2024 AmeriSave Mortgage Review: What Homebuyers Need to Know
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
500
0% to 3.5%
Conventional, FHA, VA, USDA, jumbo, HELOCs and home equity loans
See how we reached our verdict below.
- A wide variety of purchase and refinance mortgage products
- No origination fees
- Robust digital platform and online support for customers
- Limited rate and fee information on the lender’s website
- No brick-and-mortar locations
AmeriSave mortgage overview
AmeriSave Mortgage Corporation was founded in 2002 and is headquartered in Atlanta.
- Areas of service: 49 states (New York excluded) and the District of Columbia
- Digital service: Online-only lender
- Headquarters: 3525 Piedmont Road NE, 8 Piedmont Center, Suite 600, Atlanta, GA 30305
- Website: AmeriSave.com
AmeriSave rates, terms and fees
Rates
AmeriSave publishes some mortgage rates online, but they’re buried in the fine print and aren’t available for all products.
Compared to other large national banks, AmeriSave’s rates are reasonably competitive, and on average came in around 0.40 percentage points above the average prime offer rate (APOR) in 2023. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market.
AmeriSave showed an 18% increase in rate spread Rate spread is the difference between the APOR and the average annual percentage rate (APR) AmeriSave offered to mortgage customers in a given year. The higher the rate spread number, the more expensive the loan. from 2022 to 2023.
Fees
The average total cost of taking out a mortgage with AmeriSave was $11,690 in 2023, according to data from the Federal Financial Institutions Examination Council (FFIEC). That includes originiation fees, application and appraisal fees, and other closing costs.
When it comes to fees, AmeriSave notes that it doesn’t charge an origination fee, but doesn’t share the typical closing costs that it does charge. You’ll have to wait until you get preapproved to see some of those estimated costs listed out, but that isn’t uncommon.
Also keep in mind that when lenders advertise that they don’t charge a certain fee, you’re not necessarily saving a ton — they’re often folding that cost into other parts of the loan.
What discounts does AmeriSave offer?
AmeriSave’s “Lock and Drop” program offers a 1% discount off the mortgage rate quoted in your preapproval letter. The discount will last for the first year of your mortgage, and could save you hundreds of dollars on your monthly mortgage payments.
What types of mortgage loans does AmeriSave offer?
AmeriSave mortgage offers a variety of home loans including:
- Conventional loans
- Federal Housing Administration (FHA) loans
- U.S. Department of Veterans Affairs (VA) loans
- The U.S. Department of Agriculture (USDA) loans
- Jumbo loans
- Home equity loans
Conventional loans
AmeriSave offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinances and cash-out refinances.
Conventional loan qualification requirements
- 620 minimum credit score
- 3% down payment for first-time homebuyers or 5% for repeat buyers
FHA loans
AmeriSave offers loans backed by the Federal Housing Administration (FHA) including purchase, refinance and cash-out refinance loans.
FHA loan qualification requirements
- 500 minimum credit score for Federal Housing Administration (FHA) loans
- 3.5% minimum down payment
VA loans
AmeriSave underwrites VA loans, which are purchase mortgages guaranteed by the U.S. Department of Veterans Affairs (VA). They also offer refinance loans, including VA cash-out refinances and interest rate reduction refinance loans (IRRRLs).
VA loan qualification requirements
- No down payment required for borrowers with full VA loan entitlement
- No private mortgage insurance (PMI) required
- 500 minimum credit score
USDA loans
For borrowers in rural areas, AmeriSave carries loans backed by the The U.S. Department of Agriculture (USDA).
USDA loan qualification requirements
- 0% down payment and flexible credit score requirements
- The house must be in a designated rural area. Check if your location qualifies using the U.S. Department of Agriculture (USDA) eligibility map
- USDA loan requirements include an income cap that ensures these loan go to low- and moderate-income borrowers only
Jumbo loans
AmeriSave’s jumbo loans come in both 15- and 30-year fixed-rate terms, as well as five-, seven- and 10-year ARM terms.
Jumbo loan qualification requirements
- Loan amounts up to $1.5 million when you put at least 20% down
- 700 credit score minimum
Home equity loans and lines of credit
AmeriSave offers home equity lines of credit (HELOCs) with a 10-year draw period, and a 10-year or 20-year repayment period. Home equity loans with 20-year and 30-year repayment terms are also available.
Home equity qualification requirements
- 80% loan-to-value (LTV) ratio maximum
AmeriSave mortgage qualifications
| Credit score minimum | 500 |
|
DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 45%FHA: 43%VA: 41%USDA: 41% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
AmeriSave doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2023, we can say that AmeriSave approved customers who on average had a 72% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio below 40%.
In that same year, AmeriSave denied about 20% of its mortgage applications. That’s near the middle of the pack compared to other large, high-volume lenders. For comparison, many large lenders have denial rates in the low teens up through the mid-thirties.
How to apply for an AmeriSave mortgage
1. Choose your loan type
Navigate to AmeriSave.com and click on the green “Buy a Home,” “Take Cash Out” or “Home Refinance” button.
2. Get prequalified
This will allow you to give some preliminary information so that you can see the mortgage rates you’ll likely qualify for.
3. Submit a loan application
Your application will get you preapproved, rather than just prequalified. Preapproval from AmeriSave is “certified,” which means you can lock in your rate without a hard credit pull.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with AmeriSave?
Yes, it’s safe to get preapproved or prequalified with AmeriSave. Although in many cases preapproval involves a hard pull on your credit, with AmeriSave it’s just a soft pull. In either case, it’s a necessary step and any effects on your score are temporary.
It’s best to get preapproved before you start shopping for homes because many sellers won’t take your offer seriously until you do. Plus, your real estate agent might not be willing to show you homes if you don’t have a preapproval letter.
AmeriSave’s customer service experience
You can contact AmeriSave Monday to Friday, 8:00 a.m. to 5:00 p.m. ET. You can also chat live with a customer service representative through the website.
- Email: [email protected]
- Phone: 888-700-4026
If you’re already a customer and have questions about your loan, you can also reach out to AmeriSave about your loan at:
- Email: [email protected]
- Phone: 866-865-3400, option 4
How does AmeriSave compare to other lenders?
 |  |  |
|
|---|---|---|---|
| LendingTree's rating | |||
| Minimum credit score | 500 | 620 to 650 | Not published |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 5% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.40% | 0.53% | 2.06% |
| Loan products and programs |
|
|
|
| Better for | Prospective homebuyers with a credit score under 620. | Borrowers looking for a more traditional banking experience and don’t need to apply online. | Borrowers who want to make a low down payment, but aren’t shopping for an FHA or VA loan. |
AmeriSave vs. PenFed Credit Union
While both AmeriSave and PenFed offer all of the standard mortgage loan products — conventional, FHA and VA loans — they come with very different sensibilities. AmeriSave is an online-only lender that specializes in digital mortgages. PenFed, on the other hand, operates 50 branches across the country and on military bases. That’s because it caters to employees of the federal government, though you aren’t required to be one to open an account or take out a loan.
AmeriSave’s minimum credit score requirement is notably lower than PenFed’s, so it may be a better choice for those who need a home loan for bad credit.
→ Read more in our full PenFed mortgage review.
AmeriSave vs. Alliant
Alliant offers conventional, jumbo and HELOC mortgages but, unlike AmeriSave, it doesn’t underwrite any government-backed mortgages, including FHA and VA loans.
However, if you’re searching for an affordable conventional loan and want to make a low down payment, Alliant offers more flexibility than AmeriSave. You can put 0% to 5% down on a home loan with Alliant and still avoid private mortgage insurance (PMI), which isn’t possible at AmeriSave.
→ Read more in our full Alliant mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated AmeriSave Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
AmeriSave’s scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
AmeriSave allows you to access rate quotes and get a mortgage preapproval online. And, once you take out your loan, you can manage repayment through an online portal.
AmeriSave is a legitimate mortgage lender that has been in business for more than 20 years and is licensed to do business in most states and the District of Columbia. You can view more info about AmeriSave’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Taking out a mortgage loan will affect your credit but, in most cases, your score is likely to drop by around 20 points. And, even if your score does go down by more than 20 points, it should rebound fully within a year.
AmeriSave has a 4.5 (out of 5) rating on TrustPilot, which is based on more than 13,000 customer reviews. That rating puts it into the “Excellent” category, which indicates that, on the whole, AmeriSave customers who left reviews are happy with the service they received.
Of the customers who left critical reviews, one common theme was frustration with timing and delays. However, this is a common issue for many mortgage borrowers across-the-board, regardless of their chosen lender. AmeriSave mortgage loans are funded within six days of approval, according to the company.