Editorial Review

AmeriSave Mortgage Review 2020

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

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Our Take


NerdWallet rating 

The bottom line: While AmeriSave offers a number of loan products, you won't be able to shop rates on the site and its origination fees are on the high side.


at AmeriSave

Min. Credit Score


Min. Down Payment


Loan Types and Products

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

Pros & Cons


  • A substantial lineup of loan types and products.

  • Document upload and e-signature help move the application process along.


  • 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

Quicken Loans
Min. Credit Score


Min. Credit Score


Min. Down Payment


Min. Down Payment


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

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: 3 of 5 stars

  • Rate transparency: 2 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 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

You can't access AmeriSave's mortgage rates without providing some initial property information and verifying your phone number or calling a sales rep. A historical chart of rates is available, but it doesn't include fees or other costs of the loan. And they're not based on your credit score range or property location.

For that, you'll have to contact AmeriSave.

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.