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 390,000 homes for a total of more than $103 billion. AmeriSave boasts competitive rates and 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.
Loan types: Purchase, Refinance
Loan products: Conventional, Jumbo, FHA, VA, USDA
APRs start from: 2.188%
Minimum credit score: 600-620
Repayment terms: 10-30 years
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 able to beat the market on rates (starting from 2.188% for borrowers with excellent credit), 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.
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.
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%.
When it comes to mortgages, everyone has different needs. That’s why AmeriSave offers flexible loan options.
Here are the top features:
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.
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