AmeriSave Mortgage Review 2022
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Our Take
4.5
The bottom line:
AmeriSave offers a number of loan products, but a soft credit inquiry is required before you can see customized rates. Its mortgage rates are competitive, but origination fees are on the high side.
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at AmeriSave
at AmeriSave
Min. Credit Score
620
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 on the high side, according to federal data.
- Doesn’t offer home equity loans or home equity lines of credit.
Compare to Other Lenders
Min. Credit Score620 | Min. Credit Score620 | Min. Credit Score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA |
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AmeriSave at a glance
Amerisave Mortgage Corp. operates in the District of Columbia and all states, except New York. A majority of AmeriSave's business is dedicated to refinancing, and with recent upgrades in online convenience, such as document upload and e-signature, most of the loan process can be handled online, though a number is displayed prominently on the website for borrowers who prefer to proceed by phone.
Here's a breakdown of AmeriSave's overall rating:
Variety of loan types: 5 of 5 stars
Ease of application: 5 of 5 stars
Rate transparency: 2 of 5 stars
Rates and fees: 3 of 5 stars
AmeriSave mortgage loan types
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 $281,000. Many AmeriSave customers have done the home loan thing before — more than 90% of the lender's business is mortgage refinancing, according to 2020 Home Mortgage Disclosure Act data.
» MORE: Use our mortgage calculator to find out your monthly mortgage payment.
AmeriSave ease of application
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, according to the most recently available Home Mortgage Disclosure Act data:
AmeriSave earns 2 of 5 stars for average origination fee.
AmeriSave earns 4 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.
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 "Rates" button on the homepage that leads to a page displaying a promo rate. Details about what it would take to earn the advertised rate are included farther down in fine print.
To get a mortgage rate estimate based on your location and credit score, you'll have to provide contact information at the least or start the lender's prequalification application process.
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