AmeriSave Mortgage
AUTHORIZED PARTNER

AmeriSave Mortgage

 4.7/5 (677 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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  • 1 stars

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 164 Reviews 4865 - 4895
Rated with 4 stars
Verified Reviewer
Original review: June 30, 2012

AmeriSave, so far, has been amazing. First, they have not bothered me with unneeded phone calls. I was able to check interest rates and fees on their site without having to contact a person. When I finally decided to refinance, I filled out the forms online and had disclosure paperwork within minutes. That was on the 27th. Today is the 30th and I have returned my disclosures and loan application, had an appraisal and am already locked into my low interest rate for the next 45 days - all with only one phone call that lasted five minutes. The underwriting is to take approximately 2 to 3 weeks. Wow, now that's fast! Up to this point I am pleased at the ease of refinancing through AmeriSave!

AmeriSave Mortgage response

Thank you, your feedback is truly appreciated!

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Rated with 5 stars
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Verified Reviewer
Original review: June 28, 2012

I'm in the middle of refinancing my mortgage and have been working with Craig ** on my loan application. I'm getting a lower rate and a lender credit more than enough to offset 3rd party closing costs. The experience so far has been pretty good. The communication is very efficient. The guy is easily accessible via e-mail. The website is pretty straightforward and user-friendly, in that it does not hide assumptions (like escrows and your credit score) from you. One thing, 45-day lock is standard. I wish they'd improve and have an ability to upload supporting loan documentation directly to the website instead of faxing or e-mailing.

AmeriSave Mortgage response

Thank you! Your feedback is greatly appreciated!

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Rated with 1 star
Original review: June 21, 2012

Within the first day, I was concerned about the process (honestly, after reading some complaints on the web after I did the initial appt.) but I did not voice those concerns to my rep (did not want to be rude). Immediately, they locked up $375 for the appraisal - this is key to know - they will lock up this money on whatever card you provide right away. Although I changed my mind and cancelled the process (and was told the pending transaction would be refunded w/in 3 days), I am on day 2, with no updates. Here is what really got me.

I called the customer service number at 4 pm CST (open till 8 pm) and no one answered. I then went online to the chat and was told by Matt that I should ask my rep (Eric) to contact his manager. I told him I had not heard back from my last 2 emails (stating I wanted to cancel the process) from Eric so I wanted to speak with someone. I was then given the 1-800 number by the chat room person for the main site to call. I spoke with a rep that was horrible. He recited a statement that said I had to wait 2-3 days and then said it was my bank's fault that I had not been credited. I told him I was not impressed with their communication back to me (I was professional) and he replied with snarky comment saying, "I don't know what to say to your comment". It sounds like they may be using undergrad finance students that have a book of standard responses? I asked if I could speak with a manager and he very strongly said, "No". I asked if I could email a manager and was told "no".

Long story short, this company lacks severely in customer service. Something that should be considered when you are dealing with 100's of thousands of dollars and financing. I would not trust my loan in their hands as it is clear the investment in dealing with the customer in a business professional nature is not there. My assumption is that they are out to make the money off the closing costs. My loan would have actually been $6,000 higher than my current home loan. I believe when you actually cancel the process and you are not interested, they are instructed to be quite nasty with you. I would be very wary of doing business with them. As an FYI, in the meantime, I called my bank and they pulled all the records (which contradicted what the phone operator told me) and have instructed me to file a dispute if I do not have the charge credited within the next 48 hours.

AmeriSave Mortgage response

Thanks for bringing up this issue! We sincerely apologize for the misrepresentation of our customer service. We truly do value your business and we want our service to reflect that. Please feel free to contact us at customerservice@amerisave.com so that we can correct this issue. Thank you!

5 people found this review helpful
Rated with 3 stars
Original review: June 18, 2012

So far so good, early in the process. Only negative is they do not supply FedEx label to return the amount of documents required. Instead, they ask you to fax them. Who has a fax machine that can fax 50 plus pages of docs?

AmeriSave Mortgage response

Thank you! We realize that the paperwork process is very thorough. We do appreciate your patience with that part of the process.

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Rated with 2 stars
Original review: June 17, 2012

AmeriSave uses the following statement to attract clients while reaping a reward for the appraisal fee. Now, I quote their false and misleading advertising, "New! Now, you can refinance up to 150% of your home value." Since we have more into the house than what it's currently worth, and to get a 3.5% rate, we said, "What the heck? It's time to refinance." Lo and behold! Their appraisal company assessed us and think they received $375.00 to appraise the home. Then, they said that we can only loan up to 80% LTV. In other words, the company is a scam. Stay away if they use these kinds of practices. Needless to say, thank God, it's a credit card charge and the deceptive, false charges will be contested with their false advertisements in hand. Beware of AmeriSave. Read other similar reviews about their appraisers. Good luck. I don't need their loan anyway.

AmeriSave Mortgage response

Thank you for your feedback! The buyer’s option of the refinancing up to 150% is an accurate advertisement. The loan must be eligible to qualify for that option based on the necessary information in the loan application. This would include all documentation, property value, and qualifying credit scores. 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. We do apologize if there was any confusion or inconvenience in that part of the loan process. Please feel free to contact us at customerservice@amerisave.com if you would like further explanation. Your business is very important to us! Thanks!

2 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: June 12, 2012

I shopped every place I could find and asked friends for referrals, and despite reading some "sour grapes" reviews, I proceeded with Amerisave. My agent Greg was professional, available (seemingly 24 hours/day), and patient. And he explained the process to me better than any previous lenders on previous refinancings. Their website was easy to use, so I could see how our appraisal price would affect the loan-to-value ratio and most importantly, credits (cash back from the loan). I was told their rates were impossible from a lender I was working with, but in fact, they weren't and we saved about $160k on interest for the life of the loan which was nearly double what we would have saved with the next best offer.

AmeriSave Mortgage response

Thank you very much for your comments! Thanks for choosing us!

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Rated with 5 stars
Verified Reviewer
Original review: June 8, 2012

I am currently in the process of refinancing with them and they have been very responsive. They returned my emails within minutes and even allowed me to choose my own title company because the one they use by default was charging too much. Many people don't know that, but you are allowed to choose your title company because it is an independent third-party. Both you and your lender must agree, however, to do so. Overall, the refi process is going great.

AmeriSave Mortgage response

Thank you! We’re so glad we could help!

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Rated with 1 star
Verified Reviewer
Original review: June 1, 2012

My wife and I recently contacted Amerisave for a refinance on our Florida condo. The agent was very accommodating on the phone and told us the first step was an appraisal. They scheduled the appraisal for the next day, collected the $400 fee and rejected the cash back loan two days later. As we've now learned for Florida condos, the first step is getting the condo questionnaire filled out because if that does not come back right, there's no reason to pay for an appraisal or application fees. Of course, the lender stands to make less if they don't tell you about the questionnaire before you pay their fees.

I can't confirm that Amerisave instructs the appraisers to purposefully low ball their home value estimates but this appraiser seemed to go out of his way to depress the value. In our case, there was a recent computation for the same size 3-bedroom layout yet the appraiser used computation from smaller, 2-bedroom layouts selling for substantially less. We are fortunate to have good credit scores, 780+, good incomes and put down 50% on the refinance property. I would stay clear of Amerisave at all costs.

AmeriSave Mortgage response

Thank you for your comments! The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. The appraisal is the determined value of a property based on similar property sold in the market. Professionally licensed appraisers determine a property’s value. As a mortgage lending company, we are not able to predict or control the value of any property. We apologize if there was any confusion with that part of the loan process. Thank you!

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Rated with 5 stars
Original review: May 26, 2012

We are about to close on our 3rd loan from Amerisave. They have been great each time. The amount of documentation required is huge but if you have all your bank statements, W2's, 1040's, good credit decent appraisal and can assemble all of it quickly, Amerisave is for you. Their rates are good. Their loan agents are helpful and we have always closed on time or earlier. They make it easy.

AmeriSave Mortgage response

It is truly our pleasure to help! Thank you for your comments!

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Rated with 5 stars
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Verified Reviewer
Original review: May 25, 2012

I worked with Rob at Amerisave and loved the automated system and the updates received. Communication was very thorough and they took care of the process fairly quick. Loved that my associate was on top of it and took care of everything. His response to email and phone calls were quick. I like how they can take us to the site to look up the rates and potential payments, and there were no hidden charges with closing cost. Everything was laid out for you in the beginning. I would recommend working with Rob.

AmeriSave Mortgage response

Thank you so much for choosing Amerisave!

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Rated with 5 stars
Verified Reviewer
Original review: May 24, 2012

Great system, online-friendly, relatively efficient and cost effective - I refinanced with them twice, using the same Sr. Mortgage Processor, Tim **. He deserves 5+ stars for both refinance experiences. I recommend him, specifically, often. Both of my processors were excellent too. I've never had anything but the fastest possible communication via email and telephone with all of them. And, they actually have always answered my questions clearly and openly.

You do need to have your act together when you get into this process. It's possibly too easy to get the process started, so you may not realize that you need to get a lot of things organized in order to stay on track. So, plan accordingly. Fortunately, I'm able to access all account information online and get them everything fast.

I do have 800 credit and a very good loan-to-value ratio, which helps. My only complaint matches some others I've seen here. My first refi had none of this. But on the most recent one, I did experience this trickling system of requests from their underwriters, e.g. "Please provide examples of how you advertise your business." Strange, 800 credit score and a 40% loan-to-value, don't worry about stuff like that! Anyway, I appreciate them being careful and not giving loans out to folks that aren’t deserving. It's how they keep their costs low. But I would like to see the underwriters collect their questions at once for me, vs. a couple every couple days for several days. With that said, both loans went from my initial click to closing within about 3 weeks. So, I do recommend them strongly overall.

AmeriSave Mortgage response

We thank you for allowing us to provide your service!

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Rated with 2 stars
Verified Reviewer
Original review: May 24, 2012

I'm writing for a second time because (a) we recently closed on a refi with a local company - got the promised rate lock and rate and an accurate appraisal - an experience that ran completely counter to the scam we ran up against with Amerisave and (b) I just received a letter from my state, which is apparently investigating Amerisave (finally, we're doing something right) asking me for an evaluation/report of our experience with Amerisave and (c) I'm concerned that recent flurry of positive reviews on this site for Amerisave may mislead folks (but, hey, maybe they are cleaning up their act).

I have been wanting to point out that one of the first positive "reviews" - 5 stars - back in January came from Sean, the Amerisave rep who first called me and lured me in with a promise that he could do better than the deal we were two days from closing. So the Amerisave rep gets to review Amerisave? Sounds a little fishy, doesn't it? He posted that review soon after I'd posted a negative review of our experience as consumers, but he didn't address any of the issues I'd complained about, just trumpeted the company's integrity and talked about how people always think their houses are worth more than they are.

My beef and experience with Amerisave is this: they promise rate locks and great rates "today", but then will not deliver. In my case, it was stalling tactics - Sean's boss was behind b/c she'd been out of the office, so she wouldn't be able to lock the rate until after the appraisal, which they want done pronto, of course. It was almost a week from the day he called me before the appraisal came back, full of inaccuracies (under counted bathrooms, forgot laundry room, inaccurate line drawing), and much lower than the appraisal we'd had done the previous month (which Sean's "boss," a few states away, said she didn't "believe").

Interestingly, the appraiser, while at my home, told me that Amerisave is notorious for not accepting/questioning/finding fault with appraisals; he even suggested another lender! Without knowing what we "needed" for the house to appraise, he seemed to know it wouldn't be accepted (and then, he screwed it all up anyway).

Sean's boss didn't "believe" a $399k appraisal done by an appraiser in December. She surely wouldn't have "believed" the $440k appraisal done in March. But she believed that completely inaccurate $350k one they did, which knocked us out of the running for the promised rate. Of course, we never heard from Sean again. And we were out $412. I subsequently read that Amerisave owns the national appraisal company from which they draw their appraisers. If this is true, something is terribly, terribly wrong - but it certainly explains a lot. Amerisave isn't in the business of financing mortgages; they're in the appraisal business and the other petty business they get from charging to run your credit.

Run from this company. I've been burned twice by them (yes, my stupidity to get sucked in by an unsolicited pitch even after being burned a few years ago), but now I'm fighting. I'm filing complaints; I'm trying to get my appraisal money back. I urge others to do so.

Our story finally ended well. We had excellent credit and income - which Sean was quick to point out when he reeled me in - and though it took some shopping, we got our home refinanced at just over 4%, a rate that was locked from the start, just as promised. But I avoided the flashy come ons and went with a local company.

AmeriSave Mortgage response

Thank you for informing us of this situation! The appraisal is the determined value of a property based on similar property sold in the market. Professionally licensed appraisers determine a property’s value. As a mortgage lending company, we are not able to predict or control the value of any property. We apologize if there was any confusion with that part of the loan process. The credit run and appraisal fees are upfront commitments in order to proceed 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 before being approved. 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 loan must be eligible to qualify for the desired rate option, based on the necessary information in the loan application. 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 apologize if this truth was misrepresented in any way. Thank you for your comments!

2 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: May 13, 2012

I started the process about 10 days ago and finished the first part of it in the first day. I have nothing but good things to say about Neal **, the Amerisave agent who took upon himself to finish this quickly. All the information provided was accurate, all requests were met with positive resolution. We still haven't closed, but I expect that to happen quickly.

AmeriSave Mortgage response

We truly thank you for allowing us to provide your service!

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Rated with 1 star
Original review: May 10, 2012

After talking briefly over the phone about accepting a VA back appraisal that was done less than a month ago, which I paid for out of my pocket, I was told they would be able to use it. So I began filling out the online forms by Joe and I made it as far as page 7 to find out I now need to pay the 7 bucks and some change to run a credit report.

Well, I had to call Joe again to get past this screen and came to find out the story now is they can't use the appraisal because it's not through them and done by who they want. And even though the VA sent their personal preference of appraiser out, it was not good enough for them. What a waste of time, as if sitting on the computer for hours and days on end, you just can't get straightforward answers. I would not recommend using these people, unless you have money to burn.

AmeriSave Mortgage response

The credit run and appraisal fees are upfront commitments in order to proceed 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 before being approved. We do apologize if there was any confusion or inconvenience with the appraisal process. There should have been an available, and consistent point of contact for you throughout the entire process, and we truly apologize if this was not the case. Thank you for letting us know!

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Rated with 5 stars
Verified Reviewer
Original review: May 4, 2012

I am on my 3rd refi with Amerisave, all within a 12-month time frame. We did this because I essentially get paid to refi. The fees associated with the interest rate we chose had a large negative dollar amount (credit), which negated the closing costs. I was initially skeptical of Amerisave low fees; couldn't be true. Because of my misplaced belief, I went with SunTrust Mortgage, and got screwed. I essentially paid $1,500 more in unnecessary, fancy/official sounding fee names. Lesson learned.

Our credit score during all three refis was in the 780-800 range. We have no debt whatsoever, other than our primary mortgage, and sufficient salary to pay our bills and live. Essentially, we are a low risk of default, which the credit scores try to predict. It will help if you have a computer and a multifunction fax/scanner/printer, as you will use these machines to get the required documents to Amerisave.

Glancing at the negative reviews, I am amazed at some of the ignorance. In California (and probably the other 49 states), your middle credit score is used. If it’s a joint application, the lowest of the middle credit score is used; hope your spouse/partner has good scores too. The better your score, the larger negative dollar amount associated with the interest rates. You would be wise to find out your credit score before applying for a mortgage to be sure that there are no surprises. If there are any errors that caused your credit score to be low, you will hopefully have time to get the errors corrected, raising your score.

Amerisave is a low cost mortgage broker, lower interest and fees to attract and bring in the customers. Profit comes from high volume of loans closing. $425 for an appraisal is actually average (for California and at the time of this writing, 5/2012). The only gripe I have with Amerisave is that my 2nd refi was sold to AHMSI (American Home Mortgage Servicing Inc). This company is awful, as their online payment process is so cumbersome and idiotic. The Amerisave agent who worked on all three of my refis has been great. You may get lucky and get a good agent like Robert **. Good luck in your mortgage search.

AmeriSave Mortgage response

Thank you for your wonderful compliment! We truly appreciate your feedback!

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Rated with 4 stars
Verified Reviewer
Original review: May 1, 2012

I have had outstanding service from my loan processor John **. Everything so far has gone just as promised. The home loan is now in underwriting, the appraisal was done in one day and everything should be done in another week. I got a loan rate lock good for 30 days just after employment verification. Hopefully, everything will continue as promised and the loan will be closed within the next 10 days to 2 weeks.

AmeriSave Mortgage response

Thank you! We are certainly glad to be of help!

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Rated with 4 stars
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Verified Reviewer
Original review: May 1, 2012

This is our second time in 4 years refinancing with AmeriSave. They are fabulous to work with. We were pleased with the rate and simplicity of the process back in 2008. We are equally pleased thus far in 2012. Everything went (and is going) as quickly and smoothly as possible. Our credit scores are as good as, if not slightly higher, than we anticipated. The same can be said for our appraisal (which, by the way, was scheduled within 24 hours, barely giving me enough time to finish vacuuming and catching my husband in the yard finishing the installation of a new fence!). Our appraisal came back within $1,500 of my estimate given to AmeriSave a few days before.

The best thing about AmeriSave is how quickly they were able to quote a loan for me. After contacting 10-15 other lending institutions (including Wells Fargo, Chase, and Citibank), we were able to get a rate quote within 5-10 minutes on the phone, and received a very detailed email with a huge amount of date about rates, monthly payments, etc. from AmeriSave within the hour. Other lending institutions often would not give me a rate quote over the phone before spending 15-20 minutes of my time on the phone and asking me to look up all kinds of financial information. This was very annoying to me, in dealing with other lending institutions, when I was just shopping for a quick quote of the day’s lowest interest rates for a basic loan.

AmeriSave gave me the best information quickly so I could shop and choose the lending institution that would refinance our home with the lowest interest rate and the lowest monthly payment. We could not be more pleased! We would definitely use them again!

AmeriSave Mortgage response

Great! Glad that you enjoyed your experience in choosing us as your lender!

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Rated with 1 star
Original review: April 13, 2012

Amerisave advertised rate was inaccurate. Rate was 3.54 with closing cost paid with 750 credit score. They pulled our credit scores which were 806 and 689 according to them (credit bureau has 793 and 708), then tried to jack up our rate over 7/10 points saying our median score was 689! Median means combined (Webster's), not combine the lower and leave off the higher. Amerisave used only the lower score. This is bogus and false advertising. They know if you don't take what they offer, you will have a credit inquiry that looks like you were turned down, which will lower your credit score even though you turned them down. If this shady/unethical practice isn't illegal, it should be. It's hard to keep an 800 credit score.

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 loan must be eligible to qualify for that option based on the necessary information, and documents in the loan application. Only the middle credit score is used for the loan process. The lowest of the middle credit scores will be the scores selected to qualify for the potential loan. We apologize if there was any confusion with this part of the loan process.

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Rated with 1 star
Original review: April 12, 2012

We've been scammed by Amerisave. We applied for a $250K cash back second on our home. We have no outstanding mortgages or liens on the property; we own the home free and clear. Both my husband and I have credit scores over 800 and combined income over $250K/year. And the only debt we have is a car payment of $700. After submitting all of the loan documentation and paying $525 for an appraisal of the property (which came back at $835K), we were denied the loan, because the appraiser couldn't find suitable "comps" in our area. Our home was custom-built and has over 2500+ square feet but only two bedrooms and a den. The house has a 1200-square foot living room. Amerisave told us that because the appraiser couldn't find another 2500-square foot house in our area that only had two bedrooms, the loan was denied They collected their appraisal fee and denied the loan based on this crazy (non)logic. What a racket.

AmeriSave Mortgage response

Thank you for the 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. We apologize if this truth was misrepresented in any way. The appraisal is the determined value of a property based on similar property sold in the market. With the property being custom-built, there were not enough properties to compare the market value. This does present that because of the property, the loan could be a high risk to approve. We apologize if his outcome was not what was expected. Please feel free to contact us at customerservice@amerisave.com if you would like further explanation. Your business is very important to us!

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Rated with 4 stars
Original review: March 30, 2012

Amerisave worked very professional to help resolve my dispute - I previously submitted a report and was very upset with Amerisave, however, Sean was very professional in following up and we were able to work together to resolve the issue. I am actually very impressed at how Sean and their customer service department responded to my complaint. Sean actually worked with me to resolve the situation before my previous feedback was published, but Consumer Affairs would not remove it after it was posted.

If you have all your documentation in order and there are no surprises on your end, Amerisave should be a good option for you. They do have the best rates, but they also need to have the strictest guidelines to keep those rates. In my case, I was unable to work with them because they don't finance condos as investment property.

AmeriSave Mortgage response

Thank you! We thank you for allowing us to help correct the issue!

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Rated with 1 star
Verified Reviewer
Original review: March 29, 2012

To make a long story short, it appears that AmeriSave is not so much in the lending business as it is in the appraisal business. They were very quick to get our property appraised. They advertise low rates. Then many people get hooked and pay the appraisal fee ($425.00 in our case). After working fairly well with Rene **, some other person informed me that our loan was not approved. My wife and I signed a form indicating that we were aware that AmeriSave owned the appraisal corporation (Novo Appraisal Management Corporation).

This should have been a red flag. We have excellent credit (above 800). Many others, who have lodged complaints, appeared to have far more resources than we. Nevertheless, they were denied. It appears that AmeriSave advertises rates that they can not deliver. That is okay because they just plan, in most cases, to collect many appraisal fees and deny most of the loans. It may be a deliberate scam. A law should be passed preventing the loan company from owning the appraisal company.

AmeriSave Mortgage response

Thanks 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. The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations before being approved. 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 loan must be eligible to qualify for that option based on the necessary information, and documents in the loan application. We hope that we were still able to provide you excellent service, despite the outcome based on the loan regulations. Please feel free to contact us at customerservice@amerisave.com if you would like further explanation. Thank you!

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Rated with 1 star
Verified Reviewer
Original review: March 28, 2012

Do not do business with this company. Their primary business plan is to obtain appraisal and loan fees; they are not a good faith mortgage broker. The fact that this outfit is located in what many consider to be the most corrupt state in the union is probably no coincidence. My complaint is similar to others posted recently. While the individual agents with whom I communicated were personable enough, the application process reeked of incompetence and highly questionable decision making. Again, it appears that this company is not in the business to broker mortgages, it is in the business to generate fee income.

We are mature property owners, have credit ratings in the 750-800 range, have had multiple mortgages/payoffs to our history. In a weak moment, I contacted Amerisave for a refinance of a condo my daughter lives in. We have about 40% equity in the property and resources sufficient to pay the remaining mortgage off if necessary. If anyone in the country is qualified to refinance a mortgage, it is us.

We sent appraisal fees, a $500 processing fee, multiple rounds of check stubs, tax forms, insurance forms, bank statements, rewrites of homeowners insurance and appraisal reports over a period of 5 months. At every step, the agents claimed that we were on the verge of an underwriting approval and that there were no problems. Once in the middle of this process, we received a denial of credit notice based on credit information that clearly was not correct or coherent. I complained and the process continued. Two days ago, I received another such notice stating that the property was inappropriate. If this were judged to be true, it could have been decided at the outset, not after 5 months of collecting very sensitive personal information. I am not happy about this and am considering more formal complaints.

AmeriSave Mortgage response

Thank you for the feedback! The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. Amerisave is 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 strive to help provide excellent service in helping every customer receive the loan that best benefits their needs. There may have been risk factors in regards to credit and the appraisal, that prevented the approval of the loan. We do apologize if this was the case, and if the findings were not disclosed in a timely manner. Thank you again for letting us know!

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Rated with 2 stars
Original review: March 27, 2012

We were trying to refinance our mortgage to 15 years and we have been getting the runaround. It seems like a bait and switch deal. Appraisal came in lower and appraiser mentions she only appraises FHA but I say we are not applying for FHA loan. So we finally got called back and now they are telling us we have to have FHA loan plus Mortgage Insurance which is crazy. I'm on always on time with mortgage. I only have car payment which will be paid off in August. They are a bunch of rip off artist! Don't ever trust Amerisave!

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 loan must be eligible to qualify for that option based on the necessary information, and documents in the loan application. We apologize if there was any confusion or inconvenience during the appraisal process. Please feel free to contact us at customerservice@amerisave.com so that we can help if you would like further explanation. Thank you!

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Rated with 1 star
Original review: March 27, 2012

We submitted an application online that includes paid for appraisal cost, application fees and credit report fees. And then they asked for all the documents which we have provided. They have set up the appraisal date also and the appraisal was done. We were calling them, but they never called back for any status. Normally, mortgage companies are very good in terms of calling and following up. But AmeriSave never did. We thought it is a fraud company where they make the money on appraisal or credit report fees. But we thought let's call, but nobody calls back. In the last, we received the letter saying they cannot proceed with the application due to home price being down. I lost my $512 with them. I would not recommend anyone going with them. It is a spam. Never ever trust AmeriSave.

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 credit run and appraisal fees are upfront commitments in order to proceed 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 before being approved. 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!

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Rated with 1 star
Original review: March 26, 2012

My experience with Amerisave was horrible. They pre-approved me for a loan. My credit score was around 770 and I had enough cash to ensure we were at 20-30% equity. After I forked out $375 for an appraisal, they rejected my application. Originally, I was the only person on the application and due to some write offs that I took on my taxes, they denied me because the debt to income ratio is too high. I was okay with this, however, at this point, I tried to add my fiance to the loan. With my fiance on the loan, we would definitely qualify with a debt to income ratio of around 40%. I attempted to add her to the loan and they still rejected it, sent me a canned email response and then stopped returning my calls. Rather than working with me to do what needed to be done to refinance the loan, they just cut all ties.

I would avoid working with them at all costs. They'll tell you have you have great application, get you to pay $400 for an appraisal, then they will do anything to reject your application. I could not believe how much they were trying to deny our application. My guess is that they try to get as many people as possible filling out applications to get money from the credit checks and appraisals and then find reasons to reject people. If they were legitimate, they would have continued to work with us to process a mortgage application that would get approved.

My advice to you is to shop around. Just as with many of the people that had bad experiences, Sean was my agent. Apparently, enough other people have complained that he has had to log in here and try to refute these claims. After I started shopping around, I found other mortgage lenders that had similar rates and from my experience, they are a lot more honest.

AmeriSave Mortgage response

Thanks for letting us know! 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. Our goal is to help provide our customers with the best rates possible, and because we can provide those rate options, the guidelines that must be met to approve the loan are not very inflexible. We apologize if that particular standard was not what was expected. The credit run and appraisal fees are upfront commitments in order to proceed 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 before being approved. Please feel free to contact us at customerservice@amerisave.com if you would like any further explanation about the process. We truly do appreciate your business!

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Rated with 1 star
Verified Reviewer
Original review: March 7, 2012

Stall tactics - I have a credit rating of 828, an annual income last year of $140,000.00. Refi my home of $130,000.00, appraised $165,000.00. I have filled out the same paperwork three times and they continue to ask for more of the same information. I have over $100,000.00 cash, no credit cards. Unbelievable! They need to be shut down.

AmeriSave Mortgage response

We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. There may have been information found during the underwriting process that needed to be examined more thoroughly to help qualify the loan. We apologize for any inconvenience with the matter. Thank you for your feedback!

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Rated with 1 star
Verified Reviewer
Original review: Feb. 29, 2012

I applied to AmeriSave on 10/2011. I had a credit score of 815/805. I had equity line of credit which was to be mostly paid off with approx. 10k left on credit line. It was agreed upon and the process started. Credit line was subordinated and line was reduced to the 10k. No further credit line available. It wasn’t a problem as mortgage was going to be approved. I submitted paperwork numerous times. I asked questions already answered. There were constant delays for different reasons. In fact, I was told only delay was receiving subordination agreement from bank which they did supply. I was told in November the loan looked to close in a week. Again, delays. Finally, I was told in February that loan would probably not close unless I paid off entire amount. I was going to pay off the 10k within a year so did not want to finance it for 30 years. New appraisal done, which is lower of course but some items left off new appraisal.

The new credit score was down to 746. I got credit report from Credco and it showed credit at 776. So I did not compare to score supplied by AmeriSave. Why did it drop from 815? From October till present assets increased by approx. 130k and income by 3-500 per month. Loan was denied in Feb. for credit and debt ratio. Went back to reinstate equity line of credit with bank, which was 15k above amount applied for at AmeriSave, and bank agreed but needed letter from AmeriSave stating mortgage did not go through. I had a very difficult time getting that as AmeriSave would only send me the credit denial with the lower inaccurate credit rating. I only received a letter after title company helped me get it. My bank charged me monthly while process was going on for having balance higher than the 10k new line.

I do not disagree with the charge; however, I was finally left with no loan and no available line of credit, loss of rental income as money was being used to upgrade rental property. It would have not been a problem if either equity line or mortgage money was available, but I had lost both, and a contractor was awaiting payment to complete project money for appraisal credit check, etc. for naught. This does not make sense to me. Why was subordination not a problem till 4 months into the process and why second appraisal and credit check? Possible age discrimination. I am 64. I just can’t figure it out.

AmeriSave Mortgage response

Thank you for your comments! At Amerisave, we see to it that a potential loan receives an accurate and appropriate evaluation based on the guidelines for qualification. There is absolutely no discrimination of any kind with the loan process. 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. It seems that there may have been risk factors in regards to the home equity line of credit, and subordination that prevented the loan from qualification. We truly apologize if this was the case, and if it was not disclosed in a timely manner.

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Rated with 1 star
Original review: Feb. 25, 2012

Amerisave approved me for a refinance, charged me for a high cost appraisal & credit check, then denied me.

AmeriSave Mortgage response

Thank you for your feedback! 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. We apologize if the outcome was not what was expected.

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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.

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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!

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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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