Taking out a mortgage to buy or refinance a home may be one of the biggest financial transactions you’ll make. When you’re looking for a company to help you with this transaction, you want to choose a trustworthy company that you know you can depend on.
One company you may want to consider using is AmeriSave Mortgage. In this Amerisave Mortgage review, you’ll learn about AmeriSave and its mortgage offerings so you can make an informed decision about whether the company is a good fit for your mortgage needs.
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- Get a customized rate quote in 3 minutes with no impact to your credit score
- Over 105 Billion in funded home loans
- More than 400,000 homes financed
- An overview of AmeriSave Mortgage
- Which loan products does AmeriSave Mortgage offer?
- Fixed-rate mortgages at AmeriSave Mortgage
- Adjustable-rate mortgages at AmeriSave Mortgage
- FHA mortgages at AmeriSave Mortgage
- VA mortgage at AmeriSave Mortgage
- Refinances at AmeriSave Mortgage
- What AmeriSave Mortgage customers are saying
- FAQs about AmeriSave Mortgage
- The final word on AmeriSave Mortgage
An overview of AmeriSave Mortgage
AmeriSave Mortgage Corporation is an online mortgage company that was founded in 2002. Over that time, the company has become licensed in every state except New York and has funded over 390,000 home loans worth over $103 billion. It’s based in Atlanta, Georgia.
The company focuses on using technology, transparent pricing, customer service, and an easy application process to differentiate itself from its competitors. It is a direct lender with in-house underwriting and loan processing. AmeriSave Mortgage obtains customers by calling potential borrowers or through people who request mortgage quotes through the company.
Which loan products does AmeriSave Mortgage offer?
AmeriSave offers a variety of mortgage products. When buying a home, AmeriSave may offer the following mortgage programs:
If you’re looking to refinance your home, AmeriSave has a variety of loan options for you too. Depending on the amount of equity in your home, you may qualify for a cash-out refinance. With a cash-out refinance, you replace your current mortgage with a new one with a higher balance than what you owe. You receive the difference in cash.
Alternatively, AmeriSave also offers rate and term refinancing where you can change the rate or length of your mortgage. Keep in mind that with any refinance, you will need to pay closing costs and you should always make yourself aware of any potential fees.
Fixed-rate mortgages at AmeriSave Mortgage
A fixed-rate mortgage loan has the same interest rate for the life of the loan. While 30-year fixed-rate mortgages are common, AmeriSave also offers 10-, 15-, 20-, and 25-year terms.
Fixed-rate mortgages may be a good fit for people who plan to stay in their homes for the long term. It’s also a good fit for people who like consistency and want a set home mortgage payment (with the exception of any escrow changes that may happen). Your monthly payment typically covers principal, interest, homeowner’s insurance, and taxes. The combined principal and interest portion will stay the same for as long as you have your mortgage.
AmeriSave does not list eligibility requirements for this type of mortgage.
Adjustable-rate mortgages at AmeriSave Mortgage
Adjustable-rate mortgages (ARMs) offer an initial, fixed period where the interest rate doesn’t change, followed by a period where mortgage rates may adjust regularly based on the loan’s terms.
AmeriSave offers 5/1, 7/1, and 10/1 year ARMs. The first number refers to how long the initial, fixed-rate period will last. The second number refers to how often the rate can adjust. A 5/1 ARM has a fixed interest rate for the first five years, and then the interest rate can adjust annually.
AmeriSave’s conventional loans come with a 2/2/5 cap, which means:
- The initial rate change won’t be more than 2% up or down.
- The most the rate will change during any adjustment is 2% up or down.
- The most an interest rate can increase above the initial rate is 5%.
While AmeriSave doesn’t list eligibility requirements, these loans may be a good fit for people who don’t plan to live in their homes very long. ARM interest rates are usually lower than a comparable fixed-rate mortgage during the initial period.
FHA mortgages at AmeriSave Mortgage
FHA mortgages allow you to make a down payment as low as 3.5%. You must have a credit score of at least 600 to qualify for this loan type with Amerisave Mortgage. The minimum increases to 640 if the loan amount exceeds $700,000.
These loans also may allow a higher debt-to-income ratio and lower interest rates than other types of loans. Unfortunately, they may have higher costs in other areas. For example, FHA loans have both an upfront mortgage insurance premium and an ongoing mortgage insurance premium that can last for the life of the mortgage. FHA loans can be fixed-rate or adjustable-rate.
These loans may be a good fit for first-time homebuyers or those buying a home in an expensive area of the country where coming up with a 10% or 20% down payment seems unreasonable. Other than the credit score requirements, the property must be a primary residence, fall under 115% of your area’s median home price, and meet a HUD-approved appraisal.
VA mortgage at AmeriSave Mortgage
Department of Veterans Affairs (VA) backed mortgages are available to qualifying service members and offer no down payment, no monthly private mortgage insurance, and flexible credit requirements to potential borrowers. VA loans can have a fixed or adjustable interest rate.
You must have a certificate of eligibility, a credit score of at least 600 to 640, depending on the loan amount and loan type, and adequate income. AmeriSave offers VA purchase loans, and several types of VA refinance mortgages, including:
- Cash-out refinances
- Interest Rate Reduction Refinance Loans (IRRRL)
- Energy efficiency mortgages
If you’re a qualifying veteran or spouse, these loan programs may be able to help you save money versus a conventional mortgage. You should compare all mortgage options before making a final decision, though.
Refinances at AmeriSave Mortgage
AmeriSave offers refinance mortgages as both rate and term refinancing, in which the interest rate and/or term of your mortgage changes, and cash-out refinancing, in which you get cash by removing some of your home’s equity.
Rate and term refinance mortgages may be a good fit if you want to shorten or extend the duration of your mortgage. Check AmeriSave Mortgage refinance rates to see if you can secure a lower rate. If your credit score has increased since you last took out a mortgage, you may also qualify for a lower rate.
Cash-out refinance mortgages may be a good fit if you need access to cash for home improvements, to consolidate credit card debt, or for any other reason, and are willing to put your home up as collateral in exchange.
AmeriSave may offer refinancing through Fannie Mae, USDA, FHA, and VA loan options. The eligibility requirements vary depending on your situation and the loan program.
What AmeriSave Mortgage customers are saying
According to Amerisave, 94% of customers say they would recommend them to their friends or family.
You shouldn’t blindly trust a company providing their own data or a single experience, though. Here are a few other sources to help you understand what AmeriSave customers are saying.
- AmeriSave has a 4.67 out of 5-star rating on Zillow with over 2,100 reviews.
- LendingTree’s data shows AmeriSave has a 4.7 out of 5-star rating with a 96% recommended rating.
- AmeriSave received a 4.2 out of 5-star rating on Facebook with over 600 reviews.
- Trustpilot has over 10,000 reviews of AmeriSave with a 4.3 out of 5-star average rating.
- AmeriSave is rated an A+ with a 4.13 out of 5-star rating, according to the Better Business Bureau.
- Consumer Affairs rates Amerisave 4.5 out of 5 stars based on almost 900 ratings.
FAQs about AmeriSave Mortgage
What credit score do you need for AmeriSave Mortgage?
The credit score you need to take out a mortgage at AmeriSave Mortgage depends on several factors. These can include:
- Loan program you’re using
- Home being purchased
- Your financial situation
- Other situation-dependent issues
For example, an FHA mortgage requires a minimum score of 600.
How does AmeriSave determine your interest rate?
AmeriSave does not publicly disclose exactly how they determine your interest rate. However, most mortgage companies use several factors to decide what interest rate to offer you, including:
- Current interest rate environment
- Loan program
- Loan term
- Your credit score
- Your financial situation
- Your home’s location
- Amount of the mortgage and price of the house
- Down payment amount
How do you apply for an AmeriSave mortgage?
You can apply for a mortgage with AmeriSave mortgage online through their website or over the phone by calling its loan originators at 866-514-7283.
The final word on AmeriSave Mortgage
AmeriSave Mortgage has a variety of mortgages for buying or refinancing a home. One of the most important steps in how to get a loan is getting multiple quotes. Consider contacting AmeriSave Mortgage along with other lenders on our list of the best mortgage lenders. Compare quotes to decide whether an AmeriSave mortgage may work for you.
Disclosure: The author has refinanced with AmeriSave Mortgage.