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AmeriSave mortgage review

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Minimum credit score
Conventional: 620
FHA: 600
VA: 600
USDA: 600
Minimum down payment (Conventional)
State availability
Not available in: NY

Our verdict

Great customer reviews and a Certified Closing Promise make this lender stand out.

AmeriSave is a competitive lender, offering a standard suite of mortgage products and an intuitive online application. Its track record of quick closings and its fully online process has won the lender high ratings in customer reviews. If you prequalify, AmeriSave will lock your rate for up to 90 days while you shop around for a house — many mortgage companies only lock your rate for 30 to 60 days.

AmeriSave's Certified Closing Promise offers $1,500 to preapproved applicants who make an offer on a home but can't close on a loan. To help you close on a home, AmeriSave issues a Certified Approval Letter that tells home sellers that your income and credit meet its eligibility standards.

Ask AmeriSave about any restrictions on the Certified Closing Promise, as some may apply.


  • Great customer reviews
  • Lock in a rate for up to 90 days while you shop around
  • 65% of customers closed in 30 days, on average
  • Three-minute prequalification online with no impact to credit


  • Limited branch locations

In this guide

  • Our verdict
  • Details
  • Frequently asked questions
  • Your reviews


Loan products offeredConventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit scoreConventional: 620
FHA: 600
VA: 600
USDA: 600
Minimum down payment (Conventional)3%
State availabilityNot available in: NY
NMLS #1168

AmeriSave’s requirements are standard

AmeriSave’s eligibility criteria are similar to what most mortgage providers require:

  • Maximum debt-to-income ratio (DTI) of 45% to qualify for a conventional loan
  • Minimum personal credit score of 600 for FHA, VA and USDA loans
  • Minimum personal credit score of 620 to qualify for conventional mortgages

Consider another lender if you don’t meet the credit score or DTI cutoffs — some providers accept credit scores as low as 580.


Submit the following documentation to share your income and asset information.

  • Name and contact information
  • Social Security number
  • Government-issued ID, such as a driver’s license
  • List of assets, such as bank statements and investment records
  • List of debts, such as credit card bills and student loans
  • Last two years of W-2 statements
  • Latest two paycheck stubs

Contact AmeriSave to learn about costs and fees

Like many mortgage providers, AmeriSave doesn’t disclose all its fees online. But typical closing costs run between 3% to 6% of the loan amount. Usually, a lender discloses closing fees during the application process.
You may also need to cover these costs when you take out a mortgage with AmeriSave:

  • Government-backed loan fees. Some government mortgage loans come with mandatory fees, such as the VA funding fee or the FHA mortgage insurance premium. This is not unique to AmeriSave, but it’s a cost you should be prepared to cover if you apply for any government-backed mortgage.
  • Third-party fees. Borrowers are usually responsible for third-party fees, such as a title search fee and the appraisal charge. This is also standard for any mortgage provider.

Some lenders charge a rate lock fee so borrowers can lock an interest rate for a set time, but AmeriSave doesn’t. It offers a 90-day, certified Lock & Shop interest rate without a fee, so you can hold onto your low interest rate while you search for a home.

What types of mortgages can I get through AmeriSave?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage options are standard

AmeriSave offers many home lending products, such as home equity lines of credit (HELOC), and government-backed loans from FHA, VA and USDA. Additional options include the following:

  • HELOC. This borrowing method allows you to borrow against your home’s equity, similar to a credit card. You can borrow as needed, and HELOCs typically come with lower interest rates than other lines of credit since the loan is secured by your home.
  • Cash-out refinance. A cash-out refinance lets you borrow money against the equity you have in your home by getting a new, refinanced mortgage loan. You must have more than 20% equity in your home to be eligible for a cash-out refinance.
  • Rate-and-term refinance. If you don’t want to cash out, you can refinance to take advantage of lower interest rates or change your loan’s terms.
  • Custom loan term options. In addition to the more standard 15- and 30-year conventional loans, AmeriSave offers 10-, 20- and 25-year fixed-rate terms and 5-, 7- and 10-year adjustable-rate terms.

AmeriSave reviews are positive

As of August 2022, AmeriSave has a 4.3-star rating from 10,258 customer reviews on Trustpilot. It is accredited by the Better Business Bureau (BBB) and holds an A+ rating after having closed 2,208 complaints over the last three years. The lender also averages 4.09 stars out of 5 from 3,065 customer reviews.
Customer reviews name individual loan officers for good customer service. And those who have home loans with AmeriSave praise its competitive rates and fast closing process.

How to apply for a mortgage with AmeriSave

Customers regularly praised AmeriSave for its simple online application process. And it only runs a hard credit pull if you move beyond the prequalification process to complete your application. Follow these steps to get started on the application:

  1. Choose Apply Now on the website and indicate whether you’re purchasing or refinancing a home.
  2. Enter your current address and information about the home you want to purchase.
  3. Verify your identity through your mobile number.
  4. Agree to a soft credit check — this doesn’t affect your credit score.
  5. Enter the required information on your financial situation, and choose whether to accept the company’s disclosure statements.
  6. Review the information and submit your application.

AmeriSave contacts you for the documentation it needs to complete underwriting. The lender uses paperless asset verification through AccountChek to verify your assets. But you’ll need to supply bank statements and a verification of deposit, which your bank completes.
AmeriSave schedules your closing date once the underwriting is complete, which includes finding a convenient location to sign loan documents.

AmeriSave fast facts

We’ve gathered some information about this bank that you might want to know.

  • AmeriSave Mortgage Corporation has been in business since 2002. And in that time, the lender has financed over 390,000 homes and funded over $103 billion in loans.
  • AmeriSave recently expanded. In 2019, AmeriSave acquired The Money Source (TMS), a national fintech and mortgage company that boosted AmeriSave’s origination volume by $1.5 billion.
  • New Yorkers should find another lender. AmeriSave operates in 49 states and Washington DC but isn’t licensed to originate loans in New York.

AmeriSave historical data by loan type

Here’s a breakdown of AmeriSave’s reported mortgage purchase and refinance originations last year.

Loan typeApplications deniedLoans originated$ Amount originated loans

Source: 2019 nationwide data from the Home Mortgage Disclosure Act

Alternatives to AmeriSave

AmeriSave can be a good option if you want a standard mortgage — but no lender is the best choice for everyone.
Borrowers who can’t prequalify with AmeriSave or need a specialty loan may also want to consider a lender like New American Funding. This provider offers a full suite of specialty loans covering everything from self-employed borrowers to those who need to borrow extra to renovate the home they’re buying.
Comparing lenders is the best way to make sure you get the best possible mortgage available to you and help you get personalized mortgage rates. Select See rates to provide the company with basic property and financial details and see what kind of interest rate you might qualify for.

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