AmeriSave Mortgage Review 2022

Good for: borrowers seeking government loans, which are known for offering credit flexibility and low- or no-down-payment benefits.
Phil MetzgerJan 4, 2022

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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. Its mortgage rates are competitive, but origination fees are on the high side.

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

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

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

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

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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