Looking for AmeriSave Mortgage review? we got you! There are so many excellent Mortgage companies to choose from, and more often than not, we end up choosing the one that’s probably not the best suited for us or the one that everyone else is going for.
But it is essential to understand that everyone’s loan amount, credit score, and requirements are different, and so you should choose the one that fits your needs like a glove.
To help in this challenging situation, we have broken down all the important key factors that differentiate AmeriSave from the rest.
Make sure to read till the end if you before you make this crucial financial decision.
|Guide||AmeriSave Mortgage Reviews|
|Features||Easy online process, variety of options and more|
|Minimum credit score||580 or above|
|Repayment term||10-30 years|
|Downpayment cost||0% to $3.5%|
What Is AmeriSave Mortgage?
Founded in 2002, AmeriSave Mortgage was one of the first to offer a digital mortgage service.
It started with the aim to make the mortgage process easy and convenient for the customers, and over the years, it has catered to more than 390,000 homes in 49 states and Washington DC.
AmeriSave is highly praised among customers because of its transparent pricing, straightforward application process, and ease of use, among many other things.
Let’s have a look at all the essential details of AmeriSave Mortgage if you want to buy a home, cash your home equity or get mortgage loans at low rates.
Features And Service
- Easy Application Process – Using AmeriSave and its application process is a no-brainer. In order to access the application, you will have to answer a few financial and other personal questions; then, you will have to enter a verification code sent to you. Once you do that, you will be able to track your application, upload and e-sign documents, etc.
- Prequalification – If you are planning to borrow a mortgage loan from AmeriSave, then you can simply go to their website, fill in some details, and know in advance whether you are even eligible for it without needing any strict credit inquiry.
- Online reputation – When we went through the customer reviews online, we saw that most of them were positive, which is a relief for those who are skeptical about using AmeriSave.
Pros And Cons
- Effortless online application process.
- Prequalification check.
- Lower interest rates.
- Variety of loans and mortgage options.
- Does not offer home equity lines of credit, construction loan and home equity loans.
- Charges $500 application fees.
Types of Loans Offered
AmeriSave offers all traditional loan options such as:
- FHA Loans – These low payment government loans require a downpayment of 3.5% and a credit score of 850.
- USDA Loans – These are insured by the U.S. Department of Agriculture if you want to buy a house in a rural area. USDA loan requires a credit score of 640 with zero down payment.
- Conventional Loans – These require a downpayment of 3% and a credit score of 620.
- VA Loans – Depending on the loan amount, you can get a VA loan with no mortgage, zero downpayments, credit score lying between 580-640 if you are a veteran, Reservist, active military member, National Guard member, or their spouse.
- Jumbo Loans – These are offered for expensive real-estate properties with loan limits capped at $647,200.
- Fixed-rate and adjustable-rate mortgages – You can choose to pay a fixed mortgage rate with terms ranging from 10-30 years.
- Refinance – If you want to lower your mortgage rate or refinance it, or want to adjust your mortgage term, you can choose to do so with AmeriSave.
Minimum Credit Score
- 850 for FHA Loans
- 640 for USDA Loans
- 620 for Conventional Loans
- 580-640 for VA Loans
- 3.5% for FHA loans
- 0% for USDA loans
- 3% for Conventional loans
- 0% for VA Loans
AmeriSave has not disclosed its closing costs and origination fees and charges $500 non-refundable application fees.
However, they promise to keep the pricing structure fair and transparent once the loan application process begins.
Mortgage Rate and Time Period
The mortgage rate varies from person to person according to their loan amount and credit score.
Also, their fixed-rate home loan can be repaid within a period of 10-30 years.
How To Apply?
AmeriSave offers digital mortgage loans, so you can easily get a loan without even leaving your house.
To do so, you can follow the below-mentioned steps:
- Go to AmeriSave’s official website and click on a home purchase or home loan options.
- Fill out your address and other details.
- Then fill out the application form and keep information such as your income proof, email address, social security number, and other things handy.
- Once you fill in the information, you will be able to move ahead with the loan application.
You can either go to AmeriSave’s website and click on the chat tab to get in touch with the customer service team, or you can call them on 866.514.7283 between 8 am to 5 pm Est, from Monday to Friday.
In order to have a first-hand experience, we called AmeriSave’s support team and were greeted by their support executive.
We wanted to enquire about the FHA loan, and so they filled us in with all the information, such as how much downpayment we will have to pay.
They also helped us figure out the best possible loan-repayment time and answered all our queries patiently.
We definitely recommend you have a word with them once if you are not too sure about the repayment time and amount or need any other clarity regarding it.
What Differentitates it?
We do not see anything extraordinary that makes it stand out, but yes, the interest rates are low and competitive as compared to other similar options.
Also, the customer support is great and answers all your questions with patience.
Although America does not offer equity home loans, construction loans, and equity lines of credit, but if you are looking for other classic loan options at affordable rates, then there is no harm in looking at them.
Better – With an easy online process, downpayment cost of 3%, and minimum credit score of 620 or above, you can choose better as a great alternative to AmeriSave. However, know that it does not offer VA, USDA, construction, and a few other loans. If you want to know about Better in detail, then make sure to read our detailed expert review on it.
Read Better Review
PenFed – PenFed is a financial institution offering not only just mortgage loan options but also other services, including student loan options, credit cards, construction and renovation finance options, and more. If you are looking for an all-in-one option, then PenFed is for you.
Nationwide Home Loans – This one is our personal favorite mortgage platform offering a variety of loans with customized and flexible loan options.
For most loan options, it requires a credit score of 580 or more, but you can always talk things out with them, and they strive to offer the best solution to their customers.
AmeriSave is an excellent digital mortgage platform having all the basic services and offers that one might be looking for.
You can consider it for your VA, FHA, jumbo, and other loan options for a competitive price.
And if you want mortgage options for construction loans, home equity loans, etc., then you must look for something else.
We hope you found this AmeriSave Mortgage review informative.
Where does AmeriSave Operates?
Although it is a fully digital mortgage lender, AmeriSave has offices at six locations in the United States.
Is AmeriSave Legit?
AmeriSave has been accredited by BBB and has also been given a B rating by them, and it also has a rating of 4.2 out of 5 on Trustpilot. So yes, AmeriSave is legit and safe too.
Does AmeriSave charge any fees?
Yes, it charges $500 non-refundable application fee.