Amerisave Review
July 30, 2019 / Hollie Shuttlewood
Amerisave Review
July 30, 2019 / Hollie Shuttlewood
Amerisave Review
Advertising Disclosure
AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since 2002, it has financed more than $220,000 homes to the tune of $52 billion in funding. It is known for its competitive rates and streamlined application, with approvals in as quickly as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance their mortgage.
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 is still leading the way when it comes to offering a streamlined digital mortgage process.
The process involves four steps:
  • Fill out a short form to get a no-obligation and transparent custom rate quote.
  • Select your loan from a variety of loan options.
  • Complete a full application online or over the phone with the help of a licensed loan originator.
  • 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.
Pros
Offers 3% down conventional loans
Loan experts are on hand to assist at any time
Full suite of non-conventional loans
Cons
No home equity loans
No weekend phone hours
With AmeriSave, you get a whole new level of personalized assistance. The application process takes place online or over the phone, which is fairly standard for a mortgage lender. However, where AmeriSave stands out is that you can click a live chat box at any time to have a licensed loan origination assist you with your online application.
There isn’t a whole lot to complain about with this service, although it’s worth noting that AmeriSave doesn’t offer home equity loans. If you wish to use your home equity to borrow money, you can do a cash-out refinancing with AmeriSave – or you can request a home equity loan from another lender.
Types of Loans
As you would expect of an online lender that has provided more than $52 billion in funding to American homebuyers and homeowners, AmeriSave offers a wide range of loan options.
Here’s the breakdown:
  • Conventional loan: fixed or adjustable rate conforming loan with 20% down payment, reduced to 3% with the Fannie Mae low-down product.
  • Jumbo loans: Loan of up to $1.5 million, with minimum 700 credit score requirement and 20% down payment.
  • FHA loan: For borrowers with 580-619 credit, with down payment of 3.5%.
  • VA loan: For qualifying servicepeople and veterans, with option of 0% down payment.
  • USDA loan: For people in qualifying rural areas, with low or no down payment and flexible credit requirements.
  • Cash-out refinance: Alternative refinance that lets you cash out the difference between the new loan amount and what you owe on the home.
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
At time of writing, AmeriSave was offering 30-year fixed rate conforming loans at as low as 2.75% APR, which is close to an industry-best. Rates are generally lower than the industry average across AmeriSave’s mortgage products.
Here are the key figures:
  • Rates starting from 2.75%
  • Loan amounts up to $1.5 billion
  • Terms of 10-30 years
  • Minimum credit score requirement of 620 on conforming loans
Contact AmeriSave
Most lenders restrict you to talking to them over the phone, but AmeriSave goes that extra mile and offers live chat. The live chat function is super useful if you’re in the middle of filling out an online mortgage application and wish to call on a loan expert for assistance. To speak to a loan expert or originator by phone, call (866) 970-7283 Monday through Friday during business hours.
Summary
AmeriSave by name, AmeriSave by nature. This longstanding digital mortgage lender doesn’t just promise to save you money on your next home loan or refinance. It actually does it, offering market-beating fixed mortgage rates and flexible closing cost options.
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