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AmeriSave is an online mortgage lender that wins positive customer reviews for its simple and fast application process. Plus, you can lock your rate for up to 90 days.
Conventional: 620
FHA: 600
VA: 600
USDA: 600
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: NY
State availability
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.
Key benefits and drawbacks to consider include:
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 600 VA: 600 USDA: 600 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: NY |
NMLS # | 1168 |
AmeriSave’s eligibility criteria are similar to what most mortgage providers require:
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.
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:
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.
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:
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.
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:
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.
We’ve gathered some information about this bank that you might want to know.
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
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.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
AmeriSave has a prequalification process that allows you to enter your information for a personalized mortgage offer without a hard credit pull. But once you fully apply for a loan, the lender runs a hard credit check that could affect your FICO score.
You can email your questions to customercare@amerisave.com or call 1-888-700-4026 on Monday through Friday from 8:00 a.m. to 5:00 p.m. EST.
The lender advertises that it takes six days on average from loan approval to funding for its mortgages. But a typical loan closing can take 30 to 60 days.