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AmeriSave Review for 2024


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AmeriSave offers competitive mortgage rates for home purchase and refinance loans. Find out if AmeriSave is the right lender for you.

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Founded in 2002, AmeriSave Mortgage Corporation is a direct lender that has funded over $55 billion in purchase and refinance loans.

The company aims to make the loan process simple and hassle-free with transparent pricing and a user-friendly online application.

AmeriSave has a full range of affordable mortgage solutions and a good reputation among its customers. In 2019, the company offered lower mortgage rates compared to its competitors, and it also had fewer complaints with the Consumer Financial Protection Bureau (CFPB).

Whether you’re looking to purchase a home, get a lower mortgage rate, or cash out your home equity, AmeriSave may be worth a look.

AmeriSave mortgage rates 

In 2019, AmeriSave’s average 30-year mortgage rates were lower than some major lenders.

Along with better rates, the lender’s average loan origination fees (in 2019) were also slightly lower than those charged by major competitors.

Of course, rates and fees vary by customer. But a lender with competitive mortgage rates on average is a good place to start your search.

Average 30-year mortgage rates at major lenders

Quicken Loans
Wells Fargo
Average 30-Year Interest Rate, e2019
3.97% 4.16% 4.22% 4.22%
Monthly P&I Payment*
$951 $973 $980 $980
Average Origination Fee, 20191
$3,345 $2,805 $1,199 $1,279
Average Loan Costs, 20191
$5,538 $5,075 $3,484 $3,440


When buying a home, it’s important to compare rates and fees with multiple lenders to ensure you receive the best deal. 

Rate quotes are free. Ideally, you should request quotes from at least three lenders before making a decision.

A low mortgage rate not only decreases your monthly payment, but also has a big impact on your total cost over the life of the loan.

Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA).

*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each lender’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.


AmeriSave review for 2021

AmeriSave Mortgage strives to offer its customers lower rates and fees, and to be as transparent as possible with its pricing.

Before starting the loan process you can visit the lender’s website and click the “Get Rates” link to receive up-to-date rate information. 

Keep in mind that rate samples are based on 15-year and 30-year fixed-rate mortgages, and assume a 740 credit score and 20% down payment.

Your own rate will likely be higher or lower than advertised depending on the strength of your mortgage application. The higher your credit score and down payment, the lower your rate will typically be.

AmeriSave also has a variety of mortgage products.

These include government-backed loans (FHA, VA, and USDA) as well as low-down-payment solutions. You can choose the type of rate — fixed or adjustable — and loan term that work for you.

But unfortunately, if you’re looking for a home equity loan or a home equity line of credit, this lender doesn’t offer them.

In addition, AmeriSave won’t be able to help if you need a construction loan or you’re purchasing a manufactured home.

For other more mainstream mortgages, this lender is likely worth a look.

One downside to note is that AmeriSave charges a $500 application fee. But if you stick with the company through to closing, that $500 will be credited back to help cover your closing costs.

Working with AmeriSave 

Although headquartered in Atlanta, GA, AmeriSave is licensed in 49 states and D.C. Unfortunately, it isn’t licensed in New York. 

You can search rates, choose your loan product, and submit an application all online, then close at a time and location that’s convenient for you.

For a home purchase or refinance, start by getting prequalified through AmeriSave’s website.

You’ll need to provide basic personal and financial information, such as details about your income and assets. 

Next, you’ll review available mortgage rates. If you decide to proceed, you’ll submit an online application and authorize a credit check. 

AmeriSave also has an online portal where you can safely upload paperwork like your recent paycheck stubs, W2s, tax returns, bank account statements, and other documents requested by your loan officer. 

After underwriting, the lender will schedule a closing date. Depending on your location, there’s the option to e-sign loan documents or schedule an in-person closing.

AmeriSave customer service reviews 

Overall, AmeriSave receives mostly positive reviews from its customers.

The lender originated more than 68,000 mortgages in 2019, yet only received 52 complaints with the Consumer Financial Protection Bureau (CFPB). That’s less than one complaint per 1000 mortgages. 

Mortgage Originations 2019
CFPB Complaints
Complaints per 1,000 Mortgages
2020 JD Power Rating
68,909 52 0.75 Not Rated
Wells Fargo 
1,026,800 342 0.33 840/1,000
Quicken Loans
774,900 187 0.24 883/1,000
527,600 188 0.36 860/1,000


Out of more than 3,500 customer reviews, AmeriSave also has a rating of 4.1 on Trustpilot.

Most customers praised the company for its transparency, excellent customer service, and low rates. Many were impressed by the speed of closing, too, with some customers closing within 14 to 25 days. 

As far as complaints, a small percentage of customers experienced poor communication and slow response times.

Mortgage loan products at AmeriSave 

Even though AmeriSave doesn’t have home equity solutions, manufactured home loans, or construction loans, it does offer all the standard mortgage options you’d expect. These include:

  • Conventional loans — You can apply for a conventional home loan with as little as 3% down, and may get approved with a credit score as low as 620
  • Jumbo loans — Jumbo loans are for high-priced real estate, allowing loan amounts above local conforming loan limits. In most areas of the U.S., loan limits are currently capped at $548,250
  • FHA loans — These low-down-payment government loans are insured by the Federal Housing Administration. FHA loans require a minimum down payment of 3.5% and allow credit scores as low as 580
  • VA loans — If you are an active-duty military member, veteran, Reservist, National Guard member, or an eligible spouse, you might qualify for a VA loan. You could get approved with no down payment, no mortgage insurance, and a minimum credit score between 580 and 640, depending on the loan amount
  • USDA loan — Use a home loan insured by the U.S. Department of Agriculture to purchase a home in an eligible rural area. USDA loans require no down payment, but you’ll need a minimum credit score of 640 (preferred)
  • Refinance — AmeriSave offers mortgage refinancing whether you’re looking to lower your mortgage rate, adjust your mortgage term, or tap your home equity using a cash-out refinance
  • Fixed-rate and adjustable-rate mortgages — Choose a fixed-rate mortgage with a term of 10, 15, 20, 25, or 30 years; or a 5/1, 7/1 or 10/1 adjustable-rate mortgage

Most borrowers stick with a traditional, 30-year fixed-rate mortgage to enjoy the lowest possible payment.

But AmeriSave lets you opt for a shorter term, between 10 and 25 years, if you want to pay off your house sooner. Just keep in mind that mortgage payments will be higher with a shorter loan term.

AmeriSave could be a good option for refinancing, too.

Refinancing replaces an existing mortgage with a new loan. You can use this option to lower your mortgage rate and monthly payment, modify your loan term, or borrow from your home equity via a cash-out refinance.

Where can I get a loan with AmeriSave? 

AmeriSave has physical branches in the following states: AL, AZ, FL, GA, HI, KS, KY, LA, MD, MI, MN, MO, NC, NV, TN, TX.

In addition, AmeriSave is a licensed online direct lender in all states (except New York) and Washington D.C.

Amerisave FAQ

Does AmeriSave service its own loans? 

Yes, AmeriSave provides servicing on most of the loans it originates. It may retain the loan until you pay off or sell the house.

What’s the minimum credit score for a mortgage with AmeriSave? 

The minimum credit score with AmeriSave Mortgage varies depending on the loan program. Typically, you’ll need a minimum credit score of 620 for a conventional loan, 580 for a VA or FHA loan, and 640 for a USDA loan.

Are AmeriSave interest rates good? 

AmeriSave generally offers low, competitive interest rates. In 2019, the lender’s average 30-year rates were lower than its major competitors. But mortgage rates vary by person. If you have a lower credit score or small down payment, your rate could be higher than average.

Does AmeriSave offer cash-out refinancing? 

Yes, AmeriSave offers cash-out refinancing on conventional, FHA, and VA loans. You can borrow against your home’s equity — usually up to 80% — and use the money for various purposes such as debt consolidation, home improvements, or anything else.

Does AmeriSave have an application fee? 

You’ll pay a nonrefundable application fee of $500, which AmeriSave applies to your closing costs.

Is AmeriSave the best mortgage lender for you? 

AmeriSave offers various home loan solutions for first-time buyers, repeat buyers, and refinancing homeowners.

This includes mortgages for borrowers with lower credit scores and lower down payments.

Plus, AmeriSave mortgage rates are often quite competitive, so there’s a chance you could get a good deal on your home loan.

Unfortunately, AmeriSave isn’t licensed in New York and doesn’t offer popular products like home equity loans and home equity lines of credit.

If you’re interested in AmeriSave, request a rate quote to see what it can offer you. But check with a few other lenders, too — you won’t know which one can offer you the best deal until you’ve seen personalized estimates.

  • Get Rates and Pre-Qualified in 3 Minutes
  • No SSN Needed for Pre-Qualification
  • No Hard Credit Pull for Pre-Qualification
  • LOW Rates, 24×7 online customer portal access