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AmeriSave Review
AmeriSave Review
April 03, 2023 / Nadav Shemer
AmeriSave Review
April 03, 2023 / Nadav Shemer
Low Rates: Quick Quote & Approval
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At a Glance

AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since it was founded in 2002, AmeriSave has financed more than 400,000 homes for a total of more than $115 billion. AmeriSave boasts a streamlined online application and claims to close mortgages in as little as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance an existing mortgage.

Key Figures

Loan types: Purchase, Refinance

Loan products: Conventional, Jumbo, FHA, VA, USDA

Minimum credit score: 600-620

Repayment terms: 10-30 years


  • Many different loan options
  • Custom quote no SSN, no credit impact
  • Closes loans in as little as 25 days


  • No weekend phone hours

AmeriSave gives borrowers a lot of choice – from conventional to non-conventional loans, regular down payments to low down payments, and long to short repayment terms. As a major lender, AmeriSave is competitive on rates, speed (it closes in as little as 25 days), and customer service (4.3-star Trustpilot rating from around 10,000 reviews).

One complaint we have about AmeriSave is that it doesn’t advertise sample rates on its website. If you want to know what sort of rate a person with your credit profile can get for a certain loan product, then you’ll need to go to the trouble of filling out an online form or speaking to an AmeriSave loan agent by phone. Customer service is only available Monday through Friday from 8:00 AM to 5:00 PM Eastern time.

How It Works

AmeriSave launched way back in 2002, becoming one of the first entirely digital mortgage lenders in the United States. Almost two decades on, it still offers a streamlined digital mortgage process with quicker closing times than most of its rivals.

The process involves four steps:

1.Prequalification . Fill out a short form to get a no-obligation, prequalified rate. This takes about five minutes and includes questions about you and the home you are buying / looking to buy or mortgage you are refinancing.

2.Loan selection. Select your preferred loan from a variety of loan options.

3.Preapproval . Complete the preapproval process online or over the phone with the help of a licensed loan originator.

4.Close . Close your loan at a time and location convenient for you. According to AmeriSave, it can close your mortgage in as little as 25 days – much faster than the industry average.

Types of Loans

AmeriSave finances purchasing or refinancing of primary homes, secondary homes, and investment properties. All products carry a minimum credit score of 620, except jumbo loans (minimum 700), FHA loans (minimum 600), and FHA jumbo loans (minimum 640). Down payments vary from 0-20%.

Purchase options include:

  • Conventional Loan. Conforming loan with 20% down payment.
  • Fannie Mae Low Down Program. Conforming loan with 3% down payment, for eligible first-time buyers.
  • Jumbo Loan. Loan of up to $3 million, with minimum 700 credit score requirement and 20% down payment.
  • FHA Loan. For borrowers with a minimum 600 credit score, with down payment of 3.5%.
  • VA Loan. For qualifying service people and veterans, with the option of 0% down payment.
  • USDA Loan. For people in qualifying rural areas, with low or no down payment and flexible credit requirements.

Refinance options include:

  • Conventional Rate-and-Term Refinance. For refinancing up to conforming limit ($548,250 in most zip codes in 2021); maximum CLTV is 97%.
  • Cash-Out Refinance. Alternative refinance that lets you cash out the difference between the new loan amount and what you owe on the home.
  • FHA Rate-and-Term Refinance. Simple refinance with low minimum credit scores and high (around 98%) loan-to-value ratios allowed.
  • FHA Streamline Refinance. Streamlined refinance with low minimum credit scores, no income verification, and no home appraisal required.
  • FHA Cash-out Refinance. Cash-out refinance under auspices of FHA loan program.
  • VA Interest Rate Reduction Refinance Loan (IRRRL). Streamlined refinance for anyone with an existing VA loan who wants to lower their interest rate.
  • VA Cash-Out Refinance. Cash-out refinance for anyone eligible for a VA Certificate of Eligibility.

Loan Features

When it comes to mortgages, everyone has different needs. That’s why AmeriSave offers flexible loan options.

Here are the top features:

  • Flexible requirements. A great deal of flexibility is built into the loans, including the option of putting only 3% down with Fannie Mae’s low-down conforming loan product.
  • Flexible closing costs. Closing costs can be a strain, which is why AmeriSave offers you a trade-off between higher or lower closing costs and higher or lower monthly payments.
  • Expert loan consultants. AmeriSave is extremely attentive to its users, and its agents are available to assist throughout the mortgage process.
  • Knowledge center. AmeriSave offers an extensive knowledge center with useful information about the latest mortgage and housing market trends

Rates and Terms

AmeriSave offers repayment terms of 10, 15, 20, or 30 years for conforming loans, or 15 or 30 years for specialty programs such as jumbo loans. Adjustable rates are available in a range of formats, most commonly 5/1, 7/1, or 10/1 (i.e. the rate is fixed for the first 5-10 years, then updates each year for the remainder of the loan term).

Unfortunately, AmeriSave no longer advertises its latest rates publicly, so you’ll need to go to the trouble of prequalifying to see how its rates compare to other lenders for your credit profile. From our research, AmeriSave’s best rates are around the national average. If you have strong credit then you should be able to find a good deal with this lender.


AmeriSave promises a mixture of experience, speed, and flexibility. This veteran mortgage lender has been in the business for almost 20 years. In that time it has trimmed the underwriting process down to the essentials, allowing it to offer quicker-than-average closing times and flexible closing cost options. This alone gives it an advantage over comparable lenders.

Contact AmeriSave

AmeriSave’s excellent ratings (including 4.3 stars from around 10,000 Trustpilot reviews) testify to the strong relationship it has with borrowers. If you need assistance filling out an online mortgage application or prefer to apply by phone, then you can call AmeriSave Monday through Friday during regular business hours.


HQ: 3525 Piedmont Rd NE, 8 Piedmont Center - Suite 600, Atlanta, GA 30305

Get started now, visit AmeriSave
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
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