AmeriSave Mortgage Review 2024

Good for: borrowers seeking government-backed FHA, VA and USDA loans.
Phil Metzger
Last updated on January 8, 2024
Edited by
✅ Fact checked and reviewed
Alice Holbrook
Edited by
✅ Fact checked and reviewed

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Our Take


Home loans overall
NerdWallet rating
The Nerdy headline:

AmeriSave originates a healthy volume of FHA and VA loans and also offers a home equity line of credit. But the lender requires a soft credit inquiry to see customized rates, and although its mortgage rates are competitive, its origination fees are on the high side.

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AmeriSave: NMLS#1168

Min. credit score
Min. down payment
Loan types and products
Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA


  • Offers a temporary buydown program that lowers buyers’ interest rates in their first year.
  • Offers low rates compared with other lenders, according to the latest federal data.
  • A home equity line of credit is available.


  • Doesn’t originate mortgages in the state of New York.
  • Average origination fees are among the highest in the industry, according to the latest federal data.
  • Doesn’t offer home equity or construction loans.
  • Mortgage rates are not published online.
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Full Review

What borrowers say about AmeriSave mortgages

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • AmeriSave receives a score of 725 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 730. (Mortgage origination covers the initial application through closing day.) 

  • AmeriSave receives a customer rating of 4.68 out of 5 on Zillow, as of the date of publication. The rating reflects more than 2,430 customer reviews.

AmeriSave's mortgage loan options

  • 4 of 5 stars

AmeriSave offers purchase loans with fixed and adjustable rates, as well as refinances and government-backed FHA, VA and USDA loans in Washington, D.C., and all states but New York. In fact, almost 30% of its 2022 loan volume was made up of FHA and VA loans.

It also offers a temporary rate-buydown program, Lock & Drop, that lowers buyers’ mortgage rates by 1% for the first year of the loan.

AmeriSave’s loan options are easy to find on its website, with links to each type for more information and prompts to get pre-qualified or apply.

AmeriSave does not offer home equity loans but does offer cash-out refis, as well as government-backed refinancing options.

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

AmeriSave HELOC

The lender also offers a home equity line of credit, or HELOC. These second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.

AmeriSave lets borrowers access up to $249,000 in a variable-rate HELOC. Many lenders offer higher maximum balances. Its HELOCs have a 10-year draw period and a repayment period of 11-20 years, terms considered typical in the industry for HELOCs.

What it's like to apply for an AmeriSave mortgage

  •  3 of 5 stars

AmeriSave's website offers a full mortgage application. If you proceed with the application process, which includes a hard credit pull, AmeriSave offers document upload capabilities, online loan process tracking and the ability to e-sign loan documents.

Though most loan processes can be handled online, a number is displayed prominently on the website for borrowers who prefer to proceed by phone. When we called, we navigated through a series of menus that asked questions about our location, and we were promptly connected to a representative.

AmeriSave allows you to seek more information or go straight to pre-approval.
AmeriSave allows you to seek more information or go straight to pre-approval.

Although the lender does not offer a mobile app, AmeriSave has two options for online customer support. However, a live chat on the lender’s website requires customers to enter contact information before asking a question.

The lender also offers a texting option that can be accessed by scanning a QR code with a smartphone. While the texting chat is monitored by a live representative, we waited almost 20 minutes for a response. On another attempt, we received a nearly instant request to schedule a call with a loan officer, and when we declined, we received a call anyway.

AmeriSave's mortgage rates and fees

  • 2.5 of 5 stars

  • AmeriSave earns 1 of 5 stars for average origination fee.

  • AmeriSave earns 4 of 5 stars for average mortgage interest rates.

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Overall, AmeriSave Mortgage had origination fees that average among the highest in the industry, with mortgage rates that were much lower than average in the industry.

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.

AmeriSave's mortgage rate transparency

  • 1 of 5 stars

AmeriSave does not post current mortgage rates on its website. To get a mortgage rate estimate based on your location and credit score, you'll have to provide contact information or start the lender's pre-qualification application process. You’ll also need to consent to a soft credit pull.

NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, which makes it easier for home buyers to comparison shop, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan.

Alternatives to a home loan from AmeriSave

Here are some comparable lenders we review that borrowers can consider. 

Rocket originates more FHA loans than any other lender in the nation, and Veterans United offers VA loans for veterans and their families.

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John Buzbee contributed to this review.

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NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).

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