years and am familiar with the mortgage process. In addition, in the 22 years I have lived in my home (with rates constantly declining), I have refinanced 4 times. I have never had a bad experience with the various companies I've used. However on this occasion, Amerisave indicated that number one, I could not keep my home in "trust" and most likely would have to remove this title to close with the various investors used to purchase Amerisave loans. Also, I was told that my wife’s income could not be counted as she was not on the title.

The refinancing drags on for over 3 months (800 plus credit score). I have tried to get two refis with Amerisave. We had the money to pay off the mortgage on one, which we did after they said they would not refi due to an HOA lawsuit against the contractors. The second on our primary mortgage was not to increase the loan amount, but just to lock in a 15-year rate. It has been over three months that they are stalling and asking for more and more info. We have no other debt and there is no reason to keep asking for more info. They are now asking for employment verification again because they said it has been three months since they got ours with the loan app. This company is a scam and fraudulent.

I had trouble with the online application and the loan officer refused to help me with it. He told me to fill it out as best as I could and then we could make any edits later. I told him I could not get the online application to let me add a co-borrower and he assured me he would fix that later. Long story short, he didn't. We're out $900 for appraisals and 3 months into this refinance and they just recently asked me to sign a new application "removing" the co-borrower because it is too late to add him.

We are completely dissatisfied how awful this process has been with Amerisave. This process has been dragging on since June 15. We completed the loan paperwork and returned it in a timely manner. But at least once a week, there have been requests for additional information from the underwriter. Some of the inquiries were so absurd, and we have never seen anything like that. We even had to submit a copy of blueprint of our remodeling that was done 4 years ago. Currently, they are asking about gas, oil, and mineral rights on our property. It's just residential home just like any suburban home!

Don't waste your time and money with Amerisave. They preapproved my application, my credit score is 802, my debt/income ratio is perfect. At the final process, underwriting disapproved my loan saying "income cannot be identified". I called several times to find out what they mean. However, I never got an answer. Hank told me he would get back with me. He never called back. I just ended up with a much higher appraisal cost than a usual appraisal would've cost. They charged $375 for appraisal, average appraisal in my area cost $200. Don't fall for their false advertisement!

I am completely and utterly dumbfounded at how awful this process has been with Amerisave. I ultimately went with another mortgage company after I nearly lost the house I was buying because of the astounding lack of communication and progress with Amerisave.

My experience with Amerisave was a total nightmare that ended with a bitter and costly disappointment. My finances are absolutely solid. My credit score is well above 800. The property appraisal met their requirements and I provided about 200 pages of documents (requiring about 50-60 hours of effort on my part), and my loan was denied after three aggravating months without any plausible explanation. The denial form included a checklist of 32 possible reasons for denial. Those items deal with finances, credit history, the property value, employment, and your application details. None of them was checked, but an item with a check mark was added to the bottom that reads "We do not grant credit to any applicant on the terms and conditions you have requested." How is that for ambiguity? I applied for a loan based on the terms and conditions they offer, not some arbitrary terms and conditions I contrived. I have sent letters to my Amerisave underwriter and customer service, asking for an explanation, and no one has sent any reply. They also have not replied to my request for details which are required by the federal Equal Credit Opportunity Act as outlined by the Federal Trade Commission.

After 2 months of trying to get my mortgage closed, they changed the processor last minute. Full week of catching up the new processor, only to have them go silent again. I lost the house and deposit because of Amerisave. Don't do business with them. The next house I put under contract, I used a local mortgage broker and we were closing in 30 days. Bad business. Inexperienced employees equal headaches for borrowers.

We used Amerisave to purchase our home a year ago, and then again to refinance when rates dropped to ridiculously low levels. I had great experience twice with Amerisave. They're responsive. They also have best rates and excellent customer service. I loved being able to track our loan status online. We'll continue to use for future mortgage needs.

Closing process - I completed the application and the rate was locked on 6/6. I closed on 8/13. Originally, I was told they could close in 30-45 days. The delay was blamed on volume of work. Very inexperienced people. They are slow to respond via email or return phone calls. I have been in banking for 35 years and basically, the people I dealt with did not know what they were doing outside of following a scripted manual, down to their scripted responses. I would not recommend them and encourage others to avoid them at all costs.

The best experience and help I have ever received when trying to get a loan was and is from Amerisave. My sister recommended them to me and I have been completely taken care of. They have helped me through each step. The interest rates are the best and they make it easy for you. It can be a hard process to do this, but they make it easy. They are very friendly and I would recommend them to everyone who needs to get a loan or refinance.

Amerisave is unethical, fraudulent in its business practices and the regulatory bodies should get involved and shut them down. After I have applied for mortgage refinance with excellent credit and plenty of income, they demanded such excessive documentation, and stalled the process for over a month stating that the loan is waiting to be assigned to an underwriter. In the interim, they charged an appraisal fee $395 that turned out to be completely unnecessary piece of paper, since the underwriter declined the loan after almost 40 days wait. The email decline didn't say why, and it took multiple calls to find out it was because of time at the job being less than six months. They knew about the time on the job since the moment I applied, and it was unnecessary to order an appraisal or request such extensive documentation.

The last complaint entry dated August 2 is exactly my experience with Amerisave. I made application for two refinances for my primary home and a vacation home. Three months had passed and there was a continuous request for more data despite submitting tax returns, tax bills, retirement account statements, 1099s and signing disclosure forms. The total monthly mortgage for the two loans was less than $3000/month and my income is in excess of $20,000/month with a credit rating of 805. I had paid for two appraisals which were completed. After multiple complaints to different employees of that company, I threatened legal counsel and involving the state and federal agencies whose responsibility is to investigate the company. The following day, today, I received an email denying the loan under the pretense that it exceeded my financial obligations. I have no obligations other than these loans, This company is fraudulent and needs to be investigated and sued.

I applied to refinance my home in early May. I have very good credit, plenty of equity and provided a large library of supporting documents promptly. I paid for their appraisal and waited almost three months for them to turn me down yesterday. Their stall tactics include asking for more documents every time you inquire about the loan. I'm now starting over and expect to shave about 1.75% off my mortgage that should have been done two months ago. Don't waste your time with these clowns! Huge waste of time and money!

Our experience with Amerisave is a disaster. Here, I'm warning anyone who is trying to buy a foreclosed or short sale property, stay away from Amerisave. We have waited for over 5 months for a short sale deal. Amerisave lured my husband with good interest rate, discounted closing cost, etc. At that time, I just felt there was no free meal in this world. Their offer sounded to be too good, but my husband insisted to do business with them. He believed it's our excellent credit score that earned us that good deal. The short sale is sold "as is" which is typical to most short sales. We can put 20% down payment. Also, we paid off our current residence.

Beware: I was lured into applying with them, although I had 3 other lenders competing for my business, due to their lower advertised rate. I filled out a long application form and paid to have my credit score sent to them, as required by them. My credit score is above 750. I sent every single document they requested. I never heard back from them. The representative assigned to me is called Aaron **. I called him and in a very nonchalant manner, he said he'd never received my documents, which I am positive he must have.

AmeriSave Terrible Rip-Off Company - I wanted to refinance. I was a sucker for their web marketing. As soon as I paid the $400 or the appraisal, the attitude changed. I provided all the documentation (my last lender said my package was the most complete they had ever seen). They told me I had an "incomplete credit report" and then charged me $500 for terminating my lock. There was never any explanation, just a charge to the card. Do not give them your credit card info. Whereas the salesperson was polite, etc. I am getting nowhere for 6 weeks in resolving this with them. Avoid this company at all cost.

They killed the loan process almost as soon as it started. I paid these guys $9 to run my credit for a new home loan. I have a monthly subscription to two of the three credit reporting services so I know exactly what my scores are. When the report came back from them and did not reflect my correct score numbers, I tried to contact their local representative, who only responded with an email saying I was rejected. They don't seem to be interested in helping get to the bottom of why incorrect information is being received. Nice website, but very poor customer experience. I've since found a great local mortgage company that could actually pull up credit reports correctly. Now if I could only get my $9 back.

Rip-Off - They said I would get 3.25%. Two months later, they tried changing the rate and blaming their investors. Everyone I talked with told me not to trust these people. I wish I’d listened. Stay away!

Good online experience. The online aspects of my refinance has been very positive. The personal responses to my questions have been very quick, but not always very complete. I've frequently had to ask my questions multiple times to get a full answer to the question.

The Amerisave loan officer we were dealing with has seriously lack of knowledge for the mortgage loan business, not well trained at all. We ended up with wasting a lot of time and energy, which could have been saved if we went somewhere else.

I was looking to finance my home and tried a lender that advertises heavily on the local radio stations in Tennessee (the lender is in Cleveland, TN). I was very disappointed in their customer service, or should I say the complete lack of it. A friend had used Amerisave and they have been very helpful. Colin has communicated very well and although I have not closed yet, the process has been very smooth. I would highly recommend Amerisave.

The people at Amerisave were the most courteous and reasonable of all the mortgage loan companies that I had experience with while trying to refinance my home. I spoke with a minimum of 7 different companies to include one that supposedly dealt greatly with the military. I found Amerisave fees were reasonable. I found that they were swift in downloading and confirming information. They also offered the best rates of any other company that I had contacted. If there was any negative, I do not feel that they had the most updated information on the government programs available, especially the ones that were initiated recently (2012). However, I would still highly recommend that you check them out first and compare with any other offers that you might have.

I've refinanced several times (7, I think). My last three have been through AmeriSave and they have been the fastest and most transparent transactions that I've experienced by far. I am an actuary by trade and can determine loan terms in my sleep. Every other company I've refinanced with (or even talked to) has tried to sell me some line in an attempt to make a few extra bucks. AmeriSave has been very honest and candid about every aspect of the loan process. They are the first company I will call for a loan or refinance and they are the only company who has earned and kept my trust. In the interest of full disclosure, I will receive $15 off my closing costs for posting this review to two review sites. I have refinanced with AmeriSave twice before (this is my third time) and have never posted before because, let's face it, $15 isn't much of an incentive. I'm doing it now because they've earned it.