AmeriSave Mortgage Loans Review (210223loans.lenderreview.amerisavemortgage)
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite, digital mortgage experience for customers. The company says it has financed more than 325,000 homes since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
- FHA, VA and USDA loans are available, in addition to conventional fixed-rate and adjustable-rate mortgages.
- Potential borrowers can get prequalified without a hard credit inquiry.
- Borrowers can complete the majority of the application process online.
- AmeriSave does not offer home equity loans or home equity lines of credit.
- Those buying or refinancing in New York cannot work with AmeriSave.
- There is an upfront $500 application fee.
AmeriSave offers a wide selection of home loans and home refinancing options. New home loans include conventional loans, jumbo loans, Fannie Mae 3% down payment loans (specifically for first-time homebuyers), FHA loans, VA loans and USDA loans.
Homebuyers can also choose between fixed-rate and adjustable-rate mortgages. For the fixed-rate loans, the most common terms are 15- and 30-year mortgages, but AmeriSave also offers 10-, 20- and 25-year loans.
With adjustable-rate mortgages, the initial fixed-rate period lasts for five, seven or 10 years. After that, the interest rate adjusts annually.
AmeriSave offers two basic refinance options: rate and term refinance, where you lower your current interest rate and change your mortgage term length, and cash-out refinance, where you use the accrued value of your home to pay off debts or make home improvements. AmeriSave also offers mortgage refinancing with FHA, VA and USDA loans.
AmeriSave does not offer home equity loans or home equity lines of credit.
The first step in the process is to fill out an online questionnaire and get prequalified, which can happen in a day. Once you’ve found a home you want to purchase, notify AmeriSave and begin the loan application process. You can upload your documents online.
Once you decide to lock in a mortgage rate, AmeriSave says half of its customers close a loan in an average of 25 days.
AmeriSave does not disclose information about its origination fees or closing costs upfront, but it promises transparency and no surprises once you’ve initiated the loan application. There is an upfront $500 application fee.
Mortgage rates will vary widely among borrowers depending on credit history, location and mortgage type.
Fixed-rate home-loan terms range from 10 to 30 years, while there are three ARM options.
AmeriSave does not advertise any discount programs. It does offer a “Rate Match Guarantee,” which says that if you can find a lower rate for the same loan terms with another lender, AmeriSave will match it. If it can’t, AmeriSave will pay you $500 if you close the loan with the competitor.
The qualification restrictions at AmeriSave depend on the loan you are trying to get. FHA, VA and USDA loans have less stringent credit qualifications and lower down payment requirements than conventional loans. An AmeriSave professional will consult with you to find the best home loan program for your situation.
For refinancing, your home value is a key deciding factor for qualification. An appraisal will be done to determine your home’s value, and if it’s more than the amount owed on your mortgage, you may qualify. For a cash-out refinance, you need at least 20% equity in your home.
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Credit score requirements vary by loan program. Borrowers need a minimum credit score of 620 for conventional loans and at least a 580 credit score for FHA and VA loans. A score of 640 is preferred for USDA loans, and required for FHA and VA loans larger than $700,000. Past bankruptcies or foreclosures may make it more challenging to qualify. AmeriSave will typically work with borrowers who are at least two to four years post-bankruptcy and seven years post-foreclosure.
Though AmeriSave does have six locations throughout the U.S., lending is done online and by phone. AmeriSave originates loans everywhere in the U.S. except New York.
AmeriSave is accredited by the Better Business Bureau, where it has a B rating. It closed 798 BBB complaints in the past 12 months. On Trustpilot, AmeriSave has a rating of 4.2 out of 5. The Consumer Financial Protection Bureau received 315 consumer complaints about AmeriSave, all of which received a timely response from the company. Customer reviews indicate that the online application process is mostly smooth and that closings are generally fast. There were, however, some complaints about refinances taking longer than expected and not being able to reach anyone for assistance.
AmeriSave offers a customer service hotline that’s available from Monday through Friday from 8 a.m. to 5 p.m. Eastern Time. Customers can also reach out for assistance via email.
Borrowers can get sample rates and prequalify for a mortgage after filling out basic financial information online. AmeriSave also has a variety of online calculators to help you make borrowing decisions: a home value estimator to help you determine what your current home is worth, a calculator to help you decide if refinancing your mortgage makes financial sense, and a calculator to help you figure out how much house you can afford. Once you submit your loan application, you’ll have an account on My AmeriSave, where you can upload documents and track your loan’s progress toward closing.