9.9
Overall Score
Author: Kaitlyn Short
AmeriSave Mortgage is an online, direct mortgage lender, offering a variety of loan types for home purchase, as well as options for mortgage refinancing if you are looking to lower your monthly payment or take out cash from your home's equity. Homebuyers typically close on their AmeriSave mortgage in 25 days or less.
AmeriSave is licensed to lend nationwide, but it does not originate loans in New York.
AmeriSave reviews are overwhelmingly positive with 90 percent of customers awarding the company 4 or 5 stars. Customers praise AmeriSave's attentive customer service, low rates, and quick application and closing process.
AmeriSave has a variety of home loan products that satisfy the needs of most homebuyers. You can choose from the following options:
These mortgage loan options are among the most popular in the industry, making it easy for most borrowers to find what they are looking for. Also, because AmeriSave is a direct lender, the company is able to cut down on costs, ultimately lowering interest rates for borrowers.
If you are looking to lower your monthly mortgage payment or take out cash, AmeriSave offers two refinance options:
AmeriSave also offers home equity lines of credit (HELOCs), which acts as a revolving source of funds similar to a credit card.
You can quickly get a quote or use AmeriSave's Refinance Calculator to see if refinancing is the best option for you. It only takes three minutes to get a customized quote in AmeriSave's online application with a soft credit pull that has no impact on consumer credit score.
Amerisave rates are approximately 0.5 percent lower than company competitors, such as New American Funding or Quicken Loans.
On BestCompany.com, 15 percent of AmeriSave reviews* mention rates, with many customers saying that they chose the company because it had the “best rate” or that its “rates were lower than everyone else.”
Customer Review: Maria from Modesto, California
"AmeriSave is very fast and efficient with the best rates I could find. It almost seemed too good to be true. I'm very happy I decided to go with AmeriSave."
While AmeriSave advertises low rates and many customers mention low rates in reviews, you aren’t guaranteed the lowest rate upon applying.
AmeriSave publishes daily updated rates on its website. While it may be inconvenient to provide property and some contact information to view rates, this does allow you to get a more personal loan quote, rather than viewing average industry rates.
It is important to note that your rate quote may not be the rate you receive at closing — your rate will be dependent on your credit score, credit report, and debt-to-income ratio (DTI), as well as any other company specific rate assessment factors.
The AmeriSave Mortgage application process is entirely online and mobile-friendly, allowing borrowers to quickly view rates and programs that they qualify for, as well as get to closing much faster. AmeriSave’s online convenience is frequently highlighted by customers in reviews on BestCompany.com.
To get started on an AmeriSave application, you will need to provide information about the home you’d like to purchase, or your current home if you’re refinancing. You will need to agree to a soft credit check (this won’t affect your credit score) and then provide personal financial information.
You can upload documents, track application progress, and e-sign documents all online.
AmeriSave recently removed its application fee and has no rate lock fee. However, it is important to note that the rate lock fee remains for 90-day locks, but there is no cost otherwise. The AmeriSave 90-day 'Lock & Shop' is intended to protect your interest rate while you home shop.
AmeriSave has been able to get nearly 50 percent of its customers to close in as little as 25 days or less — the industry average closing process on a house typically takes 30 to 45 days.
On BestCompany.com, 11 percent of AmeriSave reviews* highlight the company’s fast process, often closing on loans within two to six weeks.
Customer Review: John from London, Kentucky
"They were very easy to get a hold of, very knowledgeable, and very friendly. The process of obtaining my loan was really quick, actually closed within 30 days."
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.
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 are first-time homebuyers or who may need extra down payment assistance. Having a government entity to help back mortgages makes AmeriSave an even more secure option for borrowers.
AmeriSave excels in customer satisfaction, service, and attention. Out of the more than 1,400 verified customer reviews on Best Company, 91 percent of AmeriSave reviews are four-star or five-star.
AmeriSave customers most often praise the following:
It is rare that a lender has such a high proportion of positive customer reviews, making AmeriSave a stand-out option in customer service compared to other mortgage lenders.
AmeriSave mortgage products and services are available in 49 states, and Washington D.C. Unfortunately, AmeriSave does not originate loans in New York.
If you are looking for a competitive mortgage rate from a trusted lender, AmeriSave could be a good option for you. Depending on the loan type and your own financial background, AmeriSave can help you purchase or refinance your home at a lower than average rate, saving you more money overall.
If you are looking to close quickly on a home or simply avoid a drawn-out mortgage process, AmeriSave can get you to closing faster than many of its competitors — in 25 days or less — as a result of a streamlined application process and commitment to meeting borrowers' needs.
Some customers complain that it took them much longer to get to closing with AmeriSave, but overall, the majority of AmeriSave reviews on BestCompany.com praise the company for a fast approval and closing process.
Additionally, the majority of AmeriSave borrowers have expressed high satisfaction with the company's customer service.
Based on customer reviews, we would recommend AmeriSave for your mortgage financing or refinancing needs.
Check out AmeriSave reviews below.
*AmeriSave Mortgage review data used in this profile is taken from a sample of 400 reviews left by customers on BestCompany.com.
Call our recommended rep over at AmeriSave Mortgage below.
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