AmeriSave is a direct mortgage lender offering several types of loans, including conventional, jumbo, VA, FHA, USDA, fixed, adjustable, across both purchase and refinance.
Licensed in 49 states, AmeriSave has been around since 2002 and has funded nearly $60 billion in mortgage loans.
While their $500 application fee is a bit steep, they bring value in their competitive rates and diverse offerings, particularly their government loans. Additionally, AmeriSave generally has $0 origination fees. First-time homebuyers can pay as little as 3% down on their loan and no insurance is required for down payments of 20% or more.
|Mortgage types||Purchase, refinance, adjustable, fixed, home equity loans,
jumbo, FHA, VA, and USDA
|Mortgage amount||$60,000 to $1,500,000|
|Repayment terms||10, 15, 20, 25, 30 year (conventional and FHA fixed rates);
15, 30 year (VA loans);
5, 7, 10 year (fixed terms for ARM rates)
|Minimum credit score||620 (for conventional products);
600 (for FHA, VA, and USDA loans)
AmeriSave Mortgage Loans: Pros
- Customized rates and prequalification in less than 3 minutes without SSN or hard credit pull.
- Diverse loan options available
- Transparent information on their website
- 3% minimum down payment available
- Accurate quotes, not estimates
AmeriSave Loans: Cons
- $500 application fee
- Offers no program for first-time homebuyers
Homebuyers can complete their application process online and lock a rate or simply get a quick quote (which takes just a few minutes) but you’ll need to speak with someone on the phone at some point if you’re ready to move forward with your completed application.
Before getting started, you’ll see on their application page the current rates for both a 15-year and 30-year fixed loan, which is based on a borrower with a 740 credit score seeking a 250K conventional refinance loan on a single-family primary residence.
These rates can vary depending on your own personal profile, like where you live, what type of loan you’re applying for, how much you’re borrowing, your credit score, and more, but at least it gives you an idea of how rates are looking.
When filling out their online form, here are some details you’ll need when applying for a home purchase:
- Who will be on the loan
- Your SSN
- The price of the home to purchase
- If you’ve been in the military
- How much you want to put down (3% to 40%)
- The estimated annual property tax on the home
- The estimated annual home insurance premium
Once this information has been submitted, you’ll be presented with multiple offers that you’re pre-qualified for. Consumers may get pre-qualified and receive a customized rate quote without SSN or hard credit check.
This chart of offers will include the term length in years, loan rate, APR, monthly payment, and points/credit that can be bought to reduce the mortgage rate.
Click on the offer to move forward with the application. You’ll be asked a few more questions, like what your marital status is, if you have any pending lawsuits, and your citizenship status. The application process does require you to submit a hard credit check.
An AmeriSave loan originator will be assigned to you to help, answer any questions and finalize and documentation, but everything can be submitted online.
On average, it takes AmeriSave 25 days to close after locking in a rate.
Taking a Home Equity Loan with AmeriSave
AmeriSave has a home equity loan option that covers 49 states. Over the years as an online lender, it has provided funding of more than $67 billion and has financed over 200,000 homes. It usually only will offer home equity loans to people who have over 20% equity in their home.
The amount that you can borrow will also usually be dependent on a maximum loan-to-value of 80%. You will be able to get a personalized rate quote from one of the AmeriSave experts by filling out an online form. You can choose to receive correspondence via email or by phone, whichever you prefer.
Terms & Requirements
- 600 minimum credit score
- Exterior/interior appraisal (unless PIQ, or property inspection waiver granted)
- Borrowers must maintain their job throughout the loan process.
- No mobile homes or manufactured homes permitted
- Capacity to repay
- US citizen or permanent resident
Mortgage Purchase Requirements
For conventional mortgage loans, you will need a credit score of at least 620. For the likes of VA loans, this drops to 580. An exterior/interior appraisal is usually necessary. A down payment of 3% will be required and you will usually be facing closing costs of 2%-5% of the total mortgage value.
Thankfully, AmeriSave caters to people in nearly every state except for New York and Washington, D.C. Some of the other requirements include keeping your job during the course of the loan process, as well as demonstrating your ability to meet the regular repayments.
- Loan types: Purchase, refinance, adjustable, fixed, jumbo, FHA, VA, and USDA
- 10, 15, 30 year (conventional and FHA fixed rates); 15, 30 year (VA loans); 5, 7, 10 year (fixed terms for ARM rates)
- Terms are comparable to most other lenders
Privacy & Security
AmeriSave has an A+ rating with the Better Business Burau and has been around for over 17 years. They’re a Fannie Mae approved lender, Equal Housing approved lender, and have a five-star rating with Zillow.
AmeriSave protects user information through standard procedures, like using SSL to receive and transmit information in addition to firewall protection.
AmeriSave wants its borrowers to be able to resolve any issues with little to no trouble. There is a knowledge center that will provide you with plenty of resources regarding all aspects of the mortgage approval process. You are also able to deal with loan processors and originators during the course of your application process. Finally, the email lines are always open and you can ring the AmeriSave support team on weekdays between 8 am and 5 pm ET.
AmeriSave offers a wide range of loan products, from conventional to government-backed loans and borrowers can get a list of pre-qualified rates in a matter of minutes without giving SSN or having ‘hard’ credit pull.
First time home-buyers can pay as little as 3% down on their mortgage and a loan originator can guide applicants through the loan process.
While their application fee is a bit higher than most lenders, AmeriSave is a well-known name in the industry and offers highly competitive rates. To get an accurate rate estimate, visit their website and fill out their preliminary online form to see what you qualify for.
AmeriSave is a long-time player in the online lending space and has proven itself again and again over the years as being a reliable party. If you are looking at getting a home equity loan, then AmeriSave can offer a good range of different options at affordable rates.
3525 Piedmont Rd NE Bldg 8-600
Atlanta, GA 30305-7035
AmeriSave Disclaimer: ** The advertised rates also assume the borrower fully documents income, assets and liabilities, escrows for taxes and insurance, and there is no subordinate financing. * While SSN and hard credit pull are not typically required in order to review your available mortgage rates and get pre-qualified, if you choose to continue and submit a loan application, AmeriSave will then request your consent to pull a full credit report in order to proceed.