AmeriSave mortgage review March 2021 |
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AmeriSave mortgage review

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This lender matches competitor’s rates and closing costs but has a steep nonrefundable application fee

AmeriSave is an online mortgage lender offering a variety of home loan options. Its loans may be best if your documentation and sources of income are simple and straightforward. But if you have a complicated situation, you may want to look elsewhere or you’ll be out the $500 application fee.


Loan products offeredConventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit scoreConventional: 620
FHA: 600
Minimum down payment3%
State availabilityNot available in: NY
NMLS #1168

AmeriSave requirements

AmeriSave recommends going through the preapproval process to get started. Your preapproval is valid for 45 days and can help you close on your loan faster. To qualify for a conventional loan, AmeriSave generally requires a debt-to-income (DTI) ratio of 45% or lower. While some lenders accept credit scores as low as 580, AmeriSave requires a minimum credit score of 600 for FHA, VA and USDA loans and 620 for conventional mortgages.


You need to submit 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

Costs and fees

AmeriSave does not disclose all its fees online. Closing costs typically run between 3% to 6% of the loan amount. Speak with a loan originator to find out what fees are associated with your loan.

A few standard fees may include:

  • Origination. AmeriSave has conventional mortgage options with no loan origination fee. However, some government mortgage loans come with mandatory charges.
  • Underwriting. During the underwriting process, lenders may charge you to verify information on your loan application. For example, one fee may be for a credit report.
  • Application. Many customers reported a $500 application fee on the Better Business Bureau (BBB).
  • Rate lock. Lenders charge a rate lock fee so borrowers can lock an interest rate for a set time.
  • Third-party fees. The borrower is usually responsible for third-party fees, such as a title search fee and the appraisal charge.

How to apply for a mortgage with AmeriSave

When you’re ready to apply, you can use the online application process to apply for a loan on a contracted property or to prequalify for a loan in a specific area.

  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 credit check.
  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.

What types of mortgages can I get through AmeriSave?

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

Other mortgage products offered by AmeriSave

Aside from its major loan types, AmeriSave also offers refinance options.

  • 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.
  • Additional fixed-rate options. In addition to the more standard 15- and 30-year fixed rate conventional loans, AmeriSave offers 10-, 20- and 25-year mortgage options.

How Amerisave’s mortgage products compare to other lenders

This lender provides all the standard mortgage products you’d expect, but none of the home equity loan products banks usually offer.

AmeriSave has two offers to support their claim to save you money on closing costs and get you the lowest possible interest rate. The lender promises to save you at least $1,000 on your closing costs or loan payment, or the two combined — or it will pay you $100.

AmeriSave also promises to match the rate and total closing costs from another lender, or it’ll pay you $500.

Compare mortgage lenders

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Name Product Loan products offered State availability Min. credit score
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Not available in: AK, HI, MO, NH, NM, NY, SD, WV
No hidden fees, multiple loan terms, and member discounts available.
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Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.

Compare up to 4 providers

Ready to compare lenders?
View mortgage, refinance and home equity rates from multiple lenders and apply online.

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AmeriSave reviews and complaints

As of October 2020, AmeriSave has a 4.2-star rating from 3,031 customer reviews on Trustpilot. It’s not accredited with the Better Business Bureau (BBB) but holds an A+ rating after having closed 449 complaints over the last three years. The lender also has a 4-star customer rating from 643 reviews.

Customers who have home loans with AmeriSave praise its competitive rates and fast closing process.

Most complaints are from homeowners who were charged an application fee, paid for an appraisal and ultimately canceled their loan application with AmeriSave. Many people were upset that by withdrawing their loan application, they lost their nonrefundable application fee.

Pros and cons of AmeriSave


  • View rates with minimal personal information. You can get a rate quote and get prequalified in three minutes by filling out an online application. You don’t need to include your Social Security number and AmeriSave won’t put a hard inquiry on your credit.
  • Competitive rates. AmeriSave offers competitive rates and terms on its loans. If you find a better deal within three calendar days, it’ll match it or pay you $500.
  • Customer service. Many customer reviews stated that their loan officer and underwriting assistant were responsive, informative and patient.


  • Nonrefundable application fee. AmeriSave charges a $500 loan application fee that is refunded when you close your loan, but you’ll lose it if you cancel your application or if you’re denied.
  • No HELOC or home equity loans. If you’re looking to stay with the same lender once you’ve built equity, you’re out of luck with AmeriSave.
  • No branch locations. With no brick-and-mortar locations, look elsewhere if you prefer in-person assistance.

What is AmeriSave?

AmeriSave has been in business since 2002. It operates in 49 states, including Washington, DC. Having financed over 228,000 homes, it has over $52 billion in loans.

In 2019, AmeriSave expanded its originations business by acquiring TMS, a national fintech and mortgage company. This acquisition boosted AmeriSave’s origination volume by $1.5 billion.

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

Frequently asked questions

Expert review

Heather Petty

Review by

Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

AmeriSave offers a full suite of mortgage products and an intuitive online application. But it’s best for homebuyers who are confident they’ll close with the company because the $500 application fee is only refunded if you close.

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