AmeriSave Mortgage is a privately owned digital lender specializing in providing competitive prices for various mortgage and refinance products. Their online tools are intended to simplify the mortgage shopping experience and require a $500 application fee.
AT A GLANCE
- Fixed rate home loans
- 49 state licenses
- 19+ years of experience
- Get pre-qualified in minutes
Best mortgage loan options
Pros & Cons
Comparing mortgage rates from different lenders can be a time-consuming process for people, but AmeriSave Mortgage provides online tools that can show you accurate quotes in minutes.
The variety of loan options they offer can assist Americans planning to purchase homes and those looking to reduce their mortgage interest rates and monthly payments.
Some people with low income and bad credit scores may qualify for government loans. Are you planning on purchasing or refinancing a home but feel intimidated by mortgage jargon and a complicated loan process?
Then read on to determine which AmeriSave Mortgage options for home loans and refinancing are best for you.
Min. Credit Score: 620
Min. Down Payment: 3.5%
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About AmeriSave Mortgage
AmeriSave Mortgage is a direct-to-consumer mortgage lender founded in 2002 with headquarters in Atlanta, Georgia. The company employs 2,590 people and has reported a revenue of $980 million.
Most of their business comes from mortgage refinancing. They established a Third Party Origination (TPO) division in 2010 that supplies funding for mortgages to community banks, credit unions, and mortgage brokers and bankers.
More than $103 billion have been funded in home loans by AmeriSave Mortgage, and they have also financed more than 390,000 homes.
The company understands “that a mortgage isn’t just a loan, but a step towards the dream of homeownership, and a cash-out refinance isn’t just a lower rate, but a means to send your children to college.”
AmeriSave Mortgage Services
AmeriSave Mortgage offers rate and term refinancing and cash-out refinancing.
Rate and term refinancing requires your home value to be greater than the amount owed on the mortgage but can help you lower your interest rate and change your mortgage’s term length.
A cash-out refinance will let you get cash from your home’s equity that can be used for home improvements, debt consolidation, education expenses, and more but requires that you have more than 20% equity in your home for eligibility.
Customized mortgage rates can be viewed after completing a soft credit inquiry, meaning that your credit score won’t be affected, and fixed- and adjustable-rate options are available for home loans.
Conventional and jumbo loans are offered, along with some government-backed ones. Fixed-rate mortgages can protect you from unpredictable market conditions by keeping the same interest rate throughout the loan’s lifespan and are ideal if you plan to own a home for more than ten years.
Fixed mortgage rates for 15 and 30 years are the most popular options. Adjustable-rate mortgages tend to be lower than 30-year fixed rates and can also seriously reduce your monthly payments.
However, they may also be riskier since adjustments for interest rates are based on market conditions that can hurt or benefit you randomly.
Mortgages backed by the Federal Housing Administration, Department of Veterans Affairs, and U.S. Department of Agriculture are also available, which tend to be more flexible with credit scores for qualification and commonly require low or no down payments.
The entire loan process can be easily handled at the AmeriSave Mortgages website, which offers document upload capabilities and lets you sign loan documents electronically.
A “Rate Match Guarantee” assures potential customers that if another lender offers them lower rates for the same loan terms, AmeriSave Mortgage will match that price.
They will also pay you $500 to close an ongoing loan with a competitor.
AmeriSave Mortgage Rates and Fees
The website shows the lowest mortgage rate for that day but doesn’t provide further details about loans. If you are interested in getting mortgage rates from AmeriSave Mortgages, you must answer a set of personal and financial questions and agree to a soft credit inquiry.
A non-refundable $500 fee is required to begin the loan application process that could let you compare competitive mortgage rates. Credit history requirements will vary for each type of loan.
Jumbo loans require the highest credit score of all, a minimum of 700, while a score of 620 is needed for conventional loans.
Are you worried that a low credit score may prevent you from getting a mortgage loan, or are you simply trying to avoid a large down payment? Then one of AmeriSave Mortgage government-backed loans might be able to take care of you.
US military veterans and their families may qualify for a VA home loan with low-interest rates accompanied with low/no down payments. A credit score of 600 can get veterans and their families qualified, but VA loan amounts of $700,000 or more will require a score of 640.
If you live in a rural area, have a credit score of 640 or better, and can meet some income requirements, you may be eligible for a USDA loan with low/no interest rates.
Who is AmeriSave Mortgage Best For?
AmeriSave Mortgage is best for those who can afford the $500 application fee and are confused by the process involved in finding the right loan. Once the fee is paid, a wide variety of competitive rates are displayed, along with simple tools to help you decide.
The availability of government-backed loans makes AmeriSave Mortgage ideal for veterans and their families and people with bad credit scores and low income
Compare to Other Lenders
Developing a user-friendly online tool that provides affordable, accurate quotes for various mortgage loans is a mission that AmeriSave Mortgage has accomplished.
The digital lender has helped most of its clients with refinancing homes, and its wide selection of home loans has turned many of them into homeowners.
If you are on the market for a new home or considering refinancing your current one, then AmeriSave Mortgage is definitely worth your time to quickly look for affordable and accurate mortgage rates.
AmeriSave Mortgage FAQ's
AmeriSave Mortgage is accredited with the Better Business Bureau and has an A+ rating from them. They have closed 1,334 customer complaints in the past year, most of which dealt with delayed services and communication problems.
Positive reviews on the BBB site praise the speedy and easy loan process provided by AmeriSave Mortgage, even when there was some minor confusion along the way, and the names of helpful loan originators are mentioned.
Credit history requirements and interest rates will vary for each type of loan. Government-backed loans tend to require lower credit scores, while higher credit scores are needed for conventional and jumbo loans.
The rates offered to you will be based on your credit score, location, financial information, and type of loan you apply for.
The online loan process for AmeriSave Mortgage will require you to sign loan documents electronically and fill out a questionnaire about your financial situation. Be ready to provide details about your income and assets.
AmeriSave Mortgage can give you credit approval in about three minutes, and it takes them an average of 25 days to close a loan.
AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC (It does not originate mortgages for properties in NY)
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I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.