AmeriSave Mortgage Review 2020

Good for: borrowers seeking government loans, which are known for offering credit flexibility and low- or no-down-payment benefits.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Take

4.5

NerdWallet rating 

The bottom line: AmeriSave offers a number of loan products, but a soft credit inquiry is required before you can see customized rates. And its origination fees are on the high side.

Amerisave

at AmeriSave

Min. Credit Score

600

Conventional:

620

FHA:

600

VA:

620

USDA:

600

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • A good variety of loan types and products.

  • A mobile-friendly application process.

Cons

  • An average loan origination fee that's higher than the national median.

  • Doesn’t offer home equity loans, home equity lines of credit or home improvement loans.

Compare to Other Lenders

Min. Credit Score

600

Conventional:

620

FHA:

600

VA:

620

USDA:

600

Min. Credit Score

620

Conventional:

620

FHA:

660

VA:

660

Min. Credit Score

620

Conventional:

620

FHA:

580

VA:

620

USDA:

620

Min. Down Payment

3%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Loan Types and Products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

AmeriSave Mortgage at a glance

A majority of AmeriSave's business is dedicated to refinancing, and while there are some online conveniences, such as document upload and e-signature, most of the loan process is handled by phone.

Here's a breakdown of AmeriSave Mortgage's overall rating:

  • Variety of loan types: 4 of 5 stars

  • Variety of loan products: 4 of 5 stars

  • Online convenience: 5 of 5 stars

  • Rate transparency: 4 of 5 stars

  • Rates and fees: 3 of 5 stars

AmeriSave loan types and products

AmeriSave offers purchase and refinance loans, as well as mortgages backed by the Federal Housing Administration, Department of Veterans Affairs and U.S. Department of Agriculture.

It does not offer any second mortgage products, such as home equity loans or home equity lines of credit. However, AmeriSave offers cash-out refis.

The lender also doesn’t make construction loans or offer mortgages for manufactured housing.

The average AmeriSave mortgage totals about $242,000. Many AmeriSave customers have done the home loan thing before — more than 90% of the lender's business is mortgage refinancing, according to 2019 Home Mortgage Disclosure Act data.

» MORE: Use our mortgage calculator to find out your monthly mortgage payment.

AmeriSave online convenience

AmeriSave’s website offers a full, mobile-friendly mortgage application, but to access it, you’ll have to answer a series of personal and financial questions, enter a verification code that’s sent to your mobile phone, and consent to a soft credit inquiry.

Once the application process has begun, AmeriSave offers document upload capabilities, online loan process tracking and the ability to e-sign loan documents.

AmeriSave mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

  • A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. AmeriSave earns 2 of 5 stars on this factor.

  • A lender's offered mortgage rates compared with the best available on comparable loans. AmeriSave earns 4 of 5 stars on this factor.

Some borrowers note in third-party reviews — and in emails to NerdWallet — that AmeriSave’s origination fee includes a nonrefundable $500 application fee.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether you want to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

AmeriSave mortgage rate transparency

AmeriSave’s website features a ‘Get Rates’ button on the homepage. Clicking that button yields sample mortgage rates for just two loan products: the 15-year fixed-rate and the 30-year fixed-rate. Details about what it would take to earn the advertised rates are included below in fine print. On the day we checked, AmeriSave was assuming a 740 credit score and discount points of up to 3.274%

To get a mortgage rate estimate based on your actual credit score, you’ll have to start the lender’s prequalification application process.

More from NerdWallet

NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.