AmeriSave Mortgage Pros and Cons
- Available nationwide (except New York)
- Can get prequalified with a customized quote in just 3 minutes
- Average 25 days to close
- Competitive mortgage rates
- Upfront $500 application fee
- Borrowers have to submit personal information to see accurate rates
- No home equity products or construction loans
- No in-person formal buyer education classes
AmeriSave Mortgage Overview
First founded in 2002, this Atlanta, Georgia-based lender aims to simplify the mortgage process with a quick online application, transparency, and in-house underwriting and processing. Though it has six physical branches in the United States, the bulk of its lending occurs online and over the phone.
The first step in AmeriSave’s lending process is to fill out a quick questionnaire and get prequalified. With a few tidbits of personal and financial information, AmeriSave offers “just 3 minutes to credit approval” for qualified borrowers.
Eligible borrowers can also receive a 60-day “Ready Buy” or “Pre-Certified Approval” letter that it claims is the next best thing to a cash offer.
Once you’ve found a home, you can notify AmeriSave and begin your full application. At this time, you’ll also review your available mortgage rates, authorize a full credit check, and upload your documents online. Then, you can lock in your mortgage rate.
AmeriSave claims that half of its customers close their loan in just 25 days. Additionally, “some customers” close in just 10 days, while “10% have exceeded 60 days” according to its website.
You can schedule either in-person or online closing, depending on your proximity to a physical branch.
What Types of Mortgages Does AmeriSave Offer?
AmeriSave borrowers can choose from a wide selection of mortgage and refinance loans, including some low-down payment options.
In addition to fixed- and adjustable-rate conventional loans, AmeriSave also underwrites:
- Jumbo loans up to $1.5 million
- Government-backed USDA, FHA, and VA loans
- Fannie Mae’s 3% down payment loans for first-time and low-income borrowers
- And a suite of refinance options
AmeriSave’s fixed-rate terms range from 10 to 30 years, with 30-year mortgages being among the most popular. Borrowers can also choose from 5/1, 7/1, and 10/1 adjustable-rate mortgages.
That said, this lender doesn’t offer home equity loans or home equity lines of credit (HELOCs). And if you need a construction loan or mortgage for a manufactured home, you’ll have to look elsewhere.
AmeriSave Mortgage Qualification Requirements
Your particular qualification requirements depend on the loan program you hope to join.
For instance, AmeriSave’s conventional loans require a credit score of at least 620 with a 3% down payment. (Though anything less than 20% down will trigger the private mortgage insurance, or PMI, requirement.) Jumbo loans require a 700-credit score to be considered.
AmeriSave’s government-backed loans have more flexible requirements. You’ll need at least a 580-credit score to qualify for FHA loans and VA home loans, as well as 3.5% down or 0% down, respectively. USDA loans (and FHA and VA loans over $700,000) require a credit score of at least 640.
For the most part, AmeriSave wants to see your debt-to-income ratio under 45%. But if you have good credit, high income, or other mitigating factors, they may accept higher DTIs.
Additionally, AmeriSave can work with borrowers who’ve had significant financial troubles in the past. You may be eligible for a mortgage as soon as 2-4 years after a bankruptcy or 7 years post-foreclosure.
AmeriSave Mortgage Rates and Fees
AmeriSave requires borrowers to fill out a form and wait for a loan officer to contact you to get a rate quote. Getting prequalified or requesting rates won’t result in a hard credit inquiry (but submitting a loan application will). That said, AmeriSave’s rates typically fall below the national average and its competitors depending on the borrower’s financial situation.
On the topic of fees, AmeriSave forgoes an origination fee in lieu of a flat $500 application fee. To mitigate the potential loss, the lender promises to match the rate and closing costs of competitors (on the same loan) or pay you $500 after you close with the other lender. The $500 fee can also apply to your closing costs if you stick with AmeriSave.
Refinancing Mortgages with AmeriSave
AmeriSave offers a variety of refinancing options.
You can replace your existing mortgage with a new one – hopefully with better terms or a lower interest rate – with traditional rate-and-term refinancing.
Borrowers with at least 20% equity in their homes can also qualify for a cash-out refinance to tap into their home equity.
And with various streamline refinancing options, you may be eligible to get better terms on your government-backed mortgage.
AmeriSave Mortgage Features and Benefits
Competitive Loan Rates
AmeriSave’s basic interest rates trend slightly lower than the national average and may be cheaper than some competitors. You can also buy discount points to drop your rate further. Of course, your particular interest rate will depend on your location, credit score, down payment, and other factors.
Various Government Loan Offerings
AmeriSave offers a full range of loans backed by the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA).
These loans often come with less stringent qualification requirements, including lower credit scores and even 0% down payment for some loans.
AmeriSave also lets eligible borrowers refinance their government-backed mortgages into another government program.
Awesome Online Experience and Services
AmeriSave’s online portal is tough to beat. Before you even apply, you can browse its “Knowledge Center” for information on home loans, rate options, and the homebuying process. There are also plenty of calculators to help you calculate how much house you can afford, whether it makes sense to refinance, and even estimate the value of your home.
And once you’ve found a home, the bulk of the application and underwriting process occurs entirely online. You can even sign documents and finalize your mortgage through the lender’s digital portal.
Impressive Industry Experience
Despite only being in the business for 19 years, AmeriSave has originated an impressive $103 billion in home loans. The company also employs over 1,250 licensed mortgage originators around the country to underwrite their full range of loans.
AmeriSave Mortgage Drawbacks
Upfront Application Fee
AmeriSave’s $500 upfront application fee makes it tough to rate shop. That said, the lender does offer to match the rates and closing costs of other online mortgage lenders or pay you $500 after you close with another originator. (Of course, there are plenty of strings attached.)
Rate Quotes Require Personal Info
AmeriSave’s rate quotes require you to hand over your personal information, which puts you on the company’s mailing list.
No Rate Locks for Refinance
AmeriSave doesn’t lock your refinance rate until after your application has been completely underwritten.
No Second Mortgages
As a mortgage-only lender, AmeriSave doesn’t hand out home equity loans or HELOCs.
How Does AmeriSave Compare to Other Mortgage Lenders?
#1. AmeriSave Mortgage vs. Quicken Loans
Quicken Loans is renowned for their sleek digital lending experience, full range of educational materials, and myriad application and closing options. Though you can’t visit a branch, they offer their full loan menu by phone, online, and snail mail. You can also lock your rate and close online, though you may have to contend with a rate slightly higher than the national median.
>> More: Quicken Loans Mortgage Review
#2. Rocket Mortgage vs. AmeriSave Mortgage
Rocket Mortgage is a self-service lender for borrowers who prefer to conduct the loan process primarily online. Rocket serves all 50 states from a basic loan menu, though it does offer some proprietary options like its YourGAGE flexible term loans. The lender is also known for its high DTI maximums and willingness to work with alternative credit data. That said, if you want to see personalized interest rates, Rocket requires a hard credit check.
>> More: Rocket Mortgage Review
#3. Guild Mortgage vs. AmeriSave Mortgage
Guild Mortgage originates loans in 48 states and claims to move from preapproval to close in just 17 days. Plus, the lender makes it easy to get approved with an average score around 20 points lower than its competitors and participation in over 500 down payment assistance programs. But if you want to view rates online or get a second mortgage, you’ll need to find another lender.
>> More: Guild Mortgage Review
#4. AmeriSave vs. NASB Mortgage
North American Savings Bank, or NASB, is an FDIC-backed bank and home loan lender that operates out of Kansas City, Missouri. Borrowers can shop from a decent-sized loan menu of conventional and government-backed loans, though it focuses on VA products. Unfortunately, several of the lender’s products are limited to the Kansas City area.
>> More: NASB Mortgage Review
AmeriSave Mortgage FAQs
Is AmeriSave a Good Choice for Mortgages?
AmeriSave may be a good lender if you’re focused on your rates – particularly rate match and rate locks. The originator also boasts 3-minute prequalifications, a quick online application, and plenty of educational resources to help you along. That said, the $500 upfront application fee makes it tough to shop around.
How Do AmeriSave Mortgage Rates Compare to the National Average?
AmeriSave’s mortgage rates typically sit below the national average. You can also buy discount points to lower the rate even further.
Does AmeriSAve Offer Mortgage Refinance?
AmeriSave offers traditional rate-and-term refinancing to lower your interest rate or reconfigure your terms. Cash-out refinancing is available to pull equity from your home without taking out a second mortgage. And a variety of refinancing options are available, including for government-backed loans.
>> More: How to Refinance Your Mortgage
What Credit Score Do You Need for an AmeriSave Mortgage?
AmeriSave requires a credit score of 620 for conventional loans and 580 for most government loans. That said, you’ll need at least a 640 for USDA loans and FHA or VA loans over $700,000. And jumbo borrowers should have a FICO score of at least 700 to qualify.
Does AmeriSave Charge a Mortgage Origination Fee?
AmeriSave charges a nonrefundable $500 application fee instead of an origination fee. That said, the lender will also apply the fee as a credit to your closing costs.
Bottom Line: AmeriSave Mortgage Review
AmeriSave boasts a robust loan menu for first-time, repeat, and refinancing borrowers. In addition to serving lower-credit customers, the lender also offers options for jumbo mortgages. But if you want to take advantage of the lender’s notoriously low interest rates, you’ll need a beefier down payment and higher credit scores.
Unfortunately, no matter how good your credit is, New York borrowers will need to find another mortgage originator.