AmeriSave Mortgage

• Variety of Loan Types
• AmeriSave Mortgage Rates
• AmeriSave Mortgage Application Process
• No Application or Rate Lock Fees
• Quick Closing Time
• Down Payment Assistance
• AmeriSave Mortgage Reviews

Variety of Loan Types

AmeriSave has a variety of home loan products that satisfy the needs of most homebuyers. You can choose from the following options:

• Fixed Rate Loan
• Adjustable Rate Mortgage (ARM) Loan
• FHA Loan
• VA Loan
• USDA 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, the company is able to cut down on costs, ultimately lowering interest rates for borrowers.

However, AmeriSave doesn't offer jumbo loans. If you are looking to finance an expensive home purchase (beyond the usual conventional loan limit), you will need to look into other mortgage lender options.

AmeriSave Mortgage Refinance

If you are looking to lower your monthly mortgage payment or take out cash, AmeriSave offers two refinance options:

• Rate and Term Refinancing — lower your current interest rate and/or change the term length of your mortgage
• Cash Out Refinancing — get cash out of your home's equity for home improvement of debt consolidation

AmeriSave does not offer home equity loans, lines of credit, or home improvement loans.

A home equity loan uses your equity as collateral. These loans provide access to extra cash that can 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, other mortgage lenders offer them.

You can quickly get a quote or use AmeriSave's Refinance Calculator to see if refinancing is the best option for you.

AmeriSave Mortgage Rates

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 Mortgage Rate Transparency

AmeriSave doesn’t publish daily updated rates on its website, a common industry practice, like some other lenders do. If you‘d like to get an idea of AmeriSave’s rates and make comparisons with other lenders, you will need to provide some information about the property you’d like to purchase first.

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.

AmeriSave Mortgage Application Process

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.

No Application or Rate Lock Fees

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.

Quick Closing Time

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.

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 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 Mortgage Reviews

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:

• Low interest rates
• Quick and efficient loan process
• Easy application process
• Low closing cost
• Personable and helpful loan officers

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.

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• Not Available in New York
• No Home Equity Loans or Home Equity Lines of Credit
• No Jumbo Loan Program

Not Available in New York

AmeriSave mortgage products and services are available in 49 states, and Washington D.C. Unfortunately, AmeriSave does not originate loans in New York.

No Home Equity Loans or Home Equity Lines of Credit

AmeriSave does not offer home equity loans or lines of credit, or home improvement loans.

A home equity loan uses the borrower's equity as his or her collateral. These loans provide access to extra cash that can 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, other mortgage lenders offer them.

No Jumbo Loan Program

AmeriSave doesn't offer jumbo loans. If you are looking to finance an expensive home purchase (beyond the usual conventional loan limit), you will need to look into other mortgage lender options