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AmeriSave Mortgages is a solid mortgage lender that has good customer reviews and low average rates. But its offerings are fairly basic, which might be a drawback if you're looking for a lender that has additional features like unique loan options or down payment assistance.
620
3%
Conforming, FHA, VA, USDA, HELOC
- Low average fees
- Offers a rate buydown and a HELOC
- Has very good reviews on both Zillow and Trustpilot
- Live online chat
- Relatively high average fees
- Few additional features beyond its main mortgage offerings
- Ranks low on J.D. Power's annual origination study
AmeriSave Mortgage Corporation Mortgages is a solid choice for conforming, FHA, VA, and USDA mortgage borrowers who are looking for a fast closing process. But its offerings are fairly basic, which might be a drawback if you're looking for a lender that has additional features like unique loan options or down payment assistance.
- Available in all states except New York
- Minimum credit score and down payment displayed are for conforming mortgages. The 3% down option is only available to first-time homebuyers; others must put down at least 5%.
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AmeriSave Mortgage Corporation Mortgages
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Understanding AmeriSave Mortgage
Nationwide Lending
AmeriSave is an online lender that originates loans in 49 states and Washington, D.C. The only state it doesn't lend in is New York.
Loan Options
AmeriSave offers the following types of mortgages:
AmeriSave Mortgage Interest Rates and Fees
Based on our review of Home Mortgage Disclosure Act data, AmeriSave's mortgage rates are a bit lower than average.
In 2022, borrowers getting a conventional mortgage with this lender paid an average of $5,753 in origination fees, according to HMDA data. This is relatively high compared to other mortgage lenders.
AmeriSave Mortgage Overall Lender Rating
Loan Types: 3.5 out of 5
AmeriSave offers conforming and government-backed loans, plus HELOCs and a rate buydown option. But it doesn't have any specialty or niche loan products.
Affordability: 3.5 out of 5
AmeriSave has relatively low average rates, but high average origination fees. It also doesn't have any other features that help make it more affordable, like down payment assistance.
Customer Satisfaction: 3.73 out of 5
In J.D. Power's 2023 customer satisfaction study, AmeriSave ranked below the industry average. However, the lender has very good online customer reviews. On its Zillow lender profile, AmeriSave has a 4.68 out of 5-star rating based on over 2,000 customer reviews. On Trustpilot, it has a 4.5 out of 5-star rating based on over 12,000 customer reviews.
Trustworthiness: 5 out of 5
AmeriSave has an A+ rating from the Better Business Bureau. BBB ratings are based on a company's response to customer complaints, honesty in advertising, and transparency about its business practices.
AmeriSave Mortgage Pros and Cons
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Many Positive Online Customer Reviews
AmeriSave didn't score very high on J.D. Power's 2023 study, which measures borrower satisfaction, but in reviews, previous borrowers generally say they had a good experience with this lender.
Limited Loan Offerings
AmeriSave's mortgage options should meet most borrowers' needs, since it offers all of the most popular types of mortgages. But if you're looking for something less common (like a construction loan, for example), you'll need to work with a different mortgage lender.
What Borrowers Are Saying About AmeriSave Mortgage
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about AmeriSave's mortgage process.
Smooth Process With Helpful Loan Officers
Previous borrowers overall said they had positive experiences with this lender, noting that the mortgage pros they worked with were friendly, knowledgeable, and communicative.
A Few Complaints About a Non-Refundable Fee
We saw a handful of complaints about AmeriSave requiring an upfront $500 fee that isn't refundable if you ultimately don't move forward with the lender.
Compare AmeriSave Mortgage to Other Lenders
AmeriSave Mortgage vs. New American Funding
New American Funding is a good choice for borrowers who want a lot of options, since it offers a variety of different mortgage types. Its special mortgage offering, the I CAN mortgage, lets you choose any mortgage term between 8 and 30 years.
However, AmeriSave offers lower average rates.
AmeriSave Mortgage vs. Bank of America
Bank of America is a very affordable lender, and it's one of the best mortgage lenders overall. Bank of America has low average rates and fees and multiple programs geared toward lower-income borrowers, including generous down payment grants.
Bank of America doesn't have USDA loans, while AmeriSave does.
Bank of America Mortgage Review
AmeriSave Mortgage FAQs
You'll need a 620 score to get a conventional loan from AmeriSave, a 600 score for an FHA or VA loan, and a 640 score for a USDA loan.
Yes, AmeriSave is a legitimate mortgage lending company that was founded in 2002.
Many borrowers like AmeriSave and find it to be a good mortgage lender, giving it high ratings in online customer reviews.
AmeriSave's mortgage rates are on the low end compared to other mortgage lenders, according to our review of HMDA data.
AmeriSave appears to offer good customer service overall, based on the customer reviews we looked at.
You might like AmeriSave better than a traditional bank if you prefer a completely online process and aren't interested in having local, in-person support. But if there's a bank near you that you like that offers mortgage services, you might also want to get preapproved with them to compare rates and customer service.
Why You Should Trust Us: How We Reviewed AmeriSave Mortgage
For our review of AmeriSave Mortgage Corporation, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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