AmeriSave Mortgage Review: Is It Any Good?

Get right to it: The review shows that AmeriSave is a good mortgage company for first-time buyers, but Benzinga recommends CrossCountry Mortgage as the best lender.

AmeriSave Mortgage Corp. offers online lending services through around 1,000 licensed mortgage originators nationwide. AmeriSave Mortgage doesn’t charge origination fees, allowing consumers to save money upfront. AmeriSave’s in-house underwriting, processing, funding and closing services have funded more than $115 billion in home loans. 

As the AmeriSave Mortgage review below reveals, it is a great company because of lower closing costs and excellent customer service. But its rates are not the best.

AmeriSave Mortgage Corp. is a strong financial institution that earns positive customer reviews. With various loan products, a fast prequalification with a soft credit pull and low rates, it’s an excellent choice for many consumers. With no origination fees and low closing costs, you could qualify for a loan with AmeriSave and pay less upfront. 

AmeriSave also offers shorter closing times than the industry average, allowing you to finalize the purchase faster. Recently, AmeriSave Mortgage’s new Lock & Drop program allows qualifying borrowers to get a 1% effective mortgage rate reduction for the first year of their home loan. Taken together, AmeriSave is an excellent mortgage lender for many consumers. Compare its rates with other available options to choose the best mortgage product for you. 

AmeriSave performs better than significant competitors, with a customer rating of 4.68 out of 5 on Zillow in over 2,400 reviews. On J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study, AmeriSave performed slightly worse than the national average, receiving a score of 674 out of 1,000. While the Better Business Bureau (BBB) does not rate it, it received 4.03 out of 5 stars on BBB reviews. 

AmeriSave also rates highly for ease of application and variety of loan products. With over 20 years in business and over $115 billion in loans, it has shown significant financial strength even during major recessions. 

• First-time homebuyers
• Buyers with less savings
• Home refinancing
• Buyers looking for an easy online application

AmeriSave Mortgage offers transparent pricing structures and initial quotes without a hard credit pull. Pros of AmeriSave include:

• Variety of loan types and products
• Mobile application process
• Lower rates than many other lenders
• Prequalification without a hard credit pull (in most cases)
• Transparent pricing and fee structure
• Customized rate quote in minutes
• Average closing time of 25 days

The disadvantages of AmeriSave Mortgage are based on the online platform (no physical locations) and the lack of certain loan types. Here are the main disadvantages: 

• No branch retail locations
• No first-time homebuyer program
• Doesn’t offer home equity loans.
• No personal buyer education
• No mortgages originated in New York.

You can contact AmeriSave Mortgage by phone or email. The loan servicing department can be reached at 866-865-3400. Or you can email loanservicing@amerisave.com. Customer service is available at 1-888-700-4026 from 8 a.m. to 5 p.m. Eastern Time Monday through Friday.

On AmeriSave’s website, there’s a “Rates” button where you can see promotional rates for 10-, 15- and 30-year fixed mortgages. To see individual rates, you’ll need to go through the prequalification application process and provide contact information and other personal information. 

With prequalification, AmeriSave will use your Social Security number for a soft pull on your credit file. For final loan approval, you’ll need the following:

• Legal ID
• Social Security number
• Proof of income
• Bank statements

• Pay stubs
• W-2s
• Tax returns
• Employment verification
• Proof of assets

You’ll need a minimum credit score of 620 for a conventional loan at AmeriSave Mortgage. For a Federal Housing Administration (FHA) or Veterans Affairs (VA) loan, you’ll need a score of 580, while for a U.S. Department of Agriculture (USDA) loan, the minimum credit score for approval is 640.

It will also look at your debt-to-income ratio, which can’t be higher than 45%. There are some exceptions for borrowers with other financial strengths. 

• Fixed-rate loans
• Adjustable-rate loans
• Cash-out refinances
• FHA loans
• VA loans
• Home equity lines of credit (HELOCs)
• USDA loans
• FHA loans
• Personal loans
• Rate buydowns

A mortgage is one of the biggest financial decisions of your life. It can impact your financial future as higher interest rates can cost thousands of dollars more over the lifetime of the loan.  Carefully weigh the costs, additional fees and customer service. Here’s how each of these factors in: 

The first comparison should be the interest rate available when comparing mortgage rates.  AmeriSave Mortgage rates are comparable to average rates — and in some cases lower — although you’ll have to apply online for a personalized quote. Even a 1% increase can lead to significant additional payments over the loan’s lifetime.

You’ll need to pay closing costs as well as origination fees. This can be equal to 3% of the loan value or more. Compare total costs and fees from various insurance lenders to ensure you select the most cost-effective mortgage option. AmeriSave Mortgage offers a no origination fee option, potentially saving you more. 

A mortgage lender should have a strong history of excellent customer support. Check customer reviews on Zillow, Google or other sites and look at BBB information. AmeriSave Mortgage performs well here, with 4.67 out of 5 stars on Zillow and 4.03 out of 5 stars on BBB reviews.  

Choosing a lender with diverse product offerings can make finding a mortgage product that will work for your budget and financial goals easier. AmeriSave Mortgages offer rate quotes online, and you can speak to a dedicated mortgage agent to find a mortgage that fits your specific needs. 

Benzinga aims to offer the most up-to-date and well-researched financial information on the market. As part of this review on AmeriSave mortgages, Benzinga considered customer reviews, BBB ratings, types of mortgages available, company history and financial performance to offer a balanced review to assist in your financial decisions. 

Yes, AmeriSave Mortgage is a reliable company with a strong record of customer satisfaction. It offers a variety of mortgage products as well as insurance and personal loans. 

AmeriSave will do a hard pull for final mortgage approval, but it doesn’t usually do a hard pull for prequalification. 

The average closing time for AmeriSave is 25 days. This is faster than the industry average, where the average closing time can be up to 50 days.