AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since it was founded in 2002, AmeriSave has financed more than 325,000 homes for a total of more than $84 billion. It boasts competitive rates and a streamlined online application and claims to close mortgages in as little as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance their mortgage.
AmeriSave launched way back in 2002, becoming one of the first entirely digital mortgage lenders in the United States. Almost two decades on, it is still offering the same streamlined digital mortgage process.
The process involves four steps:
- Fill out a short form to get a no-obligation and transparent custom rate quote.
- Select your loan from a variety of loan options.
- Complete a full application online or over the phone with the help of a licensed loan originator.
- Close your loan at a time and location convenient for you. According to AmeriSave, it can close your mortgage in as little as 25 days – much faster than the industry average.
Offers Fannie Mae 3% down conventional loans
Loan experts are on hand to assist at any time
Full suite of non-conventional loans
Rates not advertised publicly
No weekend phone hours
Not licensed in NY
With AmeriSave, you get a whole new level of personalized assistance. The application process takes place online or over the phone, which is fairly standard for a mortgage lender. However, where AmeriSave stands out is that you can click a live chat box at any time to have a licensed loan origination assist you during your online application.
In our opinion, the biggest problem with AmeriSave is that it doesn’t advertise its rates publicly. These days, most top lenders are eager to show off their rates, but AmeriSave makes you go through the trouble of getting pre-qualified before allowing you to see rates. Although the pre-qualification process won’t affect your credit, it can take up to 10-15 minutes – which is a lot of time to discover if AmeriSave offers decent rates for your credit profile.
AmeriSave offers a wide range of loan options for purchase or refinance and with fixed or adjustable rates.
Here’s the breakdown:
- Conventional loan: Conforming loan with 20% down payment.
- Fannie Mae Low Down Program: Conforming loan with 3% down payment, for eligible first-time buyers.
- Jumbo loans: Loan of up to $1.5 million, with minimum 700 credit score requirement and 20% down payment.
- FHA loan: For borrowers with 580-619 credit, with down payment of 3.5%.
- VA loan: For qualifying service people and veterans, with option of 0% down payment.
- USDA loan: For people in qualifying rural areas, with low or no down payment and flexible credit requirements.
- Cash-out refinance: Alternative refinance that lets you cash out the difference between the new loan amount and what you owe on the home.
When it comes to mortgages, everyone has different needs. That’s why AmeriSave offers flexible loan options.
Here are the top features:
- Flexible requirements: A great deal of flexibility is built into the loans, including the option of putting only 3% down with Fannie Mae’s low-down conforming loan product.
- Flexible closing costs: Closing costs can be a strain, which is why AmeriSave offers you a trade-off between higher or lower closing costs and higher or lower monthly payments.
- Expert loan consultants: AmeriSave is extremely attentive to its users, and its agents are available to assist throughout the mortgage process.
- Knowledge center: AmeriSave offers an extensive knowledge center with useful information about the latest mortgage and housing market trends.
AmeriSave offers loans for up to $1.5 billion, with loan term options from 10-30 years, and a minimum credit score requirement of 620 on conforming loans (and 580 for FHA loans).
Unfortunately, AmeriSave no longer advertises its latest rates publicly, so you’ll need to go through the trouble of pre-qualifying to see how its rates compare to other lenders for your credit profile. From our research, AmeriSave’s best rates are around the national average. In short, it’s the closing costs and not the rates that are AmeriSave’s biggest selling point, but if you have strong credit then you should still be able to find a good deal with this lender.
Most lenders restrict you to talking to them over the phone, but AmeriSave goes that extra mile and offers live chat. The live chat function is super useful if you’re in the middle of filling out an online mortgage application and wish to call on a loan expert for assistance. To speak to a loan expert or originator by phone, call 866-814-0321 Monday through Friday during business hours.
AmeriSave promises a mixture of experience, speed, and flexibility. This veteran mortgage lender has been in the business for almost 20 years. In that time it has trimmed the underwriting process down to the essentials, allowing it to offer quicker-than-average closing times and flexible closing cost options.