AmeriSave Mortgage Review 2023
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Our Take
4.0
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.
Full Review
at AmeriSave
Pros & Cons
Pros
- Good variety of loan types and products.
- Mobile-friendly application process.
- Offers low rates compared with other lenders, according to the latest federal data.
Cons
- Doesn’t originate mortgages in the state of New York.
- Average origination fees are on the high side, according to the latest federal data.
- Doesn’t offer home equity loans.
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, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA |
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Full Review
What borrowers say about AmeriSave Mortgage
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 674 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (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 score reflects more than 2,400 customer reviews.
AmeriSave Mortgage variety of loan types
5 of 5 stars
AmeriSave offers purchase and refinance loans with fixed and adjustable rates, as well as government-backed FHA, VA and USDA loans in Washington, D.C., and all states but New York. It does not offer home equity loans but does offer cash-out refis.
The lender also doesn't make construction loans or offer mortgages for manufactured housing.
» MORE: Guide to government home loans
AmeriSave Mortgage HELOC
The lender also offers a home equity line of credit, or HELOC. These first or 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 offers a variable-rate HELOC with a 10-year draw period and a repayment period of 20 years.
» MORE: Best HELOC lenders
AmeriSave Mortgage ease of application
5 of 5 stars
AmeriSave's website offers a full, mobile-friendly mortgage application, but to access it, you'll have to start by answering a series of personal and financial questions and consent to a soft credit inquiry.
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. The lender does not charge an application fee.
Though most loan processes can be handled online, a number is displayed prominently on the website for borrowers who prefer to proceed by phone.
AmeriSave Mortgage rates and fees
3 of 5 stars
AmeriSave earns 2 of 5 stars for average origination fee.
AmeriSave earns 4 of 5 stars for average mortgage interest rates.
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 Mortgage rate transparency
2 of 5 stars
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 or start the lender's pre-qualification application process.
Alternatives to AmeriSave Mortgage
Here are some comparable lenders we review that borrowers can consider.
NBKC offers similar refinancing options, and Veterans United offers government-backed options for veterans and their families.
» MORE: Best VA lenders
More from NerdWallet
at AmeriSave
Methodology
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).
