AmeriSave Mortgage

• Quick Closing Time
• Variety of Loan Types
• Down Payment Assistance
• Free Online Estimates
• Positive AmeriSave Reviews

Quick Closing Time

AmeriSave aims to help borrowers save time. Normally, the closing process on a house can take about 30 to 45 days, but AmeriSave promises to reduce this wait time significantly. AmeriSave has been able to help nearly 50 percent of its customers close in as little as 25 days or less.

AmeriSave is able to cut down on the closing time by streamlining each of the following:

• Applying online
• Getting pre-approved
• Finding a home
• Closing on your home

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 the vast majority of homebuyers. You can choose from the following options:

• Fixed rate loan
• Adjustable rate loan
• FHA loan
• VA loan
• USDA loan
• Cash out refinance
• Jumbo loan 

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 it's able to cut down on costs, ultimately lowering interest rates for borrowers.

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.

Free Online Estimates

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

Mortgage calculators are available to help you decide quickly if AmeriSave is able to secure you a mortgage within your desired budget or not. This tool does not replace your conversation with one of its representatives or an AmeriSave loan officer. However, it does help you comparison shop and provide transparency that is often lacking from other mortgage lenders.

In addition, AmeriSave streamlines much of the process with a variety of digital tools. The loan application process is fully online as well as status updates and prompt client communication. If you are looking for an online mortgage lender, you'll be pleased that the bulk of the loan process is fully online.

Positive AmeriSave Reviews

AmeriSave excels in customer satisfaction, service, and attention. Out of the 240 verified customer reviews on Best Company, about 90 percent of them are four and five-star reviews.

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 officer

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

• Costs May Vary
• High Loan Application Fee
• No Home Equity Loans

Costs May Vary

AmeriSave does not give a price range on its website that identifies potential closing costs and fees. However, this is typical in the mortgage industry, as fees often vary as the housing market ebbs and flows. In addition, AmeriSave does outline potential closing costs services that borrowers may incur, such as an appraisal fee, credit report fee, title fee, and attorney fee. These services can vary greatly in price depending on the lender, making it important to speak with an AmeriSave representative if you want a price estimate.

In addition, future AmeriSave borrowers can get a pre-approval letter online, but it is unclear if the pre-approval letter is a free service or requires an application fee.

High Loan Application Fee

AmeriSave charges a $500 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.

Home equity loans use the borrower's equity as his or her collateral. These loans provide access to a little extra cash that could 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.