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AmeriSave mortgage review

Great customer reviews and a rate-match guarantee make this lender stand out.

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.

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Our take on AmeriSave

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 seems to appeal to many homebuyers who’ve given the lender high ratings in customer reviews. 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.

Special guarantees

AmeriSave has two special offers to take advantage of if you decide to apply:

  • The lender promises to save you at least $1,000 over its competitors, or it will pay you $100. The savings may come from reduced closing costs or lower loan payments, as detailed in a competitor’s loan estimate.
  • If AmeriSave mortgage rates and total closing costs don’t match the rate costs from another lender, it’ll pay you $500.


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

Pros and cons

Key benefits and drawbacks to consider include:


  • Great customer reviews
  • Matches its competitors rates and closing costs
  • 50% of customers closed in 25 days, on average
  • Three-minute prequalification online


  • Nonrefundable application fee
  • No branch locations

AmeriSave’s requirements are standard

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.


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

Costs are unclear

AmeriSave doesn’t 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.

Mortgage options are standard

You won’t find any specialty loans or home equity options with AmeriSave, but it does offer major loan types, such as conventional and jumbo options, as well as government-backed loans from FHA, VA and USDA. Additional options include the following:

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

AmeriSave reviews are positive

As of September 2021, AmeriSave has a 4.3-star rating from 8,969 customer reviews on Trustpilot. It was recently accredited with the Better Business Bureau (BBB) and holds an A+ rating after having closed 1,750 complaints over the last three years. The lender also averages 4.03 stars out of 5 from 2,253 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. But the BBB has flagged a pattern of complaints from AmeriSave customers on the following issues:

  • The website wasn’t clear about when a hard credit inquiry would be pulled during the application process.
  • Amerisave doesn’t always honor its quoted rates on mortgage refinancing.
  • Once customers pay the nonrefundable $500 application fee, Amerisave isn’t as responsive to customer questions.

How to apply for a mortgage with AmeriSave

This lender is regularly praised for its simple online application process, but it does require a hard credit pull, and asks for your permission. To apply:

  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.

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 228,000 homes and funded over $47 billion in loans.
  • AmeriSave recently expanded. In 2019, AmeriSave acquired 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

With all that AmeriSave offers, there are several gaping holes in its product list. For example, the lender only allows you to tap your home’s equity with a full refinance. If you’d prefer to open a credit line or home equity loan, find a lender that offers home equity products — such as the lenders on our Best HELOC lenders and Best home equity loan lenders guides.

AmeriSave’s mortgage product offerings are pretty basic as well. And if you don’t qualify for the loans on its list or need to find something better suited to your needs, consider a lender like New American Funding. It 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. Start with the list below to 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 it’s willing to offer.

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