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AmeriSave Mortgage Review 2022

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
AmeriSave Mortgage

Founded in 2002, AmeriSave Mortgage specializes in digital mortgages, having financed the purchase of 390,000 homes. Headquartered in Atlanta, AmeriSave is a licensed mortgage lender in every state but New York. The company is also licensed in Washington, D.C. 

AmeriSave’s loan programs include fixed-rate mortgages, adjustable-rate mortgages, FHA loans, USDA loans, cash out refinancing and VA loans, jumbo loans and HELOCs. The company is recognized as one of LendingTree’s Top 10-rated lenders. 

Today's Rates

National Average Rates

Product Today Last Week Change
30 year fixed 5.11% 5.11% +0.01
15 year fixed 4.34% 4.33% +0.01
5/1 ARM 4.85% 4.70% +0.16
30 yr fixed mtg refi 5.19% 5.18% +0.01
15 yr fixed mtg refi 4.34% 4.33% +0.01
7/1 ARM refi 4.90% 4.80% +0.11
15 yr jumbo fixed mtg refi 3.06% 3.10% -0.04

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

Regions Served by AmeriSave Mortgage

Does AmeriSave Operate in My Area?

AmeriSave operates in nearly every state in the country, as well as Washignton, D.C. New York is the only state where AmeriSave is not a licensed mortgage originator. The company operates five branch locations in Arizona, Georgia, Kentucky, Michigan and Texas. It also has been at the forefront of online mortgage lending.

What Kind of Mortgage Can I Get With AmeriSave?

Fixed-rate mortgage: Fixed-rate mortgages lock in an interest rate for the entire duration of the loan. While 15- and 30-year mortgages are most popular, AmeriSave Mortgage offers 10-, 20-, and 25-year options.

Adjustable rate loans: Adjustable rate mortgages or ARMs are hybrid loans that start off with a fixed-interest rate for five, seven or 10 years, after which, the rate is adjusted once per year. AmeriSave’s conventional ARMs come with a 2/2/5 rate cap, meaning the first rate adjustment cannot exceed 2%, subsequent rate adjustments cannot exceed 2% and the interest rate can never be 5% more than the initial rate. ARMs are technically 30-year loans, but the unpredictability of future mortgage rates makes them most attractive to homebuyers who are planning to own their home for a shorter amount of time.

Cash out refinance loans: If you’re looking to pay for home renovations, consolidate debt or meet another financial need, a cash out refinance is a way to tap the equity in your home. This loan option is for customers with 20% equity in their homes. Money is borrowed against the value of the home, freeing up cash in exchange for a new mortgage. 

Rate and term refinance loans: If you want to lower your current interest rate and/or change the term length of your mortgage, then this option might work for you.

 

 

FHA loans: Offered in conjunction with the Federal Housing Administration, FHA loans can help first-time buyers purchase their home by allowing lower credit scores and down payments as little as 3.5%. FHA loans are typically offered in 15- or 30-year terms. 

VA loans: Guaranteed by the U.S. Department of Veterans Affairs, VA loans are designed for current members of the military, veterans and/or their spouses. With a VA loan, you can purchase a home without putting any money down and pay fewer closing costs. Private mortgage insurance (PMI) is also not required. However, you’ll need to pay a VA funding fee. 

USDA loans: Established by the U.S. Department of Agriculture, USDA loans are used to incentivize Americans to move to rural areas of the country by offering low-interest, 0%-down payment mortgages. 

Jumbo loans: This type of loan exceeds the conforming loan limit of $647,200 in most of the U.S. If you do decide to take out a jumbo loan, you should know that they typically have higher interest rates. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be an option for you. AmeriSave offers competitive jumbo mortgage rates for loans up to $2 million depending on your area.

HELOC: In late January, AmeriSave will roll out a home equity line of credit (HELOC) product, which will enable borrowers to leverage the equity they've already built up in their home through their down payment and mortgage payments to secure a loan.

What Can You Do Online With AmeriSave?

Despite operating five branch offices throughout the U.S., AmeriSave has been at the forefront of online mortgage lending. To get a rate quote online, you’ll need to answer a few questions regarding your current property search, where you plan to buy and what kind of property you’re interested in purchasing. You will not need to provide your Social Security Number, and AmeriSave says your credit score will not be impacted. Once you’ve received your customized rate quote in just three minutes, you’ll have the option to speak with an AmeriSave representative who can help you begin the application process online. 

Would You Qualify for a Mortgage From AmeriSave?

While AmeriSave does not publish minimum credit score requirements for its conventional loans, a credit score of at least 620 is typically recommended for a conventional mortgage. To qualify for VA and FHA loans, your credit score must be at least 600. For adjustable rate mortgages or loan amounts that are $700,000 or more, AmeriSave requires a credit score of 640. Meanwhile, prospective homebuyers using a USDA loan, will need a low to moderate income that does not exceed 115% of the median income in their area. 

In accordance with the Federal Housing Finance Agency, conventional loans that AmeriSave originates are capped at $548,250 and $822,375 in high-cost areas. If your prospective loan surpasses these limits, your AmeriSave loan officer will help you apply for a jumbo loan. 

What’s the Process for Getting a Mortgage With AmeriSave?

AmeriSave begins the mortgage process by pre-qualifying applicants. While completing this process online, you’ll have to answer some questions and consent to a soft credit inquiry with no impact to  credit score by verifying your identity through your mobile phone number.

AmeriSave has several offers that might apeal to homeshoppers.

Lock & Shop Rates: AmeriSave offers a 90-day Lock & Shop interest rate to protects homebuyers from rate hikes while they're searching for a home. Potential buyers do not need to sign a purchase contract to protect that locked rate, and it's not subject to 30-year conventional loan restrictions.

AmeriSave's Certified Approval Letter: AmeriSave promises to issue this letter within hours, so the buyer can begin shopping in earnest for a home. The letter verifies the buyer's income and credit meet the loan underwriting standards.

Certified Closing Promise: Because of its confidence in its Certified Approval Letter, AmeriSave is promises to pay the borrower $1,500 if the loan doesn't close. Some restrictions apply.

 

Beyond those specific offers, when you’ve identified a home that you want to purchase, the mortgage process at AmeriSave is similar to most other mortgage lenders. After making an offer that includes the down payment amount, loan amount, deposit and other terms or conditions, the written agreement will be signed by both you and the seller. At that point, you'll make your deposit in a process that's known as "opening escrow." After an underwriter verifies all mortgage and risk information, your loan will be funded and the money will be disbursed.

How AmeriSave Stacks Up

With both conventional and government-back loan options, AmeriSave has a diverse offering of mortgage programs. AmeriSave does offer cash-out refinancing, which can be a good option for homeowners looking to fund a home renovation or meet other financial needs. 

As both an online and brick-and-mortar lender, AmeriSave makes it relatively easy to obtain a rate quote, get pre-qualified and apply for a mortgage. AmeriSave offers three types of government-backed mortgages, from FHA loans to VA and USDA mortgages, making it a suitable lender for first-time buyers and lower-income buyers. 

Tips for Managing Your Mortgage

  • Buying a home is one of the most significant financial decisions a person can make. A financial advisor can help you determine how much home you can afford and help you save for a down payment. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • When running the numbers on a potential home purchase, don't forget to factor in closing costs. These extra expenses typically range from 2% to 5% of the home value. SmartAsset's Closing Cost Calculator can help you estimate how much your closing costs may be.
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