Skip to main content

AmeriSave Review

Published August 31, 2020

6 minute read

Devon Taylor

By Devon Taylor

AmeriSave is a mortgage financing (and refinancing) company that has been in business since 2002. It’s headquartered in Atlanta, Georgia. The company operates throughout the United States. It primarily manages mortgages online, using technology to offer customers low interest rates through an online only application process. AmeriSave has issued more than $55 billion worth of home mortgages. They have received numerous awards for customer service. According to the company, 94% of its customers would recommend AmeriSave to family and friends.

At the end of July 2020, AmeriSave announced that it plans to hire 2,000 new employees across the U.S. by the end of the year as part of an aggressive expansion plan. The company also announced plans to open administrative offices in several cities, including Miami, Louisville, and Denver. They also plan to expand some existing offices in cities such as Phoenix. AmeriSave offers a full range of conventional mortgage loans, as well as mortgages for U.S. military veterans.

What AmeriSave Offers

As of August 2020, AmeriSave offers the public six primary types of loans.

It should be noted that AmeriSave does not offer what is known as “second mortgage” products. Those are commonly considered things like home equity loans or home equity lines of credit. These are technically different than the cash out refinancing that AmeriSave does provide. Also, AmeriSave does not make construction loans or offer mortgages for manufactured housing. More than 90% of AmeriSave’s business comes from mortgage refinancing, rather than new or first-time mortgage loans.

Rates

AmeriSave posts mortgage rates to its website. Current available rates range from 2.459% on a 15-year fixed rate mortgage and 2.512% on a 30-year fixed mortgage. There is a calculator on their website that allows you to quickly calculate quickly what their monthly payments would be on both a new mortgage or a home refinancing. However, you cannot access the calculator without inputting a lot of personal information and financial details.

There are other calculators on AmeriSave’s website, including one for home affordability and a “rent versus buy” calculator. These secondary calculators are more readily accessible, but they do require some financial information from you to use them.

Like many other mortgage lenders, AmeriSave offers what are known as Jumbo Loans. These are loans ranging in value from $500,000 to $2 million, and require a minimum 20% down payment. The interest rates charged on jumbo loans aren’t readily available on the company’s website. Again, you need to provide personal information to AmeriSave to get more details on a potential jumbo mortgage.

Fees and Terms

AmeriSave does not disclose the fees it charges on its website. However, closing costs typically amount to 5% of the loan value. Consumers should make sure to understand from AmeriSave all the fees associated with a mortgage or refinance. Standard fees associated with mortgages and home loans include the following.

It is worth noting that AmeriSave promises to beat any competing mortgage offer or pay you $100. Also, AmeriSave promises that it can save its customers at least $1,000 on closing costs, loan payments, or a combination of the two. This means you can provide AmeriSave with a competitor’s loan estimate and they will either reduce their rate and fees to match it, or pay you $100.

How AmeriSave Works

Like many private mortgage lenders, AmeriSave’s process is focused online. It involves five standard steps. We provided a handy list of these steps.

Basic information required on an AmeriSave’s mortgage or refinance application includes the following things.

Borrower Requirements

To secure a mortgage or refinance with AmeriSave, you must provide the company with the aforementioned information. Additionally, AmeriSave recommends that all customers go through the preapproval process. Once complete, it is valid for 45 days. Preapproval can result in the total process closing much quicker. To qualify for a conventional loan, AmeriSave requires a debt-to-income ratio of 45% or lower. Some AmeriSave loans accept credit scores as low as 580. however.

As is always the case, the better your credit report, finances, and assets, the better mortgage terms you can negotiate with AmeriSave. Poor credit scores, low finances, and high debt levels will result in less favorable mortgage terms. You could also be rejected outright, if you don’t meet their criteria.

Pros

Cons

What Others Are Saying

AmeriSave has a “ratings and reviews” page on its website. It’s full of impressive accolades, including a 4.8 out of 5-star rating from Zillow and a top 10 rating in customer satisfaction from Lending Tree. As already mentioned, the company claims that 94% of its customers would recommend AmeriSave to family and friends. While there are a lot of industry awards and ratings on AmeriSave’s website, there are not any customer quotes or testimonials to be found.

The Bottom Line

AmeriSave is not the biggest mortgage lender around. Nor does it provide all the services of larger lenders or traditional banks. Mostly, AmeriSave specializes in mortgage refinancing. To that end, it’s a great place to start if you’re looking consolidate some debt, get a more advantageous mortgage rate, or get some of the equity out of your house for another major expense. The online process at AmeriSave is easy to use and relatively quick. The company seems to have the refinancing process down to a science.

If you’re wanting to refinance the terms of your mortgage, AmeriSave is a respectable choice. They are a perfect company for that. However, customers should not expect to get all the bells and whistles from AmeriSave that are offered by other mortgage companies and the big U.S. banks.

Mini House on Top of Mortgage Application

Shutterstock

Devon Taylor

Managing Editor

Devon is an experienced writer and a father of three young children. He's simultaneously trying to build college funds and plan for an eventual retirement. He's been in online publishing since 2013 and has a degree from the University of Guelph. In his free time, he loves fanatically following the Blue Jays and Toronto FC, camping with his family, and playing video games.

Explore Mortgage

Mortgage

Should You Pay Your Mortgage Biweekly?

About every three months, our mortgage lender sends us a letter. It’s to encourage us to pay our mortgage bi-weekly, instead of monthly. The pitch is simple. We would send off half of our normal mortgage payment every other week. That would make 26 annual payments, instead of 24 (12 months x 2). So we […]

Read More about Post Title

5 minute read

Couple Shocked by Finance Statement Mortgage

How to Get a Mortgage With Poor Credit

If you’re tired of renting, but don’t have great credit, don’t give up hope! Yes, it is actually possible to obtain a home loan with poor credit. Lenders know that not everyone has perfect finances. Life happens! Having a low credit score shouldn’t keep you from owning your dream home. Rest assured, there are options […]

Read More about Post Title

5 minute read

Mortgage

How to Get Pre-Approved For a Mortgage

When you’re ready to buy a house, a mortgage pre-approval is a smart step to take. Whether it’s your very first house or just your next one, mortgage pre-approval will ease your stress and save you a bunch of time. After going through the pre-approval process, you’ll have a much clearer idea about your overall […]

Read More about Post Title

8 minute read

See All In Mortgage

More from WalletGenius

Young couple worried about finances Save Money

How To Tell If Your Retirement Is In Jeopardy

One of the most common financial concerns for adults these days is retirement. It comes up over and over again. For anyone concerned about money, retirement is a very big problem to confront. Current (and future) generations of working-aged Americans aren’t exactly fairing well, when it comes to retirement savings. Some studies have shown that […]

Read More about Post Title

7 minute read

Young woman worried about student loans Perkins loans Student Loans

Perkins Loans: Everything You Need To Know

A Perkins Loan was a federal program that provided low-interest loans to college students who demonstrated exceptional financial need. The program, which operated as the “Perkins Loan Program,” no longer exists. It was discontinued on September 30, 2017. The final disbursements were permitted through June 30, 2018. Although the program has been discontinued, many current […]

Read More about Post Title

5 minute read

Capital budgeting paperwork Budgeting

Capital Budgeting: A Complete Guide

Capital budgeting is a business term used to describe the process of determining how to best use the capital the company has on hand. Should they expand? Should they reinvest in a new factory to increase capacity? Is it profitable to acquire another business for expansion? In other words, capital budgeting is the process of […]

Read More about Post Title

7 minute read

Woman checking her credit score Credit

What You Need to Know About Free Credit Scores

You probably know that your credit score is an important aspect of your finances. Your credit score goes beyond just helping you get a loan with a good interest rate. It can also influence your insurance rates and even impact what happens when you sign up for internet or a cell phone plan. Knowing your […]

Read More about Post Title

7 minute read

Budgeting

EBITDA: What Is It and How Is It Calculated?

It might look like it, but EBITDA is not actually an alien word. It is an acronym that stands for “earnings before interest, taxes, depreciation, and amortization.” As you may have guessed by now, it’s a metric used in the business world. A company’s EBITDA can help you better understand their ability to generate cash […]

Read More about Post Title

6 minute read

Trusted provider of accurate rates & financial information