AmeriSave Mortgage
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AmeriSave Mortgage

 4.7/5 (721 ratings)
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AmeriSave Mortgage
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Written by Jennifer Schurman
Edited by Sally Jones

About AmeriSave Mortgage

AmeriSave Mortgage Corp. (NMLS #1168) is an online, direct-to-consumer lender that offers home purchase loans in 49 states and Washington, D.C. The company also refinance options for those who want to adjust their rate or term or take out cash. AmeriSave has helped over 664,000 borrowers, funding over $115 billion in loans since it was founded in 2002.

Overall Satisfaction Rating

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Pros

  • Customized rate quotes in minutes
  • Lock in rate for 90 days and shop homes
  • Loan officers available to answer questions via chat
  • Closing in as little as 25 days

Cons

  • Not available in New York
  • No HELOCs or home equity loans

Bottom Line

AmeriSave Mortgage offers a wide range of loan programs in most states. It has competitive rates for eligible borrowers buying a home or refinancing an existing loan. You can check your rates and get pre-qualified without any effect on your credit score.

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Page 165 Reviews 4895 - 4925
Rated with 1 star
Original review: Feb. 7, 2013

I encountered similar issues as other reviewers. After 3.5 months of submitting necessary information and statements, sometimes 3 or 4 times (because they claimed they couldn't read it), we were denied a refinance loan. Some of the information they sought seemed ridiculous, but nevertheless, we complied. The reason for denial given was that they could not find any "comparable" homes with the same bedrooms as ours in the past six months. The appraisal was done first thing soon after applying with our payment, of course, and it took 3 months (during which time we continued to resend all the same statements over and over) to learn that was the cause. That is ** and we don't buy that explanation at all. For at least a month, we were told that the only pending document needed was our condo documents, which Amerisave was going to have to pay to acquire. But that they were trying to work it out. Obviously, they didn't but did not want to pay for the documents.

We know that this is why our loan was denied. Do not use them even if you save a % point. We began becoming suspicious after repeated requests for documents, but wanted to just finish the process and lower our mortgage rates. We gave them the benefit of the doubt that regulations are tighter now and hung in there, with a negative result. We only asked that our appraisal fee of $450 be returned to us, and they denied that. Amerisave Customer Service doesn't have people to deal with; it's just a recording constantly. We may pursue further. Use a reputable company instead. We should have read reviews first, but naively didn't.

AmeriSave Mortgage response

We acknowledge this concern. The appraisal fee is an upfront commitment to proceed with the loan process. However, this does not guarantee the qualification of the loan. Every loan is subject to the regulations and review standards that will potentially qualify, or deny the loan during the review process. The underwriting process is performed in a lawful, and professional manner. We apologize if the final result of your potential loan wasn’t the outcome that was expected. As a professional mortgage lender, we place an extremely high value on all of our customers. Thank you for the comments!

12 people found this review helpful
Factual basis uncertain
Original review: Feb. 6, 2013

We were offered a 3.50 percentage rate with low to no closing cost. Our credit rating for myself and my husband is over 800. Amerisave chose the appraiser and even though we had an appraisal 9 months earlier, our appraisal came in $120,000 less than the previous appraisal. I questioned this and the appraisal company only used homes that had sold in our subdivision in the last year. Even though our home had over 1000 square feet more than these sold homes, the appraiser did not even include the difference in above gradient size into the appraisal. The average price per square foot was $145 for homes sold. Our home was appraised at under $100 a square foot based on this formula.

Amerisave set up the appraiser, not us. The basement area was not even factored into the comparison (we have a bar worth 50,000 plus in our basement), nor was cost of rebuilding the home (this actually increased since our last appraisal). I feel Amerisave uses a bait and switch type tactic to get people to apply, pay fees that they get a cut off and then deny the loan. The appraiser showed a depreciation of $70,000 for our property. The other appraisal firms showed no depreciation due to excellent up keep of the home. Scam, if you ask me.

AmeriSave Mortgage response

Thank you for sharing your concern. We do apologize if your experience with us was not to your liking. 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 this had not been disclosed. Thank you again for your feedback!

12 people found this review helpful
Factual basis uncertain
Verified Reviewer
Original review: Jan. 25, 2013

I started my refinance process on September 4th, 2012. After almost five months of sending bank statements, tax info, credit reports and other necessary information to complete a mortgage refinance, I was denied for incompleteness. I sent everything listed above at least twice and some documents three times, (every time I asked why, it was the underwriter's fault). My credit score is above 800. I sent these documents in a timely manner. The reason I was denied is because I expressed my concerns and dislikes (in a very professional manner) to the processor. They shouldn't send me a survey if they don't want to hear the truth. I have refinanced before and have never had the horrible experiences that I have had with Amerisave. I will gladly take my business to other companies and people who appreciate it. I hope everyone reading this will save themselves a lot of time and headaches and do the same!

AmeriSave Mortgage response

Thanks for sharing this with us. We truly do appreciate your business, and we apologize if that didn’t seem to be the case. For every loan the underwriting process is performed in a lawful, and professional manner. In this case, there may have been high risk factors discovered in underwriting that prevented the potential loan from qualifying. We value our customers and only wish to help them in every way we can. Thank you for letting us know!

21 people found this review helpful
Rated with 1 star
Original review: Jan. 24, 2013

I started my nightmare with Amerisave in early 2012. Like others say, you have to pay for the appraisal before they even prequalify you and give you a GFE (Goof faith estimate). I didn't want to pay for an appraisal since we had gotten one done just a few weeks earlier, so it didn't make sense to pay another few hundred dollars. When I asked them if they could use the one we had just gotten done, they said it was fine except that the bank that we'd gotten it done through would need to give them the assignment letter for said appraisal, which apparently no one ever provides. So of course, this means that Amerisave refused to use a completely valid appraisal for an arbitrary reason just so they could get our money! So we paid the $375 plus the $7.50 for the credit report and thus begin the journey of document request after document request. I must've sent them our paystubs 10 times, as well as bank statements, credit inquiry documentation and every other thing imaginable. They tell us that the average settlement date is usually within 2 weeks but of course, after we hurry and send them all the documentation they need within the initial 48 hours, they make us wait for days.

I finally asked what is taking so long and apparently, we were in line for an underwriter! This took several weeks and then they decided to decline our loan due to a high debt to income ratio, which wasn't valid and they never even asked us about items on our credit report that would've lowered this calculation. I contest this then they told us that they have to wait for HARP 2.0 with PMI since we were paying that on our current mortgage. I asked when they will be getting it and of course, she said she has no idea. I emailed her week after week asking if they'd gotten it yet. So several months later, I asked if we could just do a conventional and they tell me that we have to pay the closing costs out of pocket, to which I say that's fine. I just want to refinance! Fast forward a day or two later and lo and behold, they want us to pay for another appraisal! I asked them why they can't just use the one that was only done 5 months prior and they said it's been too long! What crap! I demand that they foot the bill since it was their fault that we waited so long and to my surprise, they do. Again, more stalling and request for documentation.

I get a new processor who told me that the underwriter keeps sending the loan back with more conditions and again, we wait for weeks initially just to get an underwriter assigned to it! I finally get fed up when after we sent them more of the same information and sign more documents and we got nowhere. I sent a letter demanding all my money back since they wasted our time with no intention of ever closing on our loan and I threatened legal action. Luckily, I got my money back in about 4 days and have since not heard a word from Amerisave! Stay away from these con artists unless you like being robbed. I fully intend to dispute their inquiries on my credit report since they are nothing but frauds. All in all, they had us waiting almost 12 months to refinance one mortgage that we didn't even get! Disgraceful!

AmeriSave Mortgage response

Thank you for bringing this to our attention. The appraisal fee is an upfront commitment to proceed with the loan process. However, this does not guarantee the qualification of the loan. In order to use the requested appraisal, we were required to adhere to guidelines that would allow us to use the current appraisal. We apologize if this led to any inconvenience. We also apologize if the underwriting service was not provided in a timely manner. Every loan is subject to the regulations and review standards that will potentially qualify, or deny the loan during the review process. The underwriting process is performed in a lawful, and professional manner. We are a professional mortgage lending company that places high value on every customer, and we still wish to show you that. Please feel free to contact us at customerservice@amerisave.com at any time. Thank you!

24 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 18, 2013

We started the refinancing process with Amerisave 11 weeks ago. Compared with other refinancing we have done, it was much more complicated. In all, they requested a surprising amount of additional information beyond the application: 32 additional documents for a total of 72 pages. In almost every case, we provided the information they requested within 24 hours or less. My wife and I both have credit scores above 800. Yesterday, after a long silence, we received notice that our application was rejected because our documentation was incomplete. I immediately appealed this decision, with screenshots of their website, showing them that they told us they had received all requested documentation.

Then I was told that they do not give loan to people with houses on forest land. If that is the real reason, why did they wait for 11 weeks to tell us this? They could have just looked at our application to see that our house is on 20 acres. Now we are out $500 for the appraisal and have wasted 11 weeks of our lives with these people. They have essentially harvested our most intimate personal financial information and then turned us away. One has to wonder what they are really up to. We asked them if, since this was their mistake, they could compensate us in any way for the sunk costs and were met with silence.

AmeriSave Mortgage response

Thank you for letting us know about this situation. The appraisal fee is an upfront commitment to proceed with the loan process. However, this does not guarantee the qualification of the loan. We do apologize if we did not disclose the proper loan policy that resulted in the cancellation of the loan. Your business is important to us and we hope that we can let you know that. Thanks!

15 people found this review helpful
Factual basis uncertain
Original review: Jan. 16, 2013

We applied to refinance using Amerisave. They claim there are no application fees, but you have to pay for the appraisal. The appraiser came back stating our house was not worth the mortgage amount by $90,000! And if you want to appeal it, you can only appeal it by 10%, I believe. So they took our money and we never got the loan. We have excellent credit too. We went to another bank and had no trouble getting the refinance. And the house was appraised exactly what we thought. Amerisave is a scam, I believe. They suck you in with low rates and take the money for the appraisal and you never get the loan. After this happened to us, I have read numerous stories with the same outcome. Beware!

AmeriSave Mortgage response

The appraisal fee is an upfront commitment to proceed with the loan process. However, this 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 for any inconvenience that may have created for the loan process. We are a professional mortgage lending company that places high value on every customer throughout the loan process, and we hope we are still able to show you that. Thank you!

17 people found this review helpful
Rated with 2 stars
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Verified Reviewer
Original review: Jan. 15, 2013

They are fast, succinct, and professional, but online system requires you to get the appraisal before the preapproval. I was turned down because my income was too low and I was out $550. I suggest you delay the appraisal until after you are prequalified.

AmeriSave Mortgage response

Thank you for the compliment on our professionalism, and technology! The appraisal fee is an upfront commitment to proceed with the loan process. However, this does not guarantee the qualification of the loan. There may have been risk factors in regards to income that led to the cancellation of the loan. We apologize for that result, and we still hope that our customer service was still to your liking. Thank you!

15 people found this review helpful
Factual basis uncertain
Original review: Jan. 12, 2013

They suck you in, promise you low interest rates and make you feel like you are going to get approved. Once they get the appraisal money, you can forget it. I paid for an appraisal. They came out and took pictures. I never received a copy of the appraisal. They gave some ** reason why they could not refinance me before ever receiving the appraisal themselves. This is a total scam. Very shady company. Don't waste your money. As an internet business person, I am angered by this. It makes people leery of doing business over the internet.

AmeriSave Mortgage response

Thanks for bringing this to our attention. ! The appraisal fee is one of our upfront commitments to proceed with the loan process. However, this does not guarantee the qualification of the loan. In this case, there may have been high risk factors discovered in underwriting that prevented the potential loan from qualifying. We apologize for the result. We hope that we were still able to provide satisfactory service up to that point. We are a professional mortgage lending company that places high value on every customer throughout the loan process. Thank you for your feedback!

19 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 11, 2013

Amerisave used deceptive business practices to attract mortgage loan applicants, but it is incapable of processing these loan applications. I consider my self experienced in mortgage loan applications and have successfully financed (and refinanced) my primary and second home several times in the last 5 years to take advantage of the lower interest rates. I am self-employed (35 years, I've co-owned a successful business). My verifiable income is in the multiple 6 digits and net worth in the millions with substantial dividend and interest income. My credit score is over 800. Other than my mortgages, I have no other material debt.

This being said, I contacted Amerisave to get an even lower interest rate on my primary home. I have between 20% and 25% equity in it. I submitted all of my financial information and then was told I qualified. Amerisave locked in my rate (as I requested) and ordered the appraisal which came in slightly less than I had estimated, but I still had nearly 25% equity. I simply told Amerisave that I would put some cash in at settlement to get to the 25% to obtain the best rate which I locked in. Amerisave said they could not do that. Rates had gone up slightly so Amerisave wanted to get the higher rate. Interestingly, since I had experience with refinances recently with another online service, I objected because I did the very same thing with them and there was no problem getting the locked-in rate with them.

Then the real problems started. Amerisave requested and I submitted my last 2 years' tax returns showing substantial income. I told them to submit the IRS tax request form using my business address (which was clearly on my returns) since I had used that address for over 20 years when filing my personal returns. Amerisave chose to use my personal address instead and naturally the IRS rejected the form (as I told Amerisave they would). Underwriting blamed me and demanded an explanation letter. In my prior refinances, the lender had no problem submitting the IRS request with my tax return address and it was properly received.

I waited for over a week without a word from Amerisave. Then the loan processor wrote me a short email saying that I had been rejected because Underwriting claimed I didn't have enough verifiable income! The processor then stated that because I was self-employed, it was difficult for Amerisave to process my loan. This tells me that Amerisave and its underwriters are simply unqualified and lack the knowledge to process any loan application other than what fits their limited experience. Amerisave should have declined to even accept my application if it was incapable of processing it. Instead, they charged me for an appraisal that was now unnecessary. I wasted a considerable amount of time, money and resource applying for a loan with this organization that did not have the experience to properly process my loan application.

AmeriSave Mortgage response

Thank you for your feedback! The appraisal fee is an upfront commitment to proceed with the loan process. However, this does not guarantee the qualification of the loan. We do apologize for any inconvenience that may have occurred during the underwriting process. There may have been risk factors in regards to income that led to the cancellation of the loan. We value your business and would like to correct the situation if possible. Please feel free to contact us at customerservice@amerisave.com. Thank you!

23 people found this review helpful
Factual basis uncertain
Original review: Jan. 11, 2013

Amerisave gets thousands of online applications from all over the United States. People are drawn in with low rates and a credit at the end. What they do is they really don't want to give you the loan because they will lose money. They would rather make a percentage on the appraisal and the application fee. Every once in a while, they will close a loan to make the scam look good. Stay away. Go to a real financial institution. This Amerisave will slow the process down and make your loan a nightmare. In the end, you really are not saving a dime.

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 to proceed with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. We apologize if the final result of the loan process was not what was expected. We appreciate your feedback!

17 people found this review helpful
Factual basis uncertain
Verified Reviewer
Original review: Jan. 9, 2013

Amerisave was an attractive option given its low interest rates, particularly compared to other lenders for the same products. I applied online, everything was immediately accepted, and an appraisal scheduled within minutes. The reason for not giving me the loan was the value of the home did not come in. Why would they? They hire their own company to do this appraisal. I did an appraisal simultaneously with another company, and the value was totally different. The next excuse was my taxes were off. How could this be if they were done by a CPA? I have a credit score of 800. Do not work with this company. Do your homework. I would highly recommend looking into this company if you are considering their services. I usually stay away from these companies that offer things that are too good to be true and would never work with a company if I knew it wasn't associated with the BBB. But I made a mistake and didn't check it out first. I have reported this behavior and conduct to the FTC.

AmeriSave Mortgage response

Thank you for the feedback! 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. NOVO Appraisal Management is its own entity, and is not a part of Amerisave Mortgage Corporation. We do apologize for any inconvenience during the loan process as the final outcome of the loan may have been unexpected. Thank you!

9 people found this review helpful
Resolved outside ConsumerAffairs
Verified Reviewer
Original review: Jan. 7, 2013

We did a refinance with Amerisave in Sept. 2012 that went well enough although they needed some info that I thought was a bit over the top (divorce records from 15 plus years ago), but I guess that is the way loans are today. What is annoying is that our November property taxes were paid at closing, and then in November they paid the same taxes a second time. I have been trying to get this corrected since 12/4/12, but have yet to get it done. Apparently, their excuse is they are waiting on the county to send them the check. Given this was their (Amerisave and Dovenmuehle) mistake, I think they should reimburse the escrow.

During this time, we have refinanced to another lender, so basically we would like our escrow money back. During the refinancing, Dovenmuehle messed up on what the estimated payoff amount was by around $800. This wasn't the cushion factor for days of interest or anything; this mistake was due to them not factoring in the escrow correctly, where they did factor in the last principal payment. This was corrected at settling, but it’s just another example of incompetence within their escrow department. Amerisave might not give you the lowest rate if you don't impound your property taxes and insurance, but it would certainly be a safer bet to pay the taxes yourself.

AmeriSave Mortgage response

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 no longer have any forms of business with Dovenmuehle. We apologize for an inconveniences in regards to escrow account. Please let us know if we can provide any more information to help. Feel free to contact us at customerservice@amerisave.com. Thanks!

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 4, 2013

In September 2012, I tried to do refinance with 3.375 interests and zero closing costs. They said it's 60 days to process the application and planned to close on 60th day (Monday). Then, my full time job ended on that Friday. They inquired on that day and stopped doing the refinance. Then I asked them to do it on my wife's name. She is working from Feb. 2000 in USA as a senior consultant. Her credit score is more than 800. But she has worked past 20 months on C2C to our company. Even when we produced the paychecks, they are not accepted. The reason they say is if she works for her own corporation, she has to show the profits and also minimum 24 months and only then she might qualify.

Then, we both took W2 employment and again we asked. The reason they are saying now is W2 means hourly. They are asking for work history for more than 24 months with that company to refinance the house. How is it possible? If anyone works on W2 or with their own corporation, then they cannot buy the house or can't do any refinance with the existing house? If anyone is facing the same problem, please post here.

AmeriSave Mortgage response

If someone is self-employed, they can still be eligible to qualify for a loan. There are specific guidelines and regulations from Fannie Mae that must be met to qualify as a self-employee. The 1040/1099 tax forms are required to be reviewed for verification of income. If this information was not received, the loan would not qualify during the underwriting process. We hope that we are still able to help, as we do value your business. Thank you!

8 people found this review helpful
Factual basis uncertain
Original review: Dec. 29, 2012

I'm not really sure what to say about the process with these guys since it was so up and down. At first everything was moving along well. They were responsive and helpful. They quickly ran credit report and sent out an appraiser, which they also quickly charged me for over $420. Then the appraisal came in and we were shocked at the lack of skill with the appraisal. Honestly, I am not delusional about our property value. My wife is an attorney who specializes in construction defects and property. My sister is a real estate agent in our area, which means we have a good understanding of the market. In June 2011, we refinanced with BOA and the appraised value came in $120,000 more than the Amerisave appraisal in November 2012, which is interesting since all market trend lines reflect a value increase of 6%-14% in our area and we've added $20,000 of improvements.

The point is, the Amerisave appraisal was not even in the ballpark of what comparable are selling for in the area. So we processed rebuttal requests to have the appraisal reconsidered along with recent comparable in our area. They delayed 2 months and then sent back the identical appraisal report. They did not review anything or factor in proper appraisals and then just suddenly they closed the loan.

AmeriSave Mortgage response

Thanks for you feedback! 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 for any inconvenience during the appraisal process. We are available to contact if we can provide more information or answer any questions you may have. Feel free to contact us at customerservice@amerisave.com. Thank you! (

12 people found this review helpful
Rated with 1 star
Original review: Dec. 28, 2012

I started my refinance process with no cashout in September of this year and I have yet to close. I have submitted countless documents as many as 4 times. I inquired about a cashout refinance and it seems like they changed my process to cashout and I had to resubmit and clear some of the items again. They went as far as scheduling a second appraisal which I had to notify them about, so they would cancel it. I don't think I will be doing business with them again.

AmeriSave Mortgage response

We acknowledge the situation and we apologize for any confusion or inconvenience during the process. Thank you for letting us know!

4 people found this review helpful
Factual basis uncertain
Original review: Dec. 28, 2012

I tried to refinance my loan with Amerisave. This was my second time to go through the process with Amerisave with the first time in 2010. Well, Amerisave went downhill since 2010. They are quick to order home inspection reports and charge your card for that! It seems like this is where they make money on fees! I told them I don't want an appraisal ordered till I am approved, they proceeded with the appraisal. Afterwards, Amerisave sent me a note saying my file was incomplete. What a waste of time, money and energy!

AmeriSave Mortgage response

Thank you for bringing this to our attention. We truly value all of our customers and their business with us. We apologize if your request was not accurately met. Please contact us at customerservice@amerisave.com if you would like to speak to us directly about the matter. Thank you!

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 21, 2012

One thumb down for Amerisave.com for doing rental property cash-out refinancing. I started in early October, and before Nov. 24, that I got an email saying that my document is incomplete. It turns out that Amerisave.com does not even look at the file in-between, as in the next week, I was asked files that I submitted two months ago. Then yesterday, I got an email saying that because I did a ~35K repair in 2011, the loss ratio is too high. I said that was a one-time deal and could be exempted (as I got an exemption when I cash-out refinanced with Yan XU at Destiny Financial on another rental property refinancing). But Amerisave.com did not want to do it and asked me to complete 2012 tax return and then go on. This loss ratio was figured out by Yan XU in two weeks, and it took Amerisave.com more than two months to figure out, even though I ask very early how they compute the rental income. I hope this email saves time for rental property owners on this email list.

AmeriSave Mortgage response

Thank you for the feedback! Our investors require we examine a different set of risk factors for investment/non owner occupied properties. We do apologize if the final result of the loan process was not what was expected.

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

Before you consider this company, please look up the class action lawsuit they have recently settled. I attempted to refinance with AmeriSave beginning in April of 2012 (I had refinanced with them successfully a year earlier) and found that once the appraisal was done and my loan was approved with conditions, the file went into a black hole. The numerous people I dealt with were simply non-responsive to phone calls and emails.

After the first appraisal expired due to their slow follow up, I was told additional income documentation was needed. When I provided the documentation, I had to pay another $425 for a new appraisal and after that, again, no one would respond to my attempts to contact them. My requests for clarification on the income documentation went unanswered. When I did get in touch with an individual, they would promise to get back to me that day and then never did.

In October, I requested a cancellation letter and refund of the appraisal fees and the nearly $200. I was charged by Bank of America for the numerous loan payoff requests from AmeriSave and their partners. I never received the cancellation letter and instead in late November, got a declination letter from them citing an "incomplete file" even though they would not tell me what they needed. My equity line is frozen because I need a cancellation letter from AmeriSave to reopen it and no one will follow up and provide me with the letter. I lost eight months of paying a lower rate of interest and incurred over $1,000 in costs because of their practices. Financial damage to me is in the thousands. I would encourage anyone to avoid this lender.

AmeriSave Mortgage response

Thank you for letting us know. We truly apologize for any inconvenience, or issues that may have been caused. Please feel free to contact us so that we can help to better the situation. We can be reached at customerservice@amerisave.com. Thank you!

3 people found this review helpful
Rated with 1 star
Original review: Dec. 13, 2012

In an effort to Refinance, we chose Amerisave because it had a website that enabled us to easily see costs and watch interest rates. We contacted the Rep and dove into the process, filled out the application and submitted our required paperwork. The rep quickly ordered a credit check and appraisal. Our credit is A+ and it checked out at around 800 average and our appraisal came in $300K over what our Refinance amount was. Our appraisal cost $450 and the Credit check was $13.50. After 6 weeks, we were denied a loan with them! The reason? They said their investors didn't lend on our Zoning of Residential/AG! For most people, this zoning would be a benefit as it allows us a horse, which we don't have! Anyway, they can have their rules, but something so obvious as zoning (which is public record) should be a qualification question - especially if we can be denied based on it!

We are out our appraisal and credit report money & time and interest rate! We contacted a new lender and are about to close, but we had to pay for a new appraisal & credit report - not to mention the energy, effort, time and loss of a quarter of a point in interest rate. Amerisave should have had our pre-approval solid before ordering an appraisal for our house. We are so angry! Stay away from them - they are dirty dealing!

AmeriSave Mortgage response

Thanks for your feedback! There may have been risk factors in regards to zoning regulations that prevented the potential loan from being qualified. 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. 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 do apologize for any inconvenience. Thank you!

4 people found this review helpful
Factual basis uncertain
Verified Reviewer
Original review: Dec. 12, 2012

Amerisave is a scam which charges applicants for an appraisal never intending to write a loan. We have great credit, cash liquidity, low debt to income ratio, and over 30% equity in our home. If you have gone through the application process with Amerisave only to be denied a loan, please check your homeowner's insurance. They changed the beneficiary from our current lender to Amerisave. It's very scary!

AmeriSave Mortgage response

We appreciate 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. There may have been risk factors that prevented the potential loan from being qualified. 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. We apologize if the final result of the loan was not what was expected. We hope that we were still able to provide satisfactory service.

4 people found this review helpful
Rated with 1 star
Original review: Dec. 8, 2012

I was approached by Amerisave with an attractive loan rate when I was looking to possibly refinance depending on what rate I qualified for and the closing cost etc. I asked the agent from Amerisave what I qualified for and he led me to believe that I qualified for a certain rate but then pushed me to lock in this rate and rushed me to gather all kinds of documents to him immediately. He set up an appointment for a home appraisal which he said I had to pay for. I did not like the idea of paying $500 for an appraisal but accepted it as part of the price for getting the low rate. The appraisal came out fine, but then the underwriters a month later declined the loan because I was not even to close to an acceptable debt to income ratio. I was furious with Amerisave for making pay for a home appraisal when I was never going to qualify for a refinance anyway.

The agent was completely indifferent and even accused me of concealing information that the underwriters found on my tax returns which I provided to them. I argued to them that I would never have agreed to pay for a home appraisal if there was any doubt of qualifying for a loan and that they should have made sure I qualified before pushing and rushing me to get the appraisal. Why would I want to waste my time collecting and sending all the documentation as well as waste my money on a home appraisal for an application that turned out never had a chance by their standards of being approved? I asked them to refund the appraisal and issue an apology to me for the poor service, but they refuse. Now when I call Amerisave, all I receive from customer service is the runaround. I try to email them and the emails are returned unanswered and their fax number for the customer care agent does not go through. What are my options for taking legal action?

AmeriSave Mortgage response

Thanks for bringing this to our attention. 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. There may have been risk factors in regards to debt to income ratio that prevented the potential loan from being qualified. We apologize if this was not disclosed in a timely manner. We also apologize if your experience with us was less than satisfactory. If you’d like to contact us to better the situation, please feel free to email us at customerservice@amerisave.com. Thanks!

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 6, 2012

Like everyone, I was pulled in by good advertised/signed onto great rate. My credit score comes back 770-780 with the 3 reports and income of $200,000+, debt to income ratio of less than 20%. It should be a done deal, right? Wrong. Great service turns to slow response. Long story short, underwriter for Amerisave says they didn't like a decline in my income for a year when my company did $100,000 in IT upgrades, so my personal income was lower that year. The mortgage I was refinancing was $130,000 (payment was under $700 total), a drop in the bucket. Horrible service, slow to respond, and a waste of time.

AmeriSave Mortgage response

We apologize if there was not a consistent point of contact for you during the process. We place a high value on customer service and we feel that should have been show throughout the process. There may have been risk factors in regards to income that prevented the potential loan from being qualified. We apologize if the final outcome of the loan was not to your liking. Thank you!

3 people found this review helpful
Factual basis uncertain
Original review: Dec. 6, 2012

I was shopping around for rates and I saw on Bankrate that Amerisave consistently had very attractive rates advertised. I went to the Amerisave site and entered a bunch of information to get a rate quote, and the rate was considerably higher than what was advertised. I called Amerisave to inquire and the response was that they only post their lowest (sub $417k loan) rates on Bankrate. Since my loan was above that, the rates would be higher. I figured OK, that's fair I guess. The rate quote they're giving me is still competitive.

Prior to locking the rate, they were attentive and communicative. I submitted all my paperwork and the loan officer said it would be a slam dunk because I had over 65% equity in my property; my credit score is above 800; I've been working the same high-paying executive job for many years; and my debt to income ratio was ideal. I didn't want to lock immediately because I felt rates would come down a bit more, but he went ahead and locked my rate anyhow. That was the first sign of trouble. After locking, the real trouble began. All communication stopped and the only emails I got from them were robo-mails regarding appraiser scheduling. The first appraiser was scheduled to show up in two days and I let them know that I was traveling on business.

They acknowledged that they'd change the schedule and out of nowhere, the appraiser called me on the morning that I was originally scheduled for to say he was on the way. I sent them a note explaining that I was out of town and told them when I'd be back in town and available. They then rescheduled the appraisal for one of the days where I specifically told them I wouldn't be available. This went on for a few weeks. When I finally got them to schedule for a day that I was available, the appraiser punted and cancelled my appraisal two days before it was to take place - the way I found out was that I got another robo-email from them saying that my appraisal had been scheduled and it was with another appraiser.

Another appraiser got assigned and that guy had a serious attitude problem. On the phone, he acted like I was trying to get away with something and treated me like I was being interrogated by the police. When he showed up, his attitude continued. He glazed over things that were really great about the property and took many pictures and made snide remarks about things that he felt "should be brought to the attention of the lender." Some of these things were ridiculous - like an old wire hanging from the ceiling of a storage shed that didn't have any power going to it. He must have taken a dozen pictures of that wire from every conceivable angle and I started getting really angry and concerned. There was also a phone wire coming out of a wall that wasn't connected to a phone jack that he got really focused on and took pictures of - like that is some kind of hazard or something.

I asked him if it made sense to continue with the appraisal because if he's so intent on focusing on things like dead electrical wires or unused phone cords, I didn't see the appraisal as being anything but a problem and a waste of my time and money. He reassured me that he "has to document everything" and the lender wants to know about these things. I've been through a lot of appraisals in my life and nobody ever went to those extremes. Anyhow, after the appraisal, I contacted Amerisave to complain. I told them that I thought an inspection like that was completely over the top crazy. I got a terse response from their VP of sales. He just said, "If we can't do a full appraisal, then we won't lend to you." I responded by telling him that he was missing the point. I'm fine with them doing a full appraisal, but at least communicate to me in advance that they want to dig as deep as they did. Also, stick to what's important - outbuildings on the property shouldn't be the focus. The main residence should be the focus and not be glazed over.

The net result was that after complaining, I got an email from them saying "We're sorry you chose to cancel your loan application. If we can earn your business in the future, we'll work hard to serve you." What a bunch of **. I told them that if I get charged for that crazy appraisal, I'll contest it with my credit card company and lodge a complaint with the BBB.

AmeriSave Mortgage response

Thank you for your comments! We truly apologize if there was not a consistent point of contact for you during the process. We place a high value on customer service, and we feel that should have been show throughout the process. We also apologize if the process of the appraisal was not discussed in further detail. Please feel free to contact us as we would be glad to better the situation.

7 people found this review helpful
Rated with 1 star
Original review: Dec. 4, 2012

I have been working with these people since the end of August 2012. I have perfect credit, excellent employment history, and enough equity. This was a simple refinance. Nothing special. It is now December 3. Countless requests for income verification and deposits into my checking account. Countless go arounds with updating banking statements, credit inquiries. It's all non-sense. I walked into my local bank and got approved for 1/4 less and am closing in 30 days. Don't waste your time with these fine folks.

AmeriSave Mortgage response

Thank you for the feedback! We do value our customers and we apologize if your experience with us was less than satisfactory. Thank you!

5 people found this review helpful
Rated with 2 stars
Original review: Dec. 3, 2012

This company is ridiculously slow and unresponsive. Like many, I refinanced with AmeriSave because of the attractive rates, good website, and the good service upfront. However, like many others on here, once I started the process, things came to a crawl. I provided everything asked for (promptly), had a 795 FICO score, and the process still took 120 days to close. The loan processor came back asking for the same information over and over, items I had sent in several times before. We finally finished the process but came close to pulling the plug in the middle due to the frustration experienced. They simply chalked it up to being very busy. I would not recommend this company to anyone, regardless of credit worthiness. I was also surprised at how quickly they sold my loan after closing - within 30 days, before the first payment was made, my account mortgage was sold.

AmeriSave Mortgage response

Thanks for letting us know! There should have been an easily accessible point of contact for you throughout the loan process. We apologize if this was not the case, as we do place high value on customer service. Thanks!

2 people found this review helpful
Factual basis uncertain
Verified Reviewer
Original review: Nov. 24, 2012

I was recommended Amerisave through other people at work that have used them in the past and were happy with their service. They had great rates and were very positive on the phone when I started. My background - 800+ credit score, no bills except mortgage, same job for 24 years with a very strong income and strong liquid bank account. They ordered the appraisal after I paid $400. The appraisal was very fair for my neighborhood and came in as 22% above my loan so I would not have to be paying PMI. Two weeks before the close, they advised me they ran their own numbers in an automated system and it says my home value was $200k off the appraisal and denied my loan on the spot through an email.

Once I got someone on the phone, they advised me that I was too high of a risk and my home had no value to it. I stated my case and she returned my phone call stating the VP would review it and give me a call. I received no call, but an email on Thanksgiving morning that I was denied for the same reasons the first time. If this was going to be the case, they should have run the address through their automated system first rather than scam me out of $400 for an appraisal that they ordered. Nonetheless, I still should have been qualified for the loan based on my income, debt/income ratio, and bank funds. Do yourself a favor and do not use this company. They are dishonest, give you hopes and then at the last minute, deny your loan for no reason, very poor business practices to say the least. Save yourself the frustration and go someplace else.

AmeriSave Mortgage response

We do apologize for this issue. 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 underwriting process is performed in a lawful, and professional manner. There may have been risk factors in regards to the property value that did prevent the potential loan from being qualified. We apologize if this was the case, and if it was not disclosed in a timely manner. Thank you for your comments!

4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 21, 2012

I applied with Amerisave since they told me 30 days and no problem with the paperwork that I have. Over 60 days later and $400 out of pocket, now they say the disability papers that they knew did not have an ending date needed to have an ending date to be usable to them. I say "they knew" this because I clearly stated that as being the case when I first talked with them, stating that the previous company had indicated that as a trouble spot. Now, I am out of pocket hundreds of dollars and have nothing to show for it. Amerisave should have been professional enough to tell me "upfront" that I didn't qualify. Or, at least, Amerisave should not have ordered an appraisal until they researched the issues.

AmeriSave Mortgage response

Thanks for making us aware of this situation. 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. We sincerely apologize if the details of the disability documentation were not acknowledged in a timely manner. Thank you!

5 people found this review helpful
Rated with 1 star
Original review: Nov. 20, 2012

I read a lot of negative comments about Amerisave before I applied. I dismissed them as sour grapes. I regret that. I was preapproved, got all the paperwork in, and they came back with a low appraisal. A house in my neighborhood with 3 bedrooms, no garage, and 200-less square feet sold for $415,000 the month I applied. I have 4 bedrooms and an attached 2-car garage. I spent $70,000 in updates in the last 2 years. Amerisave's own appraiser told me she couldn't use the house in my neighborhood or a similar house a half mile away that sold for $305,000. She appraised me much lower than 2 years ago. A friend with a Century 21 franchise told me house prices had held steady, not dropped. Still, I agreed to accept the Amerisave lower appraisal. Then, Amerisave told me their underwriter couldn't use their own appraiser’s appraisal. The underwriter said despite their own appraisal, he could only loan me half the value of their own appraisal. He chose a house with 2,000 less square feet and no garage built in a neighborhood of $150,000 homes and 50 years older than my house as a comparable. Either that or they had no intention of making the loan in the first place.

AmeriSave Mortgage response

Thanks for bringing this to our attention. 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. We do apologize for any inconvenience with the appraisal process. As our customer, you are important to us, so please feel free to contact us for any further explanation of the issue.

6 people found this review helpful
Rated with 1 star
Original review: Nov. 13, 2012

My story starts like many others. Great refinancing rates and great credit score so I decided to refinance with Amerisave. Big mistake! After I submitted all required materials, I was forgotten about. After several weeks of hearing nothing, I tried repeatedly to get information. Once I had received a response, it was to inform me that they would not be closing for a few more weeks. After a few more weeks, the rate expired and they condescendingly told me that they would extend my rate at no cost to me. When I suggested that they needed to communicate with me when there was a delay, they responded (this is a real quote from an Amerisave VP loan officer), "Imagine that you are not the only one refinancing your mortgage now with a lender, who has the best rates out there." Really! this is how a VP speaks to a customer? In this same communication I was told that if I wasn't happy, I should go somewhere else. That is exactly what I did. I would avoid Amerisave in your refinancing options.

AmeriSave Mortgage response

Thank you for letting us know about this issue. There should have been an easily accessible point of contact for you throughout the loan process. We apologize if this was not the case, as we do place high value on customer service. Your business is highly valued at Amerisave, and we sincerely apologize if that was not shown during your time with us. Please feel free to contact us about the issue at customerservice@amerisave.com. Thank you!

3 people found this review helpful
Factual basis uncertain
Verified Reviewer
Original review: Nov. 6, 2012

I started the process with AmeriSave three months ago. I have a credit score of 780 and have a job that pays over $200,000 a year. It was a simple refinancing of a property that is easy to refinance with only $190K in mortgage. AmeriSave collected upfront fees and came back with many, many, many requests for ridiculous documents that they do not need. I provided them all within a 5-hour turnaround window and yet today, they have again come back with another request for document on the day of closing! Therefore, they have delayed the closing and I will be working with an attorney to fight this battle of recovering all costs. In addition, the service people were rude, unresponsive, and just horrible people to work with. There are so many reviews by consumers to avoid using this scam company for property refinancing. I will never do it again. What a letdown.

AmeriSave Mortgage response

Thank you for the feedback! There should have been an easily accessible, and amiable point of contact for you throughout the loan process. We apologize if this was not the case, as we do place high value on customer service. 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. We do apologize if the final result of the loan was not what was expected.

2 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