Amerisave Mortgage: A Comprehensive Review Of Their Services

AmeriSave Mortgage Corporation is one of the largest privately owned online mortgage lenders in the United States. It offers quick approvals and low rates on refinancing, home purchase loans, and home equity loans. It is available to borrowers in every state except for New York, and has funded more than $130 billion in home loans since its inception over 20 years ago. AmeriSave offers a range of mortgage products, including conventional, FHA, VA, and USDA loans, as well as specialty loans such as interest-only loans and loans for self-employed borrowers. The company has received positive reviews for its customer service, convenience, and low rates, but some have criticised its high fees and lack of transparency around costs.

Amerisave Mortgage's application process

AmeriSave Mortgage Corporation is an online mortgage lender that has funded over $130 billion in home loans since its inception over 20 years ago. It is a legitimate lender licensed to do business in most states except New York.

The AmeriSave mortgage application process begins with a "Ready Buyer" preapproval process, which helps you move quickly when you find the right home. You can access rate quotes and get preapproved online, and once you take out your loan, you can manage repayment through an online portal. The preapproval process involves a soft pull on your credit, and you can lock in your rate without a hard credit pull.

After preapproval, you can proceed to submit your application online or by phone. You will need to submit all the required documents in a timely manner, and you will receive disclosures within about seven days, including completion of the appraisal.

AmeriSave provides quick approvals and low rates on refinancing, home purchase loans, and home equity loans. It is a good choice for homebuyers looking for an online lender that doesn't charge any origination fees, and it offers a rate-buydown program to lower buyers' interest rates in their first year.

Overall, the AmeriSave mortgage application process is reported to be quick and easy, with friendly and helpful customer service.

Amerisave's mortgage rates and fees

AmeriSave Mortgage Corporation is an online mortgage lender that has funded over $130 billion in home loans since its inception over 20 years ago. It is available to borrowers in every state except New York and Washington, D.C.

AmeriSave offers low mortgage rates and quick approvals on refinancing, home purchase loans, and home equity loans. It is one of the top 25 mortgage originators in the U.S. and is a popular FHA lender with quicker-than-average closing times. The company offers a range of mortgage types, including conventional, FHA, VA, and USDA loans, as well as options to refinance existing mortgages.

AmeriSave's "Lock and Drop" program offers a 1% discount off the mortgage rate quoted in the preapproval letter, which can save borrowers a substantial amount of money in the first year of their mortgage. The company also offers a "Ready Buyer" preapproval process to help borrowers move quickly when they find the right home.

While AmeriSave does not publish its mortgage rates online, it charges a flat $500 application fee and a $295 underwriting fee. According to federal data, its origination fees are on the high side compared to other lenders. The average total cost of taking out a mortgage with AmeriSave was $11,690 in 2023, according to the Federal Financial Institutions Examination Council (FFIEC).

Reviews of AmeriSave's mortgage rates and fees are mixed. Some customers report that the process is easy and convenient, with helpful mortgage bankers who work to get them the best rates. Others note that the underwriting process needs improvement, with some loans falling through or requiring a restart of the application process. AmeriSave has a NerdWallet home loans rating of 3.5 stars and a Bankrate borrower experience rating of 3.8 out of 5 stars.

Amerisave's customer service

AmeriSave Mortgage Corporation is an online-only, non-bank mortgage lender based in Atlanta, Georgia. It offers a range of mortgage and refinance products, including conventional fixed-rate and adjustable-rate, FHA, FHA Streamline, HARP, USDA, VA, and Jumbo. It also provides home equity loans and lines of credit, as well as cash-out refinancing options.

However, others have criticised AmeriSave for its lack of transparency around rates and costs. The company does not publish its mortgage rates online, and prospective borrowers must provide their contact information or connect with a loan officer to receive a personalised quote. This can make it challenging to compare options and determine costs upfront. Additionally, AmeriSave has been known to charge relatively high fees, including a non-refundable $500 upfront fee.

Overall, AmeriSave ranks high in customer satisfaction, with positive reviews highlighting the company's friendly, knowledgeable, and communicative staff. The company has an A+ rating from the Better Business Bureau and scored 3.8 out of 5 stars for borrower experience in a Bankrate review. However, it received a slightly lower score of 3.5 stars in a NerdWallet review, possibly due to the higher fees associated with its services.

Amerisave's mortgage options

AmeriSave Mortgage Corporation is one of the largest privately owned online mortgage lenders in the United States. It offers a range of mortgage options to suit the needs of most borrowers.

AmeriSave provides all the standard mortgage products, including conventional, FHA, and VA loans. It also offers USDA, jumbo, and HELOC mortgages. In addition, AmeriSave caters to those seeking government-backed loans, such as FHA, VA, and USDA loans. The company offers both fixed and adjustable-rate mortgages, as well as cash-out refinancing and home equity loans.

For those looking to buy their first home, AmeriSave offers a Ready Buyer preapproval process, allowing borrowers to move quickly when they find the right property. The company also provides a Lock and Drop program, offering a 1% discount on the mortgage rate for the first year. This can result in significant savings on monthly mortgage payments.

AmeriSave also has a range of specialty loans, including interest-only loans, loans for self-employed borrowers, ITIN loans, and loans for manufactured homes. The company's Realty Rewards rebate program offers cash back based on the sale price of the home if a partner real estate agent is used.

With a focus on convenience and speed, AmeriSave allows borrowers to shop, apply, and lock in their rates online in minutes. The company has received positive reviews for its customer service and low rates, although some have noted that its fees are higher than those of competitors.

Amerisave's reputation and reviews

AmeriSave Mortgage Corporation has received mostly positive reviews and has a solid reputation as a mortgage lender. It is one of the largest privately owned online mortgage lenders in the country. It offers quick approvals, low rates, and a user-friendly application process.

AmeriSave has an A+ rating from the Better Business Bureau and ranked high in J.D. Power's 2024 Mortgage Origination Satisfaction Study. It was also one of the top 25 mortgage originators in the U.S. in 2023. The company has received positive feedback from borrowers, who have praised its friendly and knowledgeable staff, as well as its quick and easy processes.

However, some reviews highlight drawbacks, including the lack of transparency around rates and fees. AmeriSave does not publish its mortgage rates online, and prospective borrowers must provide their contact information to receive a personalised quote. Additionally, while AmeriSave does not charge an origination fee, its average fees are on the high end compared to other lenders.

AmeriSave offers a range of mortgage options, including conventional, FHA, VA, USDA, and jumbo loans. It also provides home equity loans and refinancing options. The company caters to a range of credit scores and down payment options, making it a good choice for those with bad credit.

Overall, AmeriSave is a reputable and customer-focused mortgage lender, particularly suited to those seeking a user-friendly, online lending process and those with lower credit scores.

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