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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 offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 600 |
Minimum down payment | 3% |
State availability | Not available in: NY |
NMLS # | 1168 |
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.
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:
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.
Aside from its major loan types, AmeriSave also offers refinance options.
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.
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.
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.
Here’s a breakdown of AmeriSave’s reported mortgage purchase and refinance originations last year.
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 |
Source: 2019 nationwide data from the Home Mortgage Disclosure Act
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.
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.