Review
Updated
Fact Checked
Nathan Alderman
AmeriSave Mortgage Corporation is a competitive national mortgage lender with a reputation for great customer service, as backed by online reviews. In this review, we'll tell you what you need to know to decide if this is the right mortgage lender to provide your next home loan.
2024 Award Winner
AmeriSave Mortgage Corporation
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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AmeriSave operates in 49 states and allows you to chat online with a mortgage professional. It offers all government-backed mortgages and a low down payment conventional mortgage, giving borrowers many opportunities to become homeowners with little or no money down. There's no origination fee for a conventional loan here, making Amerisave a lender to get to know when you're shopping for a home loan.
Min. Credit Score 600 FHA 620 other mortgage products
- 600 - 620
Min. Down Payment 0% USDA loans and VA loans 3.5% FHA 3% conventional loans
- 0% - 3.5%
Key Features
- Streamlined online process
- "Meet or Beat" guarantee
- No origination fee for conventional loans
Loan Types
- Conventional
- FHA
- VA
- USDA
Fixed Rate Terms
- 10y, 15y, 20y, 25y, 30y
Adjustable Rate Terms
- 5/6, 7/6, 10/6
Top Mortgage Lenders
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
| Lender | Min. Down Payment | Credit Score | Next Steps |
|---|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Full AmeriSave Mortgage Corporation review
This lender is a good fit for: People doing preliminary research online who aren't ready to talk to loan officers yet, borrowers who want the comfort of a "Meet and Beat" guarantee, and borrowers who want a fast closing.
Pros
- "Meet and Beat" guarantee
- No origination fee for conventional loans
- HELOC option
- Multiple low down payment mortgage options
Cons
- Custom rate check requires personal info
- Not available nationwide
Top perks
Certified Approval Letter
When you're ready to go forward, AmeriSave offers a Certified Approval Letter. This mortgage pre-approval tells sellers that AmeriSave has underwritten, approved, and certified your income and credit soundness. In other words, it's a way to show sellers that you're financially ready to buy. AmeriSave will confirm all details prior to final loan approval.
"Meet or Beat" guarantee
AmeriSave is currently offering its "Meet or Beat" guarantee. If you find a competitor with a lower mortgage loan offer from the same date you received an AmeriSave price quote, AmeriSave will either match that offer or pay you $1,000 after the loan closing.
Easy access to educational information
The first step in the mortgage process is often to learn more about how the process works. The AmeriSave Mortgage Corporation website provides a lot of useful information at a glance. For example, the adjustable-rate mortgage page offers a short explainer on rate caps. Other pages offer clear details about the minimum credit score and other loan program requirements.
Lots of loan options, including low and no down payment mortgages
Most borrowers will find the right loan type to meet their needs here. AmeriSave Mortgage Corporation offers a full menu of loan products, including the most popular government-backed mortgages (FHA loans, VA loans, and USDA loans). AmeriSave Mortgage Corporation also offers low down payment conventional loan options, but you won't be able to access the details without first providing personal information and getting prequalified.
HELOC option
AmeriSave offers a home equity line of credit as an alternative to a cash-out refinance for borrowers who need cash and want to borrow against their home equity. This is particularly useful if you have a low rate on your mortgage and you don't want to lose it by refinancing to a new loan.
Digital mortgage process
AmeriSave Mortgage Corporation's application is available online and works great on mobile. You can connect your bank account, upload your bank statement or other financial documents, sign certain documents electronically, and track your loan online. Once your application is fully underwritten, you will receive a mortgage loan pre-approval. Loan closing will be in person, scheduled at a time and place that is convenient for you.
LEARN MORE: How to Refinance Your Mortgage
What could be improved
Rate check requires personal info
To see AmeriSave's rates, you have to provide personal information. That means you're all but guaranteed to get some phone calls and mailers from the sales department.
Not nationwide (yet)
AmeriSave Mortgage Corporation does not yet make loans in all 50 states.
How to qualify
To process your application, AmeriSave Mortgage Corporation will need to know about your down payment, credit score, and debt-to-income (DTI) ratio.
The minimum credit score required for a conventional loan at AmeriSave Mortgage Corporation is 620. For an FHA or VA loan, it's 600. For a USDA loan, the minimum is 640.
Your DTI should be no higher than 45%. However, AmeriSave Mortgage Corporation also offers loan programs that are known to allow a DTI of 50% and higher, especially for borrowers who are strong in other areas of their application.
How are AmeriSave's refinance rates?
AmeriSave's refinance rates are on par with the national average. Refinance rates are the only rates we were able to easily access on AmeriSave's website. You can get cash-out refinance rates from a loan officer if you're willing to give up personal information and allow a soft pull on your credit. It won't affect your score, but it'll get you on the marketing list until you ask to be removed.
READ MORE: Today's Mortgage Refinance Rates
How are AmeriSave's rates compared to the national average?
You have to provide personal information to access AmeriSave's mortgage rates, and the lowest rates will cost you mortgage discount points. Discount points are prepaid interest that could save you money if you own the home long enough. In exchange for a fee, the lender permanently lowers the interest rate on your loan.
AmeriSave's current advertised rates assume that you'll buy more than three discount points. Generally, lenders charge between one and three points for the lowest rate, so this is an important detail to compare. A point typically costs 1% of the loan amount. So if you borrow $300,000 and you need to pay three mortgage points to get AmeriSave's lowest interest rate, you would need to pay $9,000 (and have excellent credit).
AmeriSave is an industry leader with competitive prices, but you'll want to compare offers carefully to understand what the best deal will cost you. Sometimes high fees erase the value of a lower interest rate. Be sure you compare the APR and interest rate when you shop for a mortgage.
READ MORE: Today's Mortgage Rates
AmeriSave Mortgage Corporation is right for you if:
You prefer a digital financial experience. If you want an online mortgage application process, AmeriSave Mortgage Corporation is a great pick. Its technology is among the most advanced we've seen.
You can afford to pay more up front for long-term cost savings. AmeriSave Mortgage Corporation is a great choice if you know you'll be in your home long enough to recuperate the upfront cost of mortgage points through a rock-bottom mortgage interest rate.
FAQs
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AmeriSave's rates trend higher than the national average.
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Yes. AmeriSave can meet most borrowers' needs. It is highly rated in customer reviews and the lender's technology makes it easy to get a quote and apply.
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Yes, but since AmeriSave doesn't offer a rate lock for refinance loans, you might want to find out its processing time before you pay the application fee and take your chances with the rate.
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You'll need a 620 credit score unless you're applying for an FHA loan or VA loan, which both allow a lower credit score. A USDA loan doesn't have an official credit score requirement, although borrowers with higher scores are more likely to get a better interest rate. For a conventional loan, your debt-to-income ratio should be no higher than 45%. Other types of loans may allow a higher DTI.
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AmeriSave offers many popular mortgage loans, including:
- Conventional
- Fixed-rate mortgage
- Adjustable-rate mortgage
- Refinance mortgage
- Cash-out refinance
- HELOC
- FHA
- VA
- USDA
- Jumbo
Ready for mortgage pre-approval?
Getting pre-approved for a mortgage loan is an important step in the home buying process. Our experts recommend mortgage pre-approval before you begin looking at houses or deciding on a real estate agent.
Our Mortgages Experts
Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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