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AmeriSave mortgage review

Last updated:’s rating: 3.5 / 5.0


It’ll match competitor’s rates and closing costs, but the application fee is steep if you pull out of the loan.

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 types Conventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit 620
Other minimum credits Conventional: 620
FHA: 600
VA: 600
USDA: 600
Minimum down payment 3%
Other fees AmeriSave charges $500 for applying as part of the origination fee.
Available States Not available in: NY


  • View rates with minimal personal information
  • Competitive rates
  • Customer service


  • Nonrefundable application fee
  • No HELOC or home equity loans
  • No branch locations
AmeriSave doesn’t have any customer reviews on Trustpilot. It’s not accredited with the Better Business Bureau (BBB), but holds an A- rating. Customers who have home loans with AmeriSave praise it for 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.

What types of loans does AmeriSave offer?

  • Conventional loan. AmeriSave has fixed- and adjustable-rate mortgages. Down payments can be as low as 3% for first time home buyers. For down payments 20% or higher, you won’t need private mortgage insurance (PMI). Conventional mortgages have a minimum credit score requirement of 620.
  • FHA loan. The federal government guarantees FHA loans. They allow higher debt-to-income ratios and come with down payments as low as 3.5%. Most FHA loans need a minimum credit score of 580.
  • VA loan. The U.S. Department of Veterans Affairs backs VA loans for qualifying veterans, military personnel and their families. In most cases, no down payment is needed. VA loans need a minimum credit score of 580. Some purchases may require a funding fee from 1.25% to 2.40%.
  • USDA loan. USDA mortgages are also known as Rural Development loans. This program is intended for low- to moderate-income households in an eligible rural area. You can be approved with a credit score as low as 600, but 640 and above is preferred.
  • Jumbo loan. Jumbo loans are for mortgages that are higher than the standard loan limits. In 2019, the standard — or conforming — loan maximum is $484,850 for most areas.

Other loans 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 home loan. You must have more than 20% equity in your home to be eligible for a cash-out refinance.

AmeriSave fees

AmeriSave does not disclose all of 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 loan options with no loan origination fee. However, some government 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 BBB.
  • Rate lock. Lenders charge a rate lock fee so borrowers can lock an interest rate for a period of time.
  • Third-party fees. The borrower is usually responsible for third-party fees, such as a title search fee and the appraisal charge.

AmeriSave claims to beat any mortgage offer or pay you $100

AmeriSave promises that it can save you at least $1,000 on your closing costs or loan payment, or a combination of the two. Provide a competitor’s loan estimate and AmeriSave will either reduce its rate and fees to meet the offer, or pay you $100.

AmeriSave rate match guarantee

AmeriSave promises to match the rate and total closing costs by another lender, or it’ll pay you $500. First, get prequalified and lock in a rate online. Then, you have three calendar days to shop around with different lenders. If you find a better deal, let AmeriSave know. It’ll match the rate or give you $500.


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. Some loans accept credit scores as low as 580.


You’ll 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 2 years of W-2 statements
  • Most recent 2 paycheck stubs

How to get a home loan with AmeriSave

  1. Get preapproved. Your preapproval letter will let you know how much you qualify to borrow.
  2. Find a home. As soon as you find your home and make an offer, update your preapproval information with the property address.
  3. Appraisal. Once AmeriSave has the property address, it initiates an appraisal.
  4. Underwriting. AmeriSave’s loan originator and processor helps you upload supporting documents and locks in your interest rate.
  5. Closing. You’ll get your closing disclosure and find out the closing costs on your home loan. Finally, you’ll sign the loan paperwork on closing day.

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. They took the time to explain each step.


  • Nonrefundable application fee. AmeriSave charges a $500 loan application fee. If refunds your 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.

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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.

Historical mortgage data for Amerisave

All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.

Loan type Applications denied Loans originated $ Amount (originated loans)
Conventional 7,880 16,145 $3,862,975,000
FHA 2,911 2,190 $487,910,000
VA 1,716 2,059 $559,055,000
USDA 39 52 $8,900,000

Frequently asked questions

Expert review

Kelly Larson

Review by

Kelly Larson is a writer and editor at finder, where he currently spearheads the effort to make office sloths a thing. Prior to that all-important role, he led editorial newsrooms in the creation of award-winning content as a managing editor in the digital space.

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 since the $500 application fee is only refunded if you close.

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