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AmeriSave Mortgage Corporation offers conforming, FHA, VA, and USDA mortgages.
AmeriSave Mortgage Corporation; Insider
The bottom line: AmeriSave Mortgage Corporation Mortgages is a solid choice for conforming, FHA, VA, and USDA mortgage borrowers who are looking for a fast closing process. But its offerings are fairly basic, which might be a drawback if you’re looking for a lender that has additional features like unique loan options or down payment assistance.
Overall lender rating
FeatureInsider rating (out of 5)Loan types3.5Affordability3.5Customer satisfaction3Trustworthiness5Total3.75
Pros and cons
ProsCons
Get prequalified in just a few minutes
AmeriSave says that half its customers close in just 25 days
Has very good customer reviews on both Zillow and Trustpilot
Rates aren’t listed online
Doesn’t accept alternative credit data
Few additional features beyond its main mortgage offerings
AmeriSave Mortgage Corporation mortgage interest rates and fees
Unlike some mortgage lenders, AmeriSave doesn’t list sample rates online and won’t show you customized rates without applying for prequalification. Currently, the lender only advertises its lowest rate on its rate page.
If you get a mortgage with AmeriSave, you’ll pay a $500 application fee and a $295 underwriting fee. However, AmeriSave notes that its fees can vary depending on your location and the type of mortgage you get.
Compare to other lenders
AmeriSave Mortgage Corporation vs. New American Funding
AmeriSave Mortgage Corporation
New American Funding is a mortgage lender
New American Funding
Types of mortgages
Conforming, FHA, VA, USDA
Types of mortgages
Conforming, jumbo, FHA, VA, USDA, reverse, buydown loan, I CAN mortgage
Alternative forms of credit
No
Alternative forms of credit
Yes
AmeriSave Mortgage Corporation MortgagesNew American Funding
New American Funding is a good choice for borrowers who want a lot of options, since it offers a variety of different mortgage types. Its special mortgage offering, the I CAN mortgage, lets you choose any mortgage term between 8 and 30 years. New American Funding also accepts alternative forms of credit from borrowers who have no credit or poor credit. Alternative forms of credit can include things like proof of rent or utility payments.
However, if AmeriSave has the type of mortgage you’re looking for and offers you a lower rate than other lenders, it might be the better choice for you.
AmeriSave Mortgage Corporation vs. Bank of America
AmeriSave Mortgage Corporation
Bank of America
Types of mortgages
Conforming, FHA, VA, USDA
Types of mortgages
Conforming, jumbo, FHA, VA, HELOC
Alternative forms of credit
No
Alternative forms of credit
No
AmeriSave Mortgage Corporation MortgagesBank of America Mortgage
Both of these lenders are solid options for the average borrower. Which one is better for your needs might come down to which lender offers you the better deal when it comes to rates, fees, and overall costs.
If you’re a first-time or lower-income homebuyer, Bank of America might be the better option thanks to the down payment and closing cost grants it offers.
How AmeriSave works
AmeriSave is an online lender that originates loans in 49 states and Washington, D.C. The only state it doesn’t lend in is New York, so if you’re purchasing or refinancing a home there, you’ll need to work with a different lender.
This lender offers a few different mortgage types, including conforming, FHA, VA, and USDA mortgages. On its conforming loans, first-time homebuyers can put down as little as 3%; repeat buyers must put down at least 5%.
AmeriSave’s minimum credit score for its conforming mortgages is 620. To get an FHA or VA mortgage with this lender, you’ll need to have a credit score of at least 600. USDA mortgage borrowers need a score of at least 640. You’ll need a credit score to get approved with this lender, since it doesn’t accept alternative credit data like proof of utility payments.
For its lender fees, AmeriSave charges a $500 application fee and a $295 underwriting fee.
You can get started with AmeriSave online or over the phone. If you need help, you can also chat online with a loan officer by clicking the “chat” button on its application page. AmeriSave’s customer service line is open Monday through Friday from 8 a.m. to 5 p.m. ET
Is AmeriSave a reputable company?
AmeriSave has an A+ rating from the Better Business Bureau. BBB ratings are based on a company’s response to customer complaints, honesty in advertising, and transparency about its business practices.
In J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study, AmeriSave ranked below the industry average in customer satisfaction. However, the lender has really good customer reviews on its Zillow lender profile and on Trustpilot.
AmeriSave Mortgage Corporation FAQ
Can I get my $500 back from AmeriSave?
AmeriSave charges a $500 application fee. This type of fee can be costly for borrowers who ultimately aren’t approved or decide not to get a mortgage with the lender they paid the fee to, since it often isn’t refundable. AmeriSave notes in some of its responses to BBB complaints that its application fee isn’t refundable.
What credit score do you need for AmeriSave?
The credit score you’ll need will depend on the type of mortgage you’re planning to get.
Conforming: 620
FHA: 600
VA: 600
USDA: 640
Is AmeriSave a good mortgage company?
AmeriSave currently has a 4.67 star rating on Zillow and a 4.3 rating on Trustpilot. However, it ranked below the industry average in J.D. Power’s annual customer service study. You might like AmeriSave if you’re looking for a conforming, FHA, VA, or USDA mortgage and want a speedy closing process.
What are AmeriSave’s mortgage rates?
AmeriSave only shows its lowest rate on its website. This rate is based on a $300,000 loan with a 20% down payment and a 740 credit score. To get an idea of what rate you might get with this lender, you’ll need to start an application or talk to a loan officer.