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AmeriSave Reviews

9

bestfor-icon Variety of home loan products

andrewo
Written by Andrew Omalley

About AmeriSave | Read More

9

LS Score

9.5

Credibility

9

Support

9

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Fri 8am-5pm EST
Sat-Sun 8am-6pm EST
Contact Information Contact Information drop-down-btn
  • customercare@amerisave.com
  • 1-888-700-4026
  • Headquarters: Piedmont Center 3525 Piedmont Road NE, 8 Piedmont Center Suite 600, Atlanta, GA 30305
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AmeriSave Mortgages Review

AmeriSave Mortgage Corporation is a leading financial services company specializing in providing low-rate mortgages, home equity loans, refinancing options, and other loan types for homebuyers and homeowners. With over 20 years of experience and licensing in 49 states, AmeriSave has facilitated over $130 billion in loan volume and financed over 733,000 borrowers. Their streamlined, online mortgage process allows for quick quotes and approvals, making it easier for customers to achieve homeownership or financial flexibility. AmeriSave prides itself on excellent customer service and offers competitive rates tailored to the needs of its clients.

AmeriSave Mortgages Highlight

500

Min Credit Score

$60K-$2.5M

Mortgage Amount

10, 15, 20, 25, and 30 year terms

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Undisclosed

Underwriting Fee

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

30-45 Days

Funding Time

1168

NMLS

Mortgage Refinance

$25-$350K

Mortgage Amount

Pros & Cons

drop-down-btn
  • con-icon Easy online application process
  • con-icon Customized rates and quick pre-qualification
  • con-icon Diverse range of loan options
  • con-icon Accurate quotes given
  • con-icon Exact rate range undisclosed pre-application
  • con-icon 3% minimum down payment on offer

Mortgage Type

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  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • Adjustable
  • Home Equity Loan
  • Home Equity Line of Credit
  • FHA
  • USDA
  • VA
  • Jumbo
View rates

AmeriSave Mortgages Terms & Requirements

AmeriSave Mortgage offers various loan options with specific terms and requirements. Here are some key details about their mortgage loans:

  • Minimum Credit Score: AmeriSave requires a minimum credit score of 500 for FHA loans. For conventional loans, the minimum credit score requirement is 620.
  • Down Payment: AmeriSave offers FHA loans with down payments as low as 3.5% (for borrowers with a 580 credit score). The down payment is 10% if you have a 500 credit score.
  • Loan Types: AmeriSave provides several types of mortgage loans, including conventional, FHA, VA, USDA loans, as well as refinance, cash-out refinance, and HELOCs (Home Equity Line of Credit).
  • Loan Limits: FHA loans are capped at 115% of your area’s median home value. AmeriSave allows you to check local loan limits through their FHA loan page.
  • HELOC Fees: For HELOCs, fees include a $195 application charge, an $800 funding fee, and third-party charges ranging from $0 to $2,500.

These terms give flexibility to borrowers with various credit profiles and financial needs, though AmeriSave’s FHA loans have stricter credit requirements than federal guidelines.

How to Apply

The entire pre-qualification process can be completed online, and you can get a quote within three minutes. Provide some information via the lead form and AmeriSave will process your request and provide a quote with estimated rates and terms.

You can also get a rate quote by prequalifying with only a soft credit pull without completing an application.  

Step 1

State validation

Step 2

Homeowner validation

Step 3

Address

To apply for a quote on AmeriSave, follow these general steps:

  1. Visit the AmeriSave Website & Select Loan Type: Go to AmeriSave and Choose whether you want to take out a new mortgage, refinance an existing one, or get a cash-out refinance. AmeriSave offers various options, including FHA, VA, and conventional loans. Then, follow the steps of the questionnaire. 

  2. Provide Property Information: Enter details about the property, including the property type (e.g., single-family home), location, and estimated home value.

  3. Enter Personal Details: You’ll be asked to provide personal information, such as your name, contact information, and financial details. This may include your estimated credit score, income, and down payment amount.

  4. Complete Verification: AmeriSave requires you to verify your identity, usually through text verification on your mobile phone. Note that you must provide contact details before seeing your rate.

  5. Receive Your Quote: After you submit the required information, AmeriSave will process your request and connect you with an agent to provide a quote with estimated rates and terms. You will then be texted a link to receive the offer(s). 

This process is designed to be quick and simple, allowing you to get a customized mortgage quote in just a few minutes.

Note that depending on the loan type the application process may vary.

Qualification Requirements

AmeriSave has specific qualification requirements for borrowers depending on the type of mortgage loan. Here’s an overview of the general qualification criteria across their offerings:

Credit Score Requirements

  • Conventional Loans: Typically, a credit score of 620 or higher is required.
  • FHA Loans: AmeriSave requires a minimum credit score of 500.
  • VA Loans: AmeriSave requires a minimum credit score of 600 for VA loans.
  • USDA Loans: A credit score of 640 or higher is generally required for USDA loans.

Down Payment Requirements

  • Conventional Loans: You’ll typically need a down payment of at least 5%, though some programs may allow lower down payments.
  • FHA Loans: A minimum down payment of 3.5% is required, provided your credit score is 580 or higher. A 10% down payment is needed if your credit score is 500.
  • VA Loans: No down payment is required for eligible veterans or active-duty military members.
  • USDA Loans: No down payment is required, but eligibility depends on the property location and income limits.

Debt-to-Income (DTI) Ratio

  • AmeriSave generally follows industry standards for DTI, which usually means your monthly debts (including the mortgage) should not exceed 43% of your gross monthly income.
  • Exceptions may be made for borrowers with strong credit or additional compensating factors.

Employment History

  • You must typically show at least two years of consistent employment or income history.
  • Self-employed individuals may need to provide additional documentation, such as two years of tax returns, to verify income stability.

Income Requirements

  • Your income must sufficiently cover the loan payments and meet DTI requirements. AmeriSave may require proof of income through pay stubs, tax returns, and W-2s.
  • USDA and VA loans also have specific income limits, depending on the program.

Property Requirements

  • The property being financed must meet certain criteria based on the type of loan. For example, USDA loans are limited to rural areas, and FHA loans have a maximum loan limit tied to local housing prices.
  • The property must pass inspection and meet minimum safety standards, especially for government-backed loans like FHA and VA.

Loan Limits

  • FHA Loans: The loan amount is limited to 115% of the median home value in the area.
  • VA and Conventional Loans: These loans have maximum conforming limits set by the Federal Housing Finance Agency (FHFA), with jumbo loans available for larger amounts.

Additional Requirements

  • FHA Loans: Mortgage insurance premiums (MIP) are required.
  • VA Loans: A funding fee may be required, though it can be financed into the loan.
  • HELOCs: AmeriSave offers a home equity line of credit (HELOC), and you can borrow up to 90% of your home’s equity, including any existing mortgages.

Meeting these qualification requirements will help determine your eligibility for different types of mortgage loans through AmeriSave. While each loan program may have unique criteria, solid credit, a manageable DTI ratio, stable income, and a suitable down payment are key factors across the board.

Required Information

To apply for a mortgage loan with AmeriSave, you’ll need to provide some level of personal, financial, and property-related information to assess your eligibility. Here is a breakdown of the information that may be required:

Personal Information

  • Full Name: Legal name as it appears on official documents.
  • Contact Information: Email address, phone number, and current residential address.
  • Social Security Number (SSN): Used to run a credit check and verify your identity.
  • Date of Birth: Needed for background checks and ensuring you meet age requirements for borrowing.

Financial Information

  • Employment Status: Details of your current job, including your employer’s name, job title, and length of employment. If self-employed, you’ll need to provide additional documentation like tax returns.
  • Income Verification:
    • Pay stubs from the last 1-2 months.
    • Tax returns and W-2 forms for the past 2 years.
    • If self-employed, 2 years of tax returns and possibly profit-and-loss statements.
  • Assets: Bank statements, investment accounts, retirement savings, or other assets demonstrating financial stability.
  • Debts and Obligations: Details of existing debts, including credit cards, car loans, student loans, and any other loans you are currently paying off.

Credit Information

  • Credit Score: AmeriSave will pull your credit report to assess your creditworthiness, including your credit score, credit history, and current debts.
  • Consent to Perform Credit Check: AmeriSave will require permission to pull your credit report during the pre-qualification process.

Property Information (for home purchases or refinances)

  • Address of the Property: The property you want to purchase or refinance.
  • Type of Property: Single-family home, multi-family property, condominium, etc.
  • Estimated Property Value: If you are refinancing, you must provide an estimated home value based on recent appraisals or market analysis.
  • Purchase Price: The property’s asking price if purchasing a new home.
  • Down Payment Amount: The amount you plan to put down for the purchase (for homebuyers).
  • Loan Amount Requested: How much do you intend to borrow?

Loan Purpose

  • New Purchase: If you are buying a new home, AmeriSave will need details about the property and your financing needs.
  • Refinance: If refinancing, you’ll need to provide information on your existing mortgage, the remaining balance, and the purpose of the refinance (e.g., lowering your interest rate, cash-out refinancing, etc.).
  • Cash-Out Refinance: If you’re taking cash out based on home equity, you must specify the amount you want to withdraw.

Identification and Legal Documents

  • Government-issued ID: Driver’s license, passport, or another official form of identification.
  • Proof of Residency Status: If applicable, you may need to provide your green card or visa information.
  • Marriage Certificate or Divorce Decree: If applicable, to verify marital status and joint assets or liabilities.

Additional Information

  • Loan Program Preferences: Whether you’re interested in an FHA, VA, USDA, or conventional loan.
  • Rate Lock Information: AmeriSave allows rate locking, so depending on the stage of the process, you might need to provide documentation for this.

Providing accurate and complete information is crucial for AmeriSave to assess your application and offer a mortgage quote that matches your financial situation. 

Application Steps & Time Frames

Depending on the type of loan, the process can take anywhere from 15 to 45 days. Faster timelines are possible with prompt and accurate documentation submission.

Home Equity turn-times are currently 15 days.

Cashout refinance can be completed in as little as 25 days.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Not Available - New York

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

faq-icon

FAQ’s

Does AmeriSave offer 24/7 customer support?

Outside of regular business hours, AmeriSave has a chat function that is generally supported all the time.

Does AmeriSave cater to every state?

AmeriSave operates in all states except New York.

Does AmeriSave have a good track record?

Yes, AmeriSave has been operating in the US market since 2002 and it has helped serve more than 733,000 customers since 2002.

Customer Support

AmeriSave offers a good level of customer support. The platform offers tons of great resources for learning, as well as a knowledge center that contains the answers to many questions that might arise.

They have a live chat option, email support, and a phone support team. Phone lines are open Monday through Friday, 8 a.m. to 5 p.m., and Saturday and Sunday, from 8 a.m. to 6 p.m. EST. The support team is very responsive and helpful when you engage with them, and they have a good reputation for quickly resolving matters.

Privacy & Security

AmeriSave has an A+ rating with the Better Business Bureau and has been in business for over 20 years. It’s a Fannie Mae and Equal-Housing-approved lender with a five-star Zillow rating.

AmeriSave protects user information through standard procedures, such as firewall protection and SSL to receive and transmit information.

In Conclusion

AmeriSave is very good at what it does, having perfected its operations during its twenty-year career in the mortgage space. With a wide variety of loan products, quick pre-qualification, and flexible repayment terms, AmeriSave is favored by many Americans.

Brand Disclaimer

The advertised rates are current as of 22 September 2024.

AmeriSave Mortgage Corporation, NMLS ID #1168, (www.nmlsconsumeraccess.org), Equal Housing Lender; Corporate Office: 1200 Altmore Avenue, Building 2 – Suite 300, Sandy Springs, GA 30342. Additional licensing information may be found by clicking here on this “Licensing” link. For questions regarding state licensing, please contact (866) 970-7283. Not all products and options are available In all states. Terms are subject to change without notice. Some people portrayed are professional models.