AmeriSave Mortgage Review

Donny Gamble
January 31, 2022
4.0
Personalincome rating

AmeriSave is a little more conservative than other online lending companies, but their restrictions aren’t necessarily a bad thing for business.

Without any physical locations you’re at the mercy of phone calls and chat message features on their site to contact them, thankfully AmeriSave seems to be on top of customer service during every instance where we tried to contact them.

AmeriSave logo
on AmeriSave's website
AmeriSave Mortgage
MIN. DOWN PAYMENT
3.5%
MIN. CREDIT SCORE
620
PROMOTION

No current promotions

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The information provided on this page does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual.

Key Takeaways

  • Direct lender means less time waiting between pre-approval and actually closing on your mortgage
  • Works with tons of different loan types making it a very flexible service from top to bottom
  • There are no loan origination fees, which many lenders do actually charge the homebuyer
  • Shows daily on-site rate for mortgages (which is updated frequently)

Pros & Cons

Pros
  • Lower average closing time than other similar institutions.
  • Overall has a fast pre-qualification and pre-approval phase.
  • Everything from pricing to fees and terms are very transparent from the site to your final product.
  • Available in every US state (except for New York and Washington, D.C.).
Cons
  • While customer service is skilled and great, it can take quite some time to actually get through to them.
  • Lack of online educational content to help with your decision.

AmeriSave is one of the leading mortgage companies in 2022, but what does that mean for you and your specific homebuying goals? In this AmeriSave mortgage review, we’re going to go down the pros, cons, and intricate details of AmeriSave so that you can know what you’re doing before you jump in with both feet.

Mortgage loans come with plenty of little details that you have to pore over before you sign anything, but thankfully AmeriSave is known for making it a very transparent process.

As a company that’s completely online, they have to rely on their website as the ultimate point of sale and advertisement for their company.

This mortgage lender has a lot to offer for being an internet company, but no financial product is perfect. Let’s go over the details.

About AmeriSave Mortgage

The AmeriSave Mortgage Corporation is an online giant in the mortgage space. Being in business for nearly two decades, they’ve funded over $100 billion in home loans over their entire span, helping homeowners in 49 states achieve their American dream.

With their experience, AmeriSave knows what homeowners and first-time homebuyers want, and what they don’t. They keep everything as transparent as can be so that you don’t have to worry about what’s coming around the corner.

With over 390,000 homes financed to date, they’re one of the largest home loan corporations in the United States. You can set a custom rate on their website or app, select your loan type, and close on it quickly.

They’ve pioneered the online mortgage market, and are still around to show everyone else how it’s done.

Loan Types

AmeriSave offers nearly every type of home loan that average and unique home buyers could ever want to finance their purchase.

  • FHA
  • VA
  • USDA
  • Jumbo
  • Conventional
  • Fixed rate
  • Adjustable rate
  • Cash-out refinance
  • Streamline refinance
  • Rate-and-term refinance

Amerisave Mortgage Rates

AmeriSave doesn’t have a standard direct line of mortgage rates available, and that’s because these can change daily, or sometimes multiple times in a day (by extremely small margins).

Instead, you can use their website to find out what the most recent rates are for your date and time.

They’ve poured a lot of time and effort into their website. It’s intuitive on all devices and responsive as can be, so if that’s what you’re on the site for, you’ll have access to that information as soon as possible without jumping through crazy hoops.

Check it out for yourself to stay updated.

Who is AmeriSave Mortgage Best for?

AmeriSave is an excellent service for anyone who’s new to the idea of home buying. While you still have to remember that they are mortgage lenders, they’re much more transparent than other institutions, so you won’t run into as much red tape.

You should still treat the entire transaction and conversations as strictly professional, but it’s good to know that they aren’t trying to nickel and dime you at every turn like some companies are.

You’ll be met with a rather lackluster experience in terms of educational content to prepare you, but there’s plenty of other places (like this review) to learn about financial products ahead of time.

We would also recommend AmeriSave to anyone who is looking for a speedy pre-approval and closing process, especially if this isn’t your first home.

Nobody wants to wait through that hassle again, so knowing that it’s a quick process with AmeriSave is definitely a plus.

AmeriSave FAQ's

Is AmeriSave Mortgage a reputable lender?

Yes, AmeriSave is a reputable lending company. Apart from receiving an A+ rating from the Better Business Bureau and a total of 4.2 stars on TrustPilot, they’re also ranked among some of the best lenders by J.D. Power, which is the gold standard of verifying companies and their integrity. 

AmeriSave has been around for enough time that their reputation and business track record speak for themselves.

How long does it take to get a loan from AmeriSave?

From the time of the pre-approval process up through actually applying for the loan once you have a budget in mind, the entire process can take from 25 to 45 business days depending on the circumstances.

You should have a budget price and neighborhood in mind if you passed pre-approval and you’re waiting to hear back on actually receiving the mortgage, that way you’ll know what to do within the average 90-day window after being approved the mortgage loan.

Is AmeriSave Mortgage a good place to refinance?

Historically their refinance rates have been favorable, but they do have a higher-than-average credit score minimum for refinancing. 

This can change depending on the person and their credit history, but from what we’ve seen, it’s not as simple as getting a mortgage loan from them in the first place.

It appears as though AmeriSave is a little more strict on refinance loans, but again, your mileage may vary depending on your specific account circumstances.

How long does it take to get approved for a loan?

AmeriSave tends to take, on average, around 25 full business days to finalize a loan application. This isn’t uncommon for online lenders.

It’s important to be aware of the upcoming calendar dates so that you can prepare for any federal holidays in the near future, and plan out a timeline to receive news about your mortgage.

Your loan application can come back faster than this as well.

What is the minimum credit score needed?

To open a mortgage with AmeriSave Mortgage, you need a credit score of 620 or higher. If you are applying for an FHA loan, that credit score needs to be 580 or higher. USDA loans require a score of 640. 

Keep in mind that credit history is also a factor. If you only now meet the minimum score required and didn’t meet that requirement three months ago, the lack of favorable credit history may result in an unfavorable outcome.

Compare to Other Lenders

Better Mortgage logo
MIN. CREDIT SCORE
620
MIN. DOWN PAYMENT
3%
figure logo
MIN. CREDIT SCORE
620
INVESTMENT MINIMUM
N/A
New American Funding logo
MIN. CREDIT SCORE
620
MIN. DOWN PAYMENT
3.5%

AmeriSave Mortgage

AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC (It does not originate mortgages for properties in NY)


  • AmeriSave Mortgage
  • Rating: 4
  • Reviewed by:
  • On January 31, 2022
  • Last modified:February 5, 2022

Review Summary:

AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC (It does not originate mortgages for properties in NY)

Review of: AmeriSave Mortgage

Reviewed by:
Rating:
4
On January 31, 2022
Last modified:February 5, 2022

Summary:

AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC (It does not originate mortgages for properties in NY)

About the author 

Donny Gamble

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.

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