AmeriSave offers a wide selection of home loans and home refinancing options. New home loans include conventional loans, jumbo loans, Fannie Mae 3% down payment loans (specifically for first-time homebuyers), Federal Housing Administration loans, U.S. Department of Veterans Affairs loans and U.S. Department of Agriculture loans.
Homebuyers can also choose between fixed-rate and adjustable-rate mortgages. For the fixed-rate loans, the most common terms are 15- and 30-year mortgages, but AmeriSave also offers 10-, 20- and 25-year loans.
With adjustable-rate mortgages, the initial fixed-rate period lasts for five, seven or 10 years. After that, the interest rate adjusts annually.
AmeriSave offers two basic refinance options: rate and term refinance, where you lower your current interest rate and change your mortgage term length, and cash-out refinance, where you use the accrued value of your home to pay off debts or make home improvements. AmeriSave also offers mortgage refinancing with FHA, VA and USDA loans.
AmeriSave also offers home equity lines of credit.
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The first step in the process is to fill out an online questionnaire and get prequalified, which can happen in as little as a day. AmeriSave offers certified approval, which gives you the ability to make an immediate offer once you find your dream home. Certified approval confirms your qualifications as a borrower and shows sellers that you have the financing available. It also locks in your rate for up to 90 days.
Once you decide to lock in a mortgage rate, AmeriSave says half of its customers close a loan in an average of 25 days, while some have closed in as little as 10 days.
AmeriSave has no application fee, but it does not disclose information about its origination fees or closing costs upfront. Mortgage rates will vary widely among borrowers depending on credit history, location and mortgage type. Fixed-rate home-loan terms range from 10 to 30 years, while there are three ARM options.
AmeriSave doesn’t list any discounts on its website.
However, its “Certified Approval Closing Promise” promises to pay you $1,500 if your loan doesn’t close. Talk to an AmeriSave representative to see if you’re eligible.
The qualification restrictions at AmeriSave depend on the loan you are trying to get. FHA, VA and USDA loans have less stringent credit qualifications and lower down payment requirements than conventional loans. An AmeriSave professional will consult with you to find the best home loan program for your situation.
For refinancing, your home value is a key deciding factor for qualification. An appraisal will be done to determine your home’s value, and if it’s more than the amount owed on your mortgage, you may qualify. You will need at least 20% equity in your home to qualify for a cash-out refinance.
Credit score requirements vary by loan program. Borrowers need a minimum credit score of 620 for conventional loans and at least a 580 credit score for FHA and VA loans. A score of 640 is preferred for USDA loans, and required for FHA and VA loans larger than $700,000. Past bankruptcies or foreclosures may make it more challenging to qualify. AmeriSave will typically work with borrowers who are at least two to four years post-bankruptcy and seven years post-foreclosure.
AmeriSave originates loans everywhere in the U.S. except New York, although physical locations aren’t located in every state. It also states not all mortgage products are available in all states.
AmeriSave is accredited by the Better Business Bureau, where it has an A+ rating. On Trustpilot, AmeriSave has a rating of 4.3 out of 5 with more than 10,000 reviews.
The Consumer Financial Protection Bureau received 478 mortgage-related consumer complaints about AmeriSave in 2021, and all but three received a timely response from the company. Customer complaints mostly dealt with problems when applying for a mortgage, applying for refinancing and closing on a mortgage.
AmeriSave offers a customer service hotline that’s available from Monday through Friday from 8 a.m. to 5 p.m. Eastern Time by calling 888-700-4026. Customers can also reach out for assistance via email at customercare@amerisave.com.
Borrowers can get sample rates and prequalify for a mortgage after filling out basic financial information online. AmeriSave also has a variety of online calculators to help you make borrowing decisions: a home value estimator to help you determine what your current home is worth, a calculator to help you decide if refinancing your mortgage makes financial sense, and a calculator to help you figure out how much house you can afford. Once you submit your loan application, you’ll have an account on My AmeriSave, where you can upload documents and track your loan’s progress toward closing.
AmeriSave Mortgage Loans Are Best For:
- People who are considering a range of mortgage options.
- People who want to lock in a mortgage rate before they shop for a house.
- People who do not want to pay an application fee.
- Low FICO Credit Score
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Not disclosed
- Low FICO Credit Score
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620
- Low FICO Credit Score
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620
- Low FICO Credit Score
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620
- Low FICO Credit Score
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620
- Low FICO Credit Score
-
620
- Low FICO Credit Score
-
620
- Low FICO Credit Score
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Not disclosed
- Low FICO Credit Score
-
620
- Low FICO Credit Score
-
Not disclosed