Review of AmeriSave

Established in 2002, AmeriSave is a key player in the US mortgage finance and refinancing industry with headquarters in Atlanta, Georgia. Utilizing technology, they provide online mortgage management services that are centered around low interest rates.

The company has funded over $55 billion worth of home loans and has been applauded for its excellent customer service; 94% of customers surveyed said they would recommend this company to others.

In an effort to expand their operations, AmeriSave announced plans in July 2020 to open administrative offices in multiple cities including Miami, Louisville, and Denver while adding 2k more employees nationwide by year’s end. They offer traditional mortgage loans as well as those specific to veterans of the US military.

Types Of Loans Offered By Amerisave

As at August 2020, AmeriSave offers the following six main types of mortgages to the general public:

1. Fixed Rate — The interest rate on a fixed-rate mortgage remains constant throughout the life of the loan.
2. Adjustable Rate — Interest rates on adjustable-rate mortgages (ARMs) fluctuate based on changes in markets.
3. FHA — Federal Housing Authority (FHA) mortgages help people with bad credit or who cannot afford large down payments.
4. VA Loans — Department of Veterans Affairs (VA) guaranteed home loans are available to qualified veterans and active duty military members
5. USDA Loans — U.S. Department of Agriculture-backed USDA Rural Development loans promote homeownership in select rural areas.
6. Cash-out Refinance — Homeowners can tap into their equity through cash-out refinancing for purposes such as debt consolidation, home improvements or college tuition fees among others.

It’s important to note that these construction loans or manufactured housing mortgages are not provided by AmeriSave. Furthermore “second mortgage” products like home equity loans and lines of credit (HELOCs) are also unavailable through them; instead most new or first-time home loans are refinances which make up the bulk of AmeriSave’s business.

Rates And Fees

Current mortgage rates are advertised on AmeriSave’s website, ranging from 2.459% for a 15-year fixed to 2.512% for a 30-year fixed. Monthly payment estimates can be calculated using the calculators on their site, but you’ll need to input personal and financial information in order to get them. Jumbo loans between $500k and $2m are available, however it’s hard to find information about jumbo interest rates online.

AmeriSave does not list any fees on its website. However closing costs typically add up to about five percent of the loan amount so customers should ask about all costs associated with their mortgage or refinance such as origination fees, underwriting fees, application fees, third party fees etc.

AmeriSave promises its customers that if they find a better mortgage offer from another lender within three days after locking in an interest rate with Amerisave then either Amerisave will match or beat that offer or give back $100 cash at closing. Additionally it also guarantees savings of at least $1k compared to other client estimates towards loan payments alone, closing costs alone or both combined.

Mortgage Process & Requirements

AmeriSave’s process is web-based and consists of five main steps:

1. Preapproval: Customers are given a preapproval for a specific loan amount.
2. Selecting A Home: Clients choose a property and submit the completed offer to Amerisave.
3. Appraisal: Amerisave initiates an appraisal process aimed at confirming if the property’s value is in line with what was paid for it.
4. Underwriting: Supporting documents are uploaded by clients through Amerisave’s website which enables them lock-in interest rates.
5. Closing: The final stage involves reviewing and paying off any/all closing costs associated with new mortgage.

Borrowers need to have financial statements, asset and debt lists, government-issued identification, and personal information when applying for a mortgage or refinance with AmeriSave.

Requirements and Considerations for Borrowers

To qualify for a mortgage or refinance through AmeriSave, applicants must meet certain criteria including completing a suggested 45-day preapproval process. Debt-to-income ratios should not exceed 45%, while credit scores as low as 580 are accepted by many AmeriSave loans; benefits are often negotiable for applicants with strong assets, income, and credit history.

Pros and Cons of AmeriSave

Pros:

• Straightforward online application and preapproval process.
• AmeriSave promises to beat competitors’ offers by $100 or more.
• Competitively priced versus other lenders on mortgage rates.

Cons:

• Limited product selection; no branch locations or home equity lines of credit.
• Some customers have reported a nonrefundable $500 application fee.
• Lack of direct communication.

Customer Feedback and Conclusion

AmeriSave has received several accolades such as a 4.8-star rating on Zillow and a customer satisfaction award from Lending Tree; although the company claims that many of its customers would recommend it, there are few detailed customer testimonials available on its website.

In summary, AmeriSave offers an easy online experience for consumers who want to refinance their mortgages. It may not have as many offerings as larger lenders or traditional banks do — but still serves as a good option for those seeking mortgage refinancing. Customers should be aware of what products are available (and any associated costs) during the application process.

Ethan Johnson

Editor-in-Chief • Industry Trends Writer

Ethan analyzes market shifts and predicts future developments in different industries to keep his audience well informed and ready.