AmeriSave Mortgage Review 2020
Editor’s note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.
AmeriSave Mortgage Corporation was founded in 2002 and is a national financial technology (fintech) and mortgage lender offering a digital mortgage experience to its customers. AmeriSave Mortgage is headquartered in Atlanta and is a licensed direct lender in 49 states.
Working with AmeriSave Mortgage
AmeriSave Mortgage operates in all states (except New York) and the District of Columbia. In 2019, AmeriSave funded $4.9 billion in loans, according to an emailed company statement.
AmeriSave Mortgage borrowing requirements
AmeriSave Mortgage requires a minimum credit score of 600 for loans backed by the Federal Housing Administration (FHA). For an FHA loan amount over $700,000, though, you’ll need at least a 640 score. AmeriSave offers manual underwriting for borrowers who are not approved through an automated underwriting system, and currently lends on the following types of properties:
- Single-family homes
- Multifamily homes
AmeriSave borrowers can finance a home they plan to live in, a second home or an investment property.
AmeriSave Mortgage products
- Fixed-rate mortgages. AmeriSave offers fixed terms of 10, 15, 20, 25 and 30 years.
- Adjustable-rate mortgages (ARMs). ARM programs are available with 5/1, 7/1 and 10/1 options. The first number represents the fixed-rate period. The second number reflects how often the payment will adjust after the initial fixed-rate period ends.
- Conventional loans. AmeriSave offers conventional loan options, including the Fannie Mae HomeReady® loan. The program allows first-time homebuyers to purchase a home with only a 3% down payment.
- FHA loans. Borrowers with scores as low as 600 and 3.5% down may be eligible for an FHA mortgage.
- VA loans. Eligible military borrowers may be able to get a loan backed by the U.S. Department of Veterans Affairs (VA) through AmeriSave. No down payment is usually required.
- USDA loans. Low- to moderate-income borrowers in designated rural areas may be able to buy homes with a loan backed by the U.S. Department of Agriculture (USDA). No down payment is typically required. In some cases, you may qualify with a score as low as 600, but 640 is the preferred minimum.
- Refinance loans. AmeriSave offers cash-out refinance options for borrowers who want to tap equity to make home improvements or consolidate debt. Rate-and-term refinancing is also available for borrowers who want to reduce their interest rate, lower their monthly payments or pay off their loan faster with a shorter-term mortgage.
AmeriSave Mortgage special loan programs
Although there are no special mortgage programs referenced on the website, customers can request rate quotes and get a loan prequalification in as little as three minutes. The prequalification process does not require a Social Security number, and there is no hard credit pull.
The mortgage application process
- How to apply. An online application allows customers to input basic information, including details about their income and assets.
- Disclosure process. You’ll receive a loan estimate within three business days of submitting an application to the lender.
- Submitting loan for approval. AmeriSave will use the information submitted to finalize a lending decision. Consumers can choose a paperless asset verification through an automated system instead of uploading bank statements.
- Final approval. An AmeriSave loan originator and processor will help with the paperwork needed to get the final loan approval. Any additional documentation can be uploaded through its online portal. The loan is locked in before closing.
- Closing. The loan originator and processor team will also arrange the time and place for closing. On average, about half of AmeriSave’s purchase transactions close within 25 days of locking in a rate.
- Servicing. AmeriSave provides a phone number and email address for existing customers to request information about payments or, if applicable, payment relief.
Communication during the process
An AmeriSave Mortgage loan originator and loan processor are available throughout the mortgage process. They assist with the collection of financial documents and help schedule the closing.
Pros and cons of an AmeriSave Mortgage loan
- Offers a wide variety of mortgage products. Consumers can choose from government-backed and non-government backed loan options depending on their credit scores and eligibility.
- Website offers detailed information. Loan product information as well as details about what to expect during the mortgage process are outlined in easy-to-find pages on the website.
- Can digitally process its loans. Borrowers can apply online and choose electronic verification of their financial information.
- No home equity loan products. Home equity loans or home equity lines of credit (HELOCs) are not currently offered.
- No financing options for manufactured homes or co-ops. Mortgage financing is not available for manufactured homes or co-ops.
- No specialty loans. AmeriSave doesn’t offer non-qualified mortgage loans, renovation loans or reverse mortgages.