AmeriSave Mortgage Corporation Review 2024

AmeriSave Mortgage Corporation overview

AmeriSave Mortgage Corporation, an online mortgage lender, has funded more than $130 billion in home loans since its inception more than 20 years ago. It maintains its corporate headquarters in Atlanta and established a Third Party Origination (TPO) division to provide funding for mortgages to community banks, credit unions and mortgage brokers and bankers in 2010. It was in the top 10 of FHA loan originators in 2023, so the lender is experienced with catering to FHA borrowers, who often have lower credit scores and income.

Pros and cons of AmeriSave Mortgage Corporation

How Bankrate scored AmeriSave Mortgage Corporation

• Affordability: AmeriSave Mortgage charges flat fees, which could save you money at closing. The lender’s rates aren’t listed on its website, however, so you might have a harder time initially comparing its offer to others. To get a rate quote, you’ll have to complete a detailed form.
• Availability: This lender is available to borrowers in all states except New York and in Puerto Rico.
• Borrower experience: While AmeriSave’s platform lends some convenience to the transaction, the lender doesn’t rate highly among customers overall. 

Affordability: 6.8/10

Unlike other lenders who charge an origination fee of 1 percent of the loan principal, AmeriSave Mortgage charges a flat $500 application fee and a $295 underwriting fee. It doesn’t display mortgage rates for specific loans on its website; you’ll need to fill out a form with your name and phone number and wait for a loan officer to contact you to receive a quote. A quote won’t show up as a hard inquiry on your credit report, but submitting a loan application will. Based on the APR Bankrate has received, AmeriSave’s rates are higher than the Bankrate average APR, impacting its affordability score. Check out current mortgage rates to compare rates between lenders.

Availability: 10/10

AmeriSave Mortgage is available to borrowers in every state besides New York, but some of its credit minimums — for FHA and VA loans, specifically — are higher compared to those of other lenders, which might mean you won’t qualify. The lender offers a variety of loan types, including FHA, VA and USDA mortgages and home equity lines of credit (HELOCs).

Borrower experience: 7.9/10

AmeriSave Mortgage has an A+ rating from the Better Business Bureau and a 4.4 out of 5 stars (“Excellent”) from Trustpilot. However, it ranked below average in J.D. Power’s 2023 mortgage lender ratings, and it doesn’t offer up rate quotes unless you provide contact information. The lender’s online “Knowledge Center” includes FAQs, videos and other educational resources, and as you learn more about your options, you can take advantage of its calculators, including a rent versus buy tool and an affordability measure. The lender doesn’t have an app at this time. For questions, you can call 888-700-4026 Monday through Friday, 8 a.m. to 5 p.m. ET.

How to apply for a mortgage with AmeriSave Mortgage

You can apply for a mortgage with AmeriSave Mortgage online or by phone at 800-777-9609. After you’ve received a quote and been in contact with a loan officer, you’ll need to upload documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

Learn more: How to get a mortgage.

Refinancing with AmeriSave Mortgage

AmeriSave Mortgage offers both rate-and-term and cash-out refinancing options. Depending on your goals and your current mortgage, you could lower your interest rate, shorten your term to pay off your loan faster and/or turn your home equity into cash.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.