AmeriSave Mortgage

• Prequalify With No Impact to Your Credit Score
• Online Application Process
• Quick Closing Time
• Variety of Loan Types
• Mortgage Refinance Options
• Lower than Average Mortgage Rates
• Down Payment Assistance
• Helpful Mortgage Calculators
• AmeriSave Reviews

Prequalify With No Impact to Your Credit Score

A great feature on AmeriSave's website is the ability to get a free estimate for any type of home purchase or refinance loan. This pre-qualification process should have no impact on your credit score as a soft credit pull will be performed. 

You are not required to provide your social security number (SSN) when applying for an estimate. If, however, you like what you see and choose to complete an AmeriSave loan application, personal and financial information will be required and a hard credit pull will be performed.

Online Application Process

The AmeriSave mortgage application process is entirely online, allowing borrowers to quickly view rates and programs that they qualify for, as well as get to closing much faster. This online application process is even mobile-friendly, providing greater ease to consumers.

Quick Closing Time

The closing process on a house typically takes about 30 to 45 days, but AmeriSave promises to reduce this wait time significantly. AmeriSave has been able to get nearly 50 percent of its customers to closing in as little as 25 days or less.

AmeriSave's dedication to quick closing times benefits borrowers who are on a tight deadline. This benefit is often difficult to find with other mortgage lenders, making AmeriSave a great option if you are in a rush to close on your home.

Variety of Loan Types

AmeriSave has a variety of home loan products that satisfy the needs of most homebuyers. You can choose from the following options:

• Fixed Rate Loan
• Adjustable Rate Mortgage (ARM) Loan
• FHA Loan
• VA Loan
• USDA Loan

Conventional loans with fixed mortgage rates are the most common mortgage loan type, meeting the needs of most homebuyers. However, AmeriSave offers greater loan flexibility by offering government-insured loans that can make homeownership a reality for those who may struggle to qualify for a mortgage otherwise. 

If you are looking to purchase a property in a rural or non-metropolitan area, you may qualify for a USDA loan which can lower your upfront mortgage costs. Not all mortgage lenders offer USDA loans, so it is unique that AmeriSave offers this loan option.

Mortgage Refinance Options

If you are looking to lower your monthly mortgage payment or take out cash, AmeriSave offers two refinance options:

• Rate and Term Refinancing — lower your current interest rate and/or change the term length of your mortgage
• Cash Out Refinancing — get cash out of your home's equity for home improvement of debt consolidation

You can quickly get a quote or use AmeriSave's Refinance Calculator to see if refinancing is the best option for you.

Lower than Average Mortgage Rates

Amerisave rates are approximately 0.5 percent lower than company competitors, such as New American Funding or Quicken Loans.

While Amerisave advertises low rates, it is important to note that you are not guaranteed the lowest rate upon applying. Securing the lowest available rate will generally be dependent on your credit score, credit report, and debt-to-income ratio (DTI), as well as any other company specific rate assessment factors. Rates are also subject to change daily based on the market.

Down Payment Assistance

AmeriSave works within Fannie Mae guidelines to help make down payments possible for low income families and first-time home buyers. This government backed program allows borrowers to put down as little as 3 percent of the purchase price of the home to qualify for a loan.

Not all mortgage lenders are Fannie Mae backed, making AmeriSave a great option for those who may need extra down payment assistance or who are first-time homebuyers. Having a government entity to help back mortgages makes AmeriSave an even more secure options for borrowers.

Helpful Mortgage Calculators

Mortgage calculators are available to help you decide quickly if AmeriSave is able to secure you a mortgage within your desired budget or not. These tools don't replace your conversation with one of its representatives or an AmeriSave loan officer, but they do help you comparison shop.

AmeriSave has the following mortgage calculators:

• Mortgage Payment Calculator — view an accurate rate quote and calculate your monthly payment
• Home Affordability Calculator — see how much house you can afford based on your income and current financial situation
• Rent or Buy Calculator — see whether or not you should rent or buy a home
• Should You Refinance Calculator — see if it's the right time for you to refinance your home loan

AmeriSave Reviews

AmeriSave excels in customer satisfaction, service, and attention. Out of the 1,400+ verified customer reviews on Best Company, 87 percent of AmeriSave reviews are four- or five-star.

Customer Review: Robin from Leander, Texas

"My experience was outstanding. Everybody I spoke to at AmeriSave was professional, courteous, and got me the answers I needed. They guided me through the process in a very expeditious way. The representative I dealt with was exceptional. He did an excellent job. It was easy to navigate. I am glad I chose them."

AmeriSave customers most often praise the following:

• Low interest rate
• Quick and efficient loan process
• Easy application process
• Low closing cost
• Personable and helpful loan officers

It is rare that a lender has such a high proportion of positive customer reviews, making AmeriSave a stand-out option in customer service in comparison to other mortgage lenders.

Visit Site

• Not Available in New York
• Costs May Vary
• High Origination Fee
• No Home Equity Loans
• No Jumbo Loan Program

Not Available in New York

AmeriSave mortgage products and services are available in 49 states, and Washington D.C. Unfortunately, AmeriSave does not originate loans in New York.

Costs May Vary

AmeriSave does not provide potential closing costs and additional fees on its website. But, this is typical in the mortgage industry, as costs and fees may vary by borrower and by housing market trends.

If you would like an closing cost and/or additional fee estimate, you should speak with an AmeriSave representative who may be able to provide more personalized price ranges.

High Origination Fee

AmeriSave charges an origination fee including a $500 loan application fee, which is on the high end for the industry. The average application fee for the mortgage industry is approximately $300.

No Home Equity Loans

AmeriSave does not offer home equity loans or lines of credit, or home improvement loans.

A home equity loan use the borrower's equity as his or her collateral. These loans provide access to extra cash that can be used for home renovations, other large expenses, or as a debt repayment option. A home equity line of credit (HELOC) is similar, but acts as a revolving source of funds similar to a credit card.

If you are interested in these loan options, there are other mortgage lenders that offer them.

No Jumbo Loan Program

AmeriSave doesn't offer jumbo loans. If you are looking to finance an expensive home purchase (beyond the usual conventional loan limit), you will need to look into other mortgage lender options.