AmeriSave Mortgage
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AmeriSave Mortgage

 4.7/5 (722 ratings)
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AmeriSave Mortgage
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Written by Jessica Render
Edited by Jon Bortin

About AmeriSave Mortgage

AmeriSave Mortgage Corporation is an online, direct-to-consumer lender for home loans in 49 states and Washington, D.C. The company also offers refinancing options for those who want to lower their payment or take out cash. AmeriSave has funded over $103 billion in home loans since 2002.

Overall Satisfaction Rating

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Pros

  • Variety of loan programs
  • Free calculator tools online
  • Customized rate quotes in less than 3 minutes
  • Options with low down payment

Cons

  • Not available in New York
  • No financing for manufactured homes

Bottom Line

AmeriSave offers a wide range of loan services in most states. Eligible borrowers can find competitive rates for buying a house or refinancing an existing loan, and the company has an average time of 34 days to closing.

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Page 163 Reviews 4835 - 4865
Rated with 1 star
Original review: Feb. 25, 2012

Applied to refinance my property, was approved. Was told I needed appraisal done before they would lock my rate with their appraiser at $475.00 plus credit report fee charged to my credit card. Then after two weeks, I was told I have too much debt. When they knew what bills I had from the start. My credit was $721.

AmeriSave Mortgage response

Thanks for the feedback! It seems that there may have been risk factors in regards to the debt-to-income ratio that prevented the loan from being qualified. We apologize if the outcome of the loan was less than satisfactory. The credit run and appraisal fees are upfront commitments in order to start with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved.

Be the first one to find this review helpful
Rated with 1 star
Original review: Feb. 20, 2012

I applied to refinance my home in North Carolina. I never signed my application. The next morning, I have an appraiser call me to do an appraisal that morning. The fee was $610. I talked to some other lenders and found most appraisal fees are $300-400. I looked into their closing fees which were around $4,000. Those fees are outrageous. I have called their customer satisfaction department twice and was told to leave a message. I have not heard from them yet. I would stay away from this lender, my experience was not good. I won't use them or recommend them.

AmeriSave Mortgage response

Thank you for letting us know! The expedited process of our loan is for the borrower’s advantage to lock in a great rate, and to close as soon as possible. We apologize if the process seemed a little hasty at the time. Thank you!

Be the first one to find this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 17, 2012

I applied for refinancing my mortgage. My credit score is 740. We just have 40000 dollars left on my current mortgage. We wanted to pay for our children's education loans because of the high rate they were getting charged. Amerisave is nothing but a sham. I have a very good income along with a good nest egg. I provided them with all the documents they needed. This went on for two months. I would keep asking them if that was the last document they needed and they would say yes. After that document was given to them, then they would keep on asking for a new document. Finally my patience ran out and I told them I am through with you. I didn't care if I lost the fee I paid for the appraisal. I wanted this monkey off my back. I felt as if someone was holding a gun to my head. The loan officer was obnoxious to say the least. Can anyone tell me whether there is any agency these guys have to report to? All they want to do is to get your appraisal fee and then you are trapped.

AmeriSave Mortgage response

Thank you for bringing this to our attention! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We do appreciate your patience with that process. We apologize if there was any inconvenience during the loan process, and we hope to better the situation if at all possible. Thank you!

Be the first one to find this review helpful
Rated with 2 stars
Original review: Jan. 23, 2012

I started a loan application as a co-borrower with my daughter. We both have excellent credit scores. After submitting all our info, they called and said my daughter can qualify on her own. Another application is started for her alone. They did a credit check and appraisal ($400+). Then they denied the loan due to insufficient income. They said she had enough. I started a third application. Now, they tell me we cannot get a conventional mortgage. We have to go FHA, which will be $220 a month more at the same interest rate because I am a non-occupant co-borrower.

They did not tell me that on the first application on which I was a non-occupant co-borrower. I checked with two other lenders and they say that is not so. Amerisave also made up a "release of mortgage" for us. It took two tries before they got that right. This wasted three months of our time and $400 plus. They do not try to work with you to get approved. These people are morons and should be shut down.

AmeriSave Mortgage response

Thank you for letting us know about this issue! The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. It seems that there may have been risk factors in regards income that did prevent the loan from qualifying. This would have only been found during the underwriting process after receiving the necessary documents to determine income. We do apologize for any inconvenience on the result of the loan evaluation.

Be the first one to find this review helpful
Rated with 2 stars
Original review: Jan. 23, 2012

I successfully refinanced my home in November 2010 with AmeriSave. I then started the procedure again in September 2011 to refinance the same home because the interest rates were even lower than the year before. They had me pay for another appraisal on my home because the appraisal was more than 6 months old.

The appraisal came in at the same value that it had a year ago. I live in Alaska and our housing market wasn't effected like the homes in the lower 48 states. Well, the underwriters kept asking for more paperwork, after each request, they would require more and more paperwork for the loan application. Some of the papers were the same as I had provided the year before.

Well it is now the middle of January and they are requiring another appraisal (that costs $650) because the latest one was too old! I have been at the same job for 30 years, and make over $100,000 per year, also, my credit rating is excellent. I feel that I have been duped and I would recommend that no one refinances with this company. I believe that they should refund me the cost of the second appraisal because of the fact that they have misled me into thinking that I was going to get refinancing.

AmeriSave Mortgage response

We appreciate you bringing up this issue! A recent and updated appraisal must be used in order to consider the for the refinance. We do apologize for any confusion or if there were delays with continuing the process. We truly do value your business, and we would like to show you that. Please feel free to contact us at customerservice@amerisave.com so that we can correct the situation if at all possible. Thank you!

Be the first one to find this review helpful
Rated with 1 star
Original review: Jan. 9, 2012

I feel I was scammed or defrauded by Amerisave Mortgage. Anyone out there who feels the same way, I have some advice and resources that may help you. Keep copies of all email and correspondence associated with the transaction. As soon as your credit is denied for some frivolous reason, cancel the credit card they have on file. It is in their small print that they can charge a $500 rate lock cancellation fee for any loan that does not close.

Use the "power of the pen". You need to fill out online complaint forms and write letters to any and all of the following agencies. Amerisave is required to respond to each complaint. The Better Business Bureau, the Federal Trade Commission, and the Consumer Financial Protection Bureau. Also, file a complaint with your State's Attorney General and the Attorney General of the State where the Amerisave office is located. File a complaint with your State Banking Department and the State Banking Department of the state the Amerisave office is located.

Write a letter to your congressman detailing your bad experience and new legislation for consumer financial protection. If you feel your denial was based on some form of discrimination, file a complaint with the US Department of Housing and Urban Development in Atlanta, Ga. The FBI investigates mortgage fraud. Complaints may also be filed with the FDIC, The National Fair Housing Alliance, and your local Real Estate Appraisers Board. I have made some headway with my complaint by contacting these agencies.

AmeriSave Mortgage response

Thank you for your feedback! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. All potential loans must meet all guidelines and regulations in order to be approved. We apologize for inconvenience with the process, and we still would like to better your experience with us if at all possible. Thank you!

3 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 3, 2012

As we were days from refinancing with another company, I answered my phone to hear a pitch from Sean at Amerisave. I was upset with the other company for deciding at the last minute that some very standard/legal deductions (mileage, work-related book purchases, dues) taken on our tax return would offset some $900 of monthly income, forcing us into a higher "risk" (read: higher rate) category. Sean said, "Please give me the opportunity to beat their rate and you can lock that rate in today."

As I had just been through the process, I was able to tell Sean everything about our situation, home value, debt, credit (excellent). I let him run the credit and agreed, swallowing hard, to pay for another appraisal. All the while, Sean assured us of the rate lock. It was a Thursday afternoon. As soon as I rushed the required paperwork (and we were informed of our "pre-qualified" status), Sean stopped responding to my e-mail. A few hours later, when I expressed my agitation, he assured me the rate lock "will happen tonight."

Next morning, no e-mail, no rate-lock. Finally, when I wanted to cancel the appraisal scheduled for noon Friday, Sean assured me that his boss was behind and she had to give the okay on the rate lock, but we were #32 in line, "It will be within the hour." We went ahead with the appraisal and then were told by Sean, "The rate lock will happen today." I also sent Sean a copy of the appraisal we had had done the week before (came in at $399K). That was Friday. No word from Sean on Monday so I start e-mailing. He ignored me until I got angry and then told me, "We can't lock in the rate because his boss had some "issues" with the appraisal I'd forwarded (done by another company) and didn't believe our home was worth that so we'd have to wait for the new appraisal to lock."

At that moment, I saw the writing on the wall. We were out $412 and we weren't getting a rate lock. On Wednesday afternoon, after no word from Sean, I demanded a copy of the appraisal. He sent it and guess what? It comes in at $350K. I'm a little shocked so I start looking at it. The appraiser (who had whipped through the house in a few minutes and had mentioned to me by phone that he had "plans" that Friday afternoon) had skipped a full bathroom and laundry area and included an inaccurate line drawing.

When I contacted Sean with this information and pointed out that he could easily verify by comparing the two appraisals, they sent me a rebuttal form. I could fill it out and provide some other comparables and perhaps they would reconsider. (So after spending $400 for an incompetent appraisal, I should now get to work, huh?) As you might imagine, I haven't heard a peep from Sean since (that was Dec. 22), even though he's assured us so enthusiastically on that first day that our appraisal looked "great."

Now, I must admit I'm the real idiot here. I had a horrible experience with Amerisave (better names: Ameriscam, Amerisleaze, Ameris __ks) once before, two years ago. After being promised a rate-lock, paying application and appraisal fees, our house in 2009, in New Orleans, which was a much worse market than it is today, appraised for $420K (Amerisave-ordered appraisal). But our Amerisave agent at that point stopped communicating with us. Everything stopped. We had never gotten the promised lock and months later, we received notification that our loan had been denied because of "incomplete paperwork." I complained angrily to whomever sent the e-mail, but who cared at that point?

At any rate, the highly-touted rate lock at Amerisave appears to be bogus. I'd warn others to not fall for their come-ons. Actually, I wish people who actually got promised rate-locks would write in. I'd love to know if they exist.

AmeriSave Mortgage response

Thanks for bringing this to our attention! We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The appraisal is the determined value of a property based on similar property sold in the market. As a mortgage lending company, we are not able to predict or control the value of any property. We truly do apologize if there was any inconvenience during this part of the process. There definitely should have been an available, and consistent point of contact for you throughout the process, and we apologize if this was not the case. Please feel free to contact us at customerservice@amerisave.com so that we can correct the situation if at all possible. Thanks!

7 people found this review helpful
Rated with 1 star
Original review: Dec. 21, 2011

Important info. I learned from the title company that no loan company that has provided you with a written quote can change it by more than 10% when you get to closing. It is a federal law. I verified this with a title company and bank. Both were very aware of this. After filling the application online, I stopped from applying when they asked for my credit card before signing any papers. Also another red flag went up when I asked if we could close at their office instead of having a stranger come to our home.

After several attempts by computer and on the phone Amerisave would not tell me the local representatives name or where closing could take place. They assured us we could do both but they refused to commit to a person or place. I contacted two main title companies in our area looking for an objective reference for this company and both title companies said they knew very little about them. It was very tempting with their low rates but I am sure glad we backed out!

AmeriSave Mortgage response

Thank you for your comments! In order to provide our customers with the absolute best rates, we request a credit run and appraisal fees as an upfront commitment to start the loan process. All rate options are accurate advertisements. The rate will remain the same if it is locked in, and the amount of time for the lock has not expired. We apologize if there was any confusion with this part of the process. Thank you!

12 people found this review helpful
Rated with 1 star
Original review: Dec. 18, 2011

I, like others, was pre-approved for a loan. I sent in all documents and I was asked to wait on appraisal until they were sure that all my paperwork was approved and told me again that I was pre-approved so I had it done and then they denied the loan on grounds of too many inquiries on my credit report. Well, they saw that on the 1st day and how did I get pre-approved if I had too many inquiries. This is definitely a scam to pay for appraisal and other fees then they deny you. Why hasn’t the government done something about this company? Consumers, don’t waste your money because that’s all, you will be digged with this company.

AmeriSave Mortgage response

Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. All potential loans must meet all guidelines and regulations in order to be approved. We do truly apologize if the factors in regards to the credit inquiries were not disclosed in a timely manner. You are a valued customer and we do appreciate your business. Thank you!

9 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 4, 2011

I applied for a refinance of my property. I have a 813 credit score, steady professional employment, and adequate cash reserves to pay off the mortgage. I have no credit card debt as they are paid off every month. I wanted to finance $83,000 on a $147,000 home. I was charged for an appraisal that was incomplete and inaccurate. The appraised value was 20% below assessed value. I have a $6,000 out building that was not included in the appraisal.

The home is only 6 years old. After weeks of constantly providing every document imaginable, they asked for a document that did not exist. They demanded a private road maintenance agreement for the 200 ft driveway between my house and the main paved road. I was denied credit from them based on "property being unacceptable". I have been charged $375 for appraisal and the fee for the credit report. I am waiting for them to try and hit me with additional fees, so I canceled the credit card they had on file.

I do plan on consulting an attorney. I do not understand why no one has started a class action lawsuit against this company for theft by deception and discrimination.

AmeriSave Mortgage response

Thank you for letting us know! We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. The appraisal is the determined value of a property based on similar property sold in the market. As a mortgage lending company, we are not able to predict or control the value of any property. We truly do apologize if there was any inconvenience during this part of the process. There may have been risk factors in regards to the type of property that was being considered for the refinance. We apologize if there was any confusion with those particular conditions. Please feel free to contact us at customerservice@amerisave.com if you would like any further explanation about the process. Thank you!

11 people found this review helpful
Rated with 1 star
Original review: Nov. 21, 2011

Started the process and have run into snags along the way, documents unreadable, after faxing scanning and emailing. I have to wait a whole day or two for someone to answer my emails so the process has been over a month. As soon as I gave info, it is never enough and when I gave enough, they didn't get a clear copy. I am fed up and finished. Wish I would have dug deeper before choosing this company.

AmeriSave Mortgage response

Thanks for bringing this up Jennifer! There should have been an available, and consistent point of contact for you throughout the process. We sincerely apologize if this was not the case. Customer service is very important to us and we truly value your business. Thank you!

9 people found this review helpful
Rated with 1 star
Original review: Nov. 16, 2011

After going through the extensive paperwork, having to pay the $500 loan origination fee and $375 appraisal fee, the appraiser comes in at 85% of the tax assessed value, and 85% of the comparable property values, so the refinance loan is turned down. Amerisave gets the $500, the appraiser gets $375 and I get **. It's a legitimate scam. Save yourself some money and avoid online mortgage/refinance offers. They are making a killing, and it's all legal because the applicant has to agree to pay the fees regardless of the outcome.

AmeriSave Mortgage response

Thank you for commenting! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. All potential loans must meet all guidelines and regulations in order to be approved. We do truly apologize for any inconvenience or if your experience was less than satisfactory. Thank you again for your feedback!

12 people found this review helpful
Rated with 1 star
Original review: Nov. 15, 2011

I started the refinance process, provided all the required documents within 24 hours. I have a perfect credit, and even got the required appraisal ($425) and was then informed the property couldn't be refinanced as there are 8 units that haven't been completed yet. OMG, don't you think this should be asked upfront? Do they not train their representatives to know what an automatic denial is?!

They wait all the way until it gets to underwriting before they give you the news, after the closing date had come on gone twice, because of their inept way of doing business. Why they wouldn't ask for the condo questionnaire to be completed upfront, or at least the persons handling the transaction have a clue of what disqualifies you for a loan, is ridiculous. To waste people's money on an appraisal is just downright wrong when all they need to do is ask a couple of questions. A company I would stay far away from.

AmeriSave Mortgage response

Thank you for sharing this! In some cases the risk factors preventing a loan from qualification are not found until the underwriting process. The reason is because the necessary paperwork is not yet received or reviewed until that point. We sincerely apologize if the issue was not disclosed in a more timely manner. Your business is important to us so please feel free to contact us at customerservice@amerisave.com if you would like any further explanation. Thank you!

11 people found this review helpful
Rated with 1 star
Original review: Nov. 10, 2011

I applied for a mortgage with Amerisave on October 14. The appraisal was done and I provided all the documents as required. I was told that I'd be closing in the next week or so. After I couple of days, I heard back from them that they wouldn't be able to close the loan since they said that, "home is not being used as the best possible use".

According to them, the site is zoned for condos but my home is a single family. I tried explaining to them that mine is a detached single family condo which is very common in this part of the country, with a condo association. I got a reply that they're sorry and won't be able to process the loan, my loan officer was Aaron **. I've lost a month in the refinancing process, and had paid the appraisal fees. They're not willing to refund any of the fees that I had paid since it's supposedly not a fault of theirs.

AmeriSave Mortgage response

Thanks for letting us know! It seems that there may have been risk factors in regards to the type of condo/single home that the property is. This would have only been found during the underwriting process after receiving the necessary documents that further describe the property. We sincerely apologize if the issue with the loan was not disclosed in a more timely manner. Your business is important to us so please feel free to contact us at customerservice@amerisave.com if you would like any further explanation. Thank you!

7 people found this review helpful
Rated with 1 star
Original review: Nov. 4, 2011

We had a recent and painful experience with Amerisave Mortgage. We found a good rate on a loan and closing costs were listed as $3000. We began the process of applying. We copied tax forms, pulled together statements and faxed everything. The process moved quickly! Within 2 days we had an appointment for the assessor to appraise the property and a title insurance contact. At the same time we were told we qualified for the loan and just needed to download the notices, disclaimers and consents from Amerisave.com.

Reviewing these papers, which you must do, we saw closing costs amounted to $10,000. They had disaggregated all the costs except for the familiar ones and slipped them into what would be our settlement agreement. We were told we would owe $7000 more than we were explicitly told we would owe when we first applied and only after all the work and effort was put in. This business practice is well thought out to entrap unwary consumers. In my opinion the intent to deceive makes it fraudulent. I would never use nor recommend anyone use Amerisave based upon their seeming practice of exploitative business practices, and that when you factor in these hidden costs, you could do just as well or better at a reputable, and in my view, more ethical vendor.

AmeriSave Mortgage response

Thank you for your feedback! It seems there may have been risk factors found in underwriting that required offsetting payments so that the loan could still close. This would be the only sole reason any estimated payments would have such a drastic change. We do apologize for any inconvenience on the issue. Your business is important to us so please feel free to contact us at customerservice@amerisave.com if you would like any further explanation. Thanks!

10 people found this review helpful
Rated with 1 star
Original review: Nov. 4, 2011

We had a recent and painful experience with Amerisave Mortgage. We found a good rate on a loan and closing costs were listed as $3000. We began the process of applying. We copied tax forms, pulled together statements and faxed everything. The process moved quickly! Within 2 days we had an appointment for the assessor to appraise the property and a title insurance contact. At the same time we were told we qualified for the loan and just needed to download the notices, disclaimers and consents from Amerisave.com.

Reviewing these papers, which you must do, we saw closing costs amounted to $10,000. They had disaggregated all the costs except for the familiar ones and slipped them into what would be our settlement agreement. We were told we would owe $7000 more than we were explicitly told we would owe when we first applied and only after all the work and effort was put in. This business practice is well thought out to entrap unwary consumers. In my opinion, the intent to deceive makes it fraudulent. I would never use nor recommend anyone use Amerisave based upon their seeming practice of exploitative business practices and that when you factor in these hidden costs, you could do just as well or better at a reputable, and in my view, more ethical vendor.

AmeriSave Mortgage response

Thank you for your feedback! It seems there may have been risk factors found in underwriting that required offsetting payments so that the loan could still close. This would be the only sole reason any estimated payments would have such a drastic change. We do apologize for any inconvenience on the issue. Your business is important to us so please feel free to contact us at customerservice@amerisave.com if you would like any further explanation. Thanks!

6 people found this review helpful
Rated with 1 star
Original review: Oct. 25, 2011

Joe from Amerisave was very rude and would not communicate anything about the loan status. We faxed and FedExed all the documents and they still wanted more. When I would ask Joe about the missing documents, I would not get a response. I emailed him today and let him know that I have taken a different avenue hand to close my account. Do not do any business with this company!

AmeriSave Mortgage response

Thanks for letting us know! We understand with adhering to lending regulations the paperwork can be a little thorough, but we appreciate your patience with that process. There should have been an available, and consistent point of contact to give updates throughout the process. We sincerely apologize if this was not the case. Customer service is very important to us and we truly value your business. Thank you!

10 people found this review helpful
Rated with 1 star
Original review: Oct. 23, 2011

I refinanced with Amerisave back in 2004 and it was a great experience. So, when rates recently (Oct 2011) dropped, I went directly to them to refinance again. This time it was a totally different experience.

To begin, their web page where you can look up rates is deceptive. In order to find the true rates, you must change the credit score located on one edge of the page in small print to your credit score and changing it from a perfect score of 800 to your score dramatically changes their rate quotes. But what finally drove me away was that after applying for the refinance on Wed of one week, getting the appraisal done on Friday of that same week, I went back on Monday the following week to lock in my rate only to find that between Wed and Mon, their points for the loan jumped from 3/4 of a point to 2-1/4 points. That drove the cost to complete the refinance out of sight.

To make it worse, I discovered after complaining about the hike in the points that although their rate lock was good for 30 days, it typically took them 60-90 days to close a loan, so the rate lock was worthless. I was duped and felt cheated especially as I still had to pay for the appraisal. As I said I had a good experience in 2004, so perhaps the company has changed ownership or management since then. I definitely would not do business with them. . I lost the $425 I agreed to pay for the appraisal. I had to go through the paperwork of another mortgage application with a different company. ?

AmeriSave Mortgage response

Thank you for bringing this to our attention! All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. All loan officers do request an estimated credit score from every potential customer before helping them to search for rates. The score of 800 is only the default number on the site until you input your own score. All rates do fluctuate with the housing market, so they are subject to change unless a rate lock is ordered. We apologize if there was any confusion or inconvenience with the process. Thank you again for your feedback!

10 people found this review helpful
Rated with 1 star
Original review: Oct. 19, 2011

One of the worse communication I ever had the nightmare of dealing with. My credit score is 814! I want to combine the loan taken for my kid's university and primary plus cash out for a total of $170,000. I spent four hours on the phone trying to reach the agent, and another three hours at night on hold as they advertised a 24/7 service. The recorded message kept saying that I will be connected in less than a minute for three hours in a row. Then, I received an email saying that my mortgage has been canceled. Do you think that I should ever proceed?

AmeriSave Mortgage response

Thanks for letting us know! As soon as the loan application was started there should have been an available, and consistent point of contact to give updates throughout the process. We sincerely apologize if this was not the case. We do truly value your business!

7 people found this review helpful
Rated with 1 star
Original review: Oct. 5, 2011

After submitting 190 pages of supporting documentation, signing disclosures, and paying for an appraisal and credit report, I got a call today from Caz ** saying they've lost my information. I was ready to lock today as we were 3 weeks into this process. But now these guys tell me they've lost my personal information. The lower rates don't compensate for the risk of having your personal information floating around because of a lack of quality control. As a result of their lack of competence in protecting my information, I cancelled my application. I can't see rewarding this kind of behavior. I told my friends and clients about the lower rates offered by Amerisave. But I will tell them it isn't worth the risk.

AmeriSave Mortgage response

Thank you for bringing this to our attention! We sincerely apologize if there were any documents that were misplaced. This is not representative of our customer service or quality control protection. Please feel free to contact us at customerservice@amerisave.com so that we can help to correct the issue if at all possible. Thanks!

6 people found this review helpful
Rated with 1 star
Original review: Oct. 1, 2011

My wife and I have excellent credit. We own several properties and have plenty of money in the bank. Like other people on this site, Amerisave asked for every bit of information under the sun and we complied. Then, they said that we did not qualify. They made us pay for an overpriced appraisal, too, just like others on this site. In retrospect, I am glad that they declined us so we won't have to deal with them. Never again.

AmeriSave Mortgage response

Thank you for your comments! We understand with adhering to lending regulations the paperwork can be a little thorough, but we appreciate your patience with that process. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. It seems that there were risk factors found in underwriting that prevented the loan from being qualified. We do apologize if the outcome was not what was expected.

6 people found this review helpful
Rated with 1 star
Original review: Sept. 30, 2011

I was receiving reasonable customer experience right up until my refinance-cash-out was denied because of "unacceptable property". All finances were perfect. The requested cash-out was $227k and appraised value is $550k. Other than the property was "unacceptable", I have no idea why my loan was declined. It may be discrimination.

AmeriSave Mortgage response

The loan must meet all guidelines and regulations in order to be approved. It seems that there were risk factors in regards to the property type that prevented the loan from being qualified. We do apologize for any inconvenience, or if the outcome was not what was expected. Thank you!

4 people found this review helpful
Rated with 5 stars
Original review: Sept. 27, 2011

We had an exceptionally good experience with Amerisave!

Our senior loan officer, Jake **, and his loan closer, Amanda **, were always there for us when we had questions. We closed earlier than expected and actually got a lower interest rate than we originally thought. We had no problems with the entire process.

I was a bit hesitant after reading so many bad reviews about using Amerisave but they came through with us with flying colors! If you have great credit and can provide all the information they require in a timely manner, you shouldn't have any problems with using them. Ask for Jake **. He was really the best!

AmeriSave Mortgage response

Thank you so much for your compliments! We appreciate you!

5 people found this review helpful
Rated with 1 star
Original review: Sept. 20, 2011

I got a quote from Amerisave company that seems very attractive so I called them to find out. They promised everything, sent me a package to fill out and sent it back right away. Furthermore, they immediately scheduled me for an appraisal the next day. The appraisal cost was almost $600, much higher than the peers. Then, they let me wait and wait. After two weeks, they started to complain about the house condition, the interior setting and how the furniture was set up. Then, they notified me that the loan was declined due to my credit. My God. My average credit score was 798, my house value was over $800,000 and I only refinanced for $390,000. It was ridiculous. I think that this company was very irresponsible and unprofessional. They meant to charge high appraisal; not for the loan.

AmeriSave Mortgage response

Thank you for the feedback! The appraisal fee is an upfront commitment in order to start the loan process. Purchasing this necessary item does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. It seems that there were risk factors in regards to credit that prevented the loan from being approved during the underwriting process. We do apologize for any inconvenience, or if the outcome was not what was expected. Thank you!

8 people found this review helpful
Rated with 4 stars
Original review: Sept. 6, 2011

I just closed with Amerisave. I read a number of complaints against Amerisave and I understand the frustration that many of these writers feel. The process is difficult and the inquiries seem endless. Even sources of large deposits were asked of me, which I felt was strange.

The mortgage industry practices are highly scrutinized. Many mortgage companies have federal civil and federal criminal complaints against them. Individuals such as underwriters can be subjected to federal action if they are careless in approving loans. So it is no mystery that a large percentage of those who have great credit and good sources of income will still be denied.

It only takes one bad mark or one failed inquiry to take you out of the running. I just have to say that my experience was not a cake walk. I expected that my loan may be denied due to a number of rental properties that we own. All in all, it worked out. We closed on time. My wife and I received a great loan at practically no closing cost!

Good luck on whoever you choose to service your loan, but be aware that the game has changed.

AmeriSave Mortgage response

Thank you! We appreciate the honesty in your feedback!

12 people found this review helpful
Rated with 2 stars
Original review: Sept. 2, 2011

On August 2nd, I locked on a 10-year ARM where the points were listed as ~400 and a rate of 3.875. A few days later, I received a GFE for a 15-year fixed loan. I repeatedly asked Amerisave to correct the GFE, but nothing was done. On August 26th, they finally fixed my GFE to reflect the 10-year ARM and gave me points of 1,700, probably based on what the points were for that date. As a result, they padded their fees by $1,300.

AmeriSave Mortgage response

Thanks for the feedback! There may have been risk factors found in underwriting that required offsetting payments so that the loan could still close. We truly do apologize for any inconvenience with your loan process, and we hope we were able to correct the situation. Thank you!

9 people found this review helpful
Rated with 1 star
Original review: Aug. 31, 2011

AmeriSave lied to me. And they made a false promise in adjusting my locked-in rates for loan refinancing. AmeriSave charged me $8 plus $375 on my credit card for the processing of my loan application. The original quoted rates differ from what they were asking me to sign. They forced me to roll in the closing cost of 10,000 dollars into the loan amount, despite the fact that I told them many times not to do that. As per Annette's directions, I arranged for 10,000 dollars with my bank. I got the funds ready for them.

On August 29, after I had been constantly asking for status, they informed me the underwriting will not accept the funds. They forced me to take a loan from 401k or personal gifts. AmeriSave VP of Sales Joseph ** has a very poor way of addressing consumer concerns. In fact, he blamed me that I am not interested in loan refinancing. It was because I was upset that the adjustments to my rates were not made. Now, with no fault of mine, they are asking me to pay $500 for doing nothing for me. Instead, I got a disappointing, unsatisfactory service.

I have faxed them every single document and every single detail of my whole life, in order to get my loan go through, for the past 30 days. They asked me to provide closing cost funds, which I did upon their request. And I followed their steps to get the money arranged. Now, they have trouble in accepting the funds. I did not ask them to cancel my loan. They refused to accept the 10,000 dollars that I arranged with my bank for closing cost. And they forced me to roll over this money into loan amount, which I do not want to do. I have spent a lot of time dealing with them. Also, I consider them responsible for $375 plus $8 fees that I have paid them for the loan processing. After I fulfilled all of their conditions and arranged money for closing cost, they declined my loan application. And they threaten me that I should be paying them $500 for cancellation. They cancelled my loan by themselves. I did not ask them to cancel it. I am seeking justice.

AmeriSave Mortgage response

Thank you for bringing this to our attention! The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. We sincerely do apologize if your request in regards to closing costs was not properly followed. As our customer, we truly do value your business and we hope that we can still show you that. Please feel free to contact us at customerservice@amerisave.com so that we can help to correct the issue if at all possible. Thank you!

13 people found this review helpful
Factual basis uncertain
Original review: Aug. 23, 2011

My wife and I have excellent credit; in the top 1%. We started a refinance of our primary residence with a particular rate in mind. Our loan to value ratio is about 35-40%, depending on the appraisal value, and we have sufficient assets to pay off our loan. Yet the AmeriSave credit report and score came just under the required value to get the rate we wanted. AmeriSave was unwilling to materially discuss the credit report findings such as 'too many inquiries' or 'too high revolving balances on credit cards'.

We only have 2 cards and we pay them off every month. They just contented that they use a model that is proprietary, thus not easily explainable and that it was a take it or leave it deal. These loan representatives are essentially push paper loan brokers executing on corporate directives to extract more yield from their customers. They can't answer questions that require any thinking, they're not paid to think. Otherwise, they're pleasant folks.

Note: I spent 1 hour with each of the credit reporting agencies to understand their scoring model and why they diverged so much from AmeriSave's. The answer: AmeriSave (and other brokers) have discretion to adjust the credit score for credit applicants without telling them why. The 'why' is simple; sell consumers on a higher rate than initially stated.

AmeriSave Mortgage response

All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The rates are subject to change with the housing market, unless a rate lock has been ordered. There may have been risk factors in regards to credit that prevented the loan from qualification. We truly do apologize for any inconvenience if this was the case for the loan. Please feel free to contact us at customerservice@amerisave.com if you would like any further explanation on the issue. Thank you!

20 people found this review helpful
Rated with 1 star
Original review: Aug. 20, 2011

Amerisave advertises broadly on the internet with rates that appear low. However, their pattern is to look for openings to reduce the closing credit that they advertise, with artificial, non-industry standard definitions. In our case, our closing credit was reduced by $3,000 because they redefined our refinance as a refinance with cash out. We were informed of this after the appraisal costing $450 was made.

I am partially disabled. However, they would not count my disability income payments, which is contrary to The Americans with Disabilities Act. Even still, our income was more than sufficient according to Federal Standards. This should have been a slam dunk deal because my wife and I have credit scores of 800 each. And we have substantial financial resources. So, this have been wrapped up quickly.

AmeriSave will ask unending, arcane questions, spread out over time in an out of sequence manner. They will tell you that the loan approval and closing is imminent and they just need additional information for their records. After providing that inconsequential information, we would wait expecting approval as they wrap up the paperwork. Then, they will come back and ask for more mundane information. It is both frustrating and time consuming to deal with them. Plus, they have substantial staff turn over. So, your point of contact changes, further slowing the process. They are very slow to return phone calls and respond to emails. Amerisave is totally awful and unpredictable to deal with on an important transaction. They will consume vast quantities of your time and they are unprofessional in their conduct. Their low rates are illusionary. They are one of the few national mortgage brokers that is not accredited by the Better Business Bureau. If you are considering Amerisave, you should run away.

AmeriSave Mortgage response

Thank you for commenting! All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The rates are subject to change with the housing market, unless a rate lock has been ordered. We do understand that the paperwork process is very thorough, but we do appreciate your patience with that process. In order to provide our customers with the most advantageous rates, our evaluations for loan approval must be thoroughly accurate with guidelines and regulations. We apologize for any inconvenience or confusion with this part of the loan process. There should have been an available, and consistent point of contact throughout the process. We sincerely apologize if this was not the case. Customer service is very important to us and we truly do value your business. Thank you!

15 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 19, 2011

Run, don't walk from Amerisave Mortgage. Just do an amortization schedule on the amount you want to borrow and compare it to their sample payment and you will find out they are padding the payments by up to $100 per month. Amortization schedules don't lie but Amerisave sure does! Sample is $179,089 mortgage, amortization schedule payment is $1,280.28, AM payment is $1,361.00. You do the math!

I refinanced elsewhere at 4.5%. My payment is $1,370.02 and I got the loan, not feeding Amerisave application fees and credit fees then hearing all their BS. I sent them papers 4 and 5 times until they milked the lock time and I lost my lock. Again, I say, they are shysters!

AmeriSave Mortgage response

Thank you for your feedback! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The rates are subject to change with the housing market, unless a rate lock has been ordered. In order to provide our customers with the most advantageous rates, our evaluations for loan approval must be thoroughly accurate with guidelines and regulations.

13 people found this review helpful
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AmeriSave Mortgage Company Information

Social media:
Company Name:
AmeriSave Mortgage Corporation
Company Type:
Private
Year Founded:
2002
Address:
3525 Piedmont Road NE, Building 8 - Suite 600
City:
Atlanta
State/Province:
GA
Postal Code:
30305
Country:
United States
Website:
www.amerisave.com

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