In this article we have covered amerisave mortgage reviews, AmeriSave offers a number of loan products, but a soft credit inquiry is required before you can see customized rates. And its origination fees are on the high side. Good for: borrowers seeking government loans, which are known for offering credit flexibility and low- or no-down-payment benefits.
Table of Contents
Pros & Cons
Pros
- A good variety of loan types and products.
- A mobile-friendly application process.
Cons
- An average loan origination fee that’s higher than the national median.
- Doesn’t offer home equity loans, home equity lines of credit or home improvement loans.
Compare to Other Lenders
AmeriSave Mortgage at a glance
A majority of AmeriSave‘s business is dedicated to refinancing, and while there are some online conveniences, such as document upload and e-signature, most of the loan process is handled by phone.
Here’s a breakdown of AmeriSave Mortgage’s overall rating:
- Variety of loan types: 4 of 5 stars
- Variety of loan products: 4 of 5 stars
- Online convenience: 5 of 5 stars
- Rate transparency: 4 of 5 stars
- Rates and fees: 3 of 5 stars
AmeriSave loan types and products
AmeriSave offers the purchase and refinances loans, as well as mortgages backed by the Federal Housing Administration, Department of Veterans Affairs and U.S. Department of Agriculture. It does not offer any second mortgage products, such as home equity loans or home equity lines of credit. However, AmeriSave offers cash-out refinance. The lender also doesn’t make construction loans or offer mortgages for manufactured housing. The average AmeriSave mortgage totals about $242,000. Many AmeriSave customers have done the home loan thing before — more than 90% of the lender’s business is mortgage refinancing, according to 2019 Home Mortgage Disclosure Act data. amerisave mortgage reviews
AmeriSave online convenience
AmeriSave’s website offers a full, mobile-friendly mortgage application, but to access it, you’ll have to answer a series of personal and financial questions, enter a verification code that’s sent to your mobile phone, and consent to a soft credit inquiry. Once the application process has begun, AmeriSave offers document upload capabilities, online loan process tracking and the ability to e-sign loan documents. amerisave mortgage reviews
AmeriSave mortgage rates and fees
One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates: amerisave mortgage reviews
- A lender’s average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. AmeriSave earns 2 of 5 stars on this factor.
- A lender’s offered mortgage rates compared with the best available on comparable loans. AmeriSave earns 4 of 5 stars on this factor.
Some borrowers note in third-party reviews — and in emails to NerdWallet — that AmeriSave’s origination fee includes a non-refundable $500 application fee.
Borrowers should consider the balance between lender fees and mortgage rates. While it’s not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees. You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate. Deciding whether you want to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.
AmeriSave mortgage rate transparency
AmeriSave’s website features a ‘Get Rates’ button on the homepage. Clicking that button yields sample mortgage rates for just two loan products: the 15-year fixed rate and the 30-year fixed rate. Details about what it would take to earn the advertised rates are included below in fine print. On the day we checked, AmeriSave was assuming a 740 credit score and discount points of up to 3.274%
To get a mortgage rate estimate based on your actual credit score, you’ll have to start the lender’s prequalification application process.
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