AmeriSave Mortgage Review: Is It the Right Option for You?

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Buying or refinancing a home can be a stressful process, especially when you’re trying to find the right mortgage option. There are banks, credit unions and mortgage lenders to evaluate. If AmeriSave Mortgage is in your consideration set, this review may help you decide.

AmeriSave Mortgage Overview

AmeriSave Mortgage is an online lender that specializes in mortgage and home equity loans. They’re licensed in all states except New York and have over 20 years of mortgage experience.

According to the AmeriSave website, they have processed over $130 billion in mortgages for over 700,000 customers. Here are some other key points to know:

• AmeriSave does not publish rates on its website, so you will need to get a quote to determine what your rate will be.
• Applying for a quote can be done online.
• AmeriSave offers a wide variety of mortgage loan products, including fixed and variable mortgages, cash-out refinances and home equity lines of credit, and FHA, VA and USDA loans.

How the AmeriSave Mortgage Process Works

You can apply for an AmeriSave mortgage, home equity loan or cash-out refinance online. The process is pretty similar regardless of the type of loan you’re applying for. Here’s what you need to do.

1. Get a quote.
   • You’ll need the value of the home you’re buying or refinancing.
   • If you don’t have a new home picked out yet, you can estimate.
   • You’ll also need your Social Security number for a credit decision and employment information.
2. Get an appraisal.
   • The market value of the home you’re purchasing will help determine the amount you’ll qualify for.
   • AmeriSave has a streamlined valuation process that’s automated, which can save time if you’re able to use it.
3. Provide the required documentation.
   • You’ll need financial information, like pay stubs, tax returns and bank statements.
   • You’ll also need information about the property and the agreement you’re making with the seller.
   • The specific documents may differ depending on what state you’re in.

AmeriSave does not have branches, but if you have questions during the process, you can call them or chat with them online.

Good To Know

While timelines can vary, most cash-out refinance loans close in about 30 days. Be sure to have your documents ready to help speed up the process.

Pros and Cons of AmeriSave Mortgages

If you’re considering a mortgage with AmeriSave, it can help to weigh the pros and cons.

Pros

• Many loan types
• Ability to buy, refinance, take cash out or get a home equity loan
• Zillow 4.67-Star lender
• LendingTree 4.8-Star lender
• Equal Housing Opportunity
• “Meet or beat” offers to match a competitor’s offer or pay you $1,000

Cons

• They don’t publish rates on their website

AmeriSave Mortgage Loan Options

AmeriSave offers a wide variety of mortgage loan options, with something for nearly every borrower.

Conventional Loans

AmeriSave offers fixed and adjustable-rate conventional loans. These are the most common types of mortgages that most buyers look for.

• Fixed-rate loan: Has the same rate of interest for the life of the loan. This makes it easy to know what your monthly payment will be for as long as you have the mortgage.
• Adjustable-rate mortgage: Has a rate that can change over time, although it may be fixed for the first few years. This loan type can make sense if you’re buying a home at a time when rates are high, since your interest rate can drop if the prime rate or another benchmark rate goes down.
• Conventional loans: These are often backed by government-sponsored enterprises like Fannie Mae and Freddie Mac, which guarantee mortgages issued by banks, credit unions and lenders. AmeriSave offers loans under both Fannie Mae and Freddie Mac.

FHA, VA and USDA Loans

The Federal Housing Administration, the Veterans Administration and the United States Department of Agriculture are government agencies that guarantee loans made by lenders like AmeriSave.

Those who qualify for these programs may be able to buy a home with a lower down payment, subpar credit or a lower interest rate.

AmeriSave can write loans for those who qualify for each of these programs.

Jumbo Loans

A jumbo loan is a loan that is for a higher amount than what would be considered a conforming or conventional loan.

AmeriSave offers jumbo loans up to $1,500,000, depending on where the property is located.

Refinance Options

Homeowners can refinance their existing mortgage with AmeriSave. There are several reasons you may want to do this.

• If your mortgage has a high interest rate, refinancing at a lower rate can reduce your monthly payments or help you pay off your loan faster.
• You can also extend the maturity date of you mortgage to reduce your monthly payments, although you’ll pay more in interest over the long run.
• You can take cash out of your home by refinancing, if you get a mortgage for more than the balance that’s left on your existing loan.

AmeriSave Mortgage Rates and Fees

AmeriSave is not transparent about its rates or fees, which is definitely a downside. By providing some information, you can get a quote for your mortgage on the website.

Of course, you’ll know what the fees are before you accept the mortgage offer and begin the closing process, but it would be helpful to know when you’re trying to decide which lender to choose.

AmeriSave will beat any loan offer from a competitor. If it cannot, it will pay you $1,000 after you close.

AmeriSave vs. Other Mortgage Lenders

When making a big decision like which mortgage company to use, it always helps to compare your options.

Here’s how AmeriSave stacks up against Bank of America and SoFi®.

Who Should Consider AmeriSave?

No single mortgage lender is right for every borrower. Here are some situations when AmeriSave is a good choice, as well as others who may want to look elsewhere.

• Best for:
  • Cash-out or other refinance
  • Digital-savvy borrowers
  • Well-qualified buyers
• Not ideal for:
  • Buyers with fair or poor credit
  • Those who prefer face-to-face service

What Real Customers Say About AmeriSave

When evaluating a mortgage lender, it helps to hear what customers have to say. Here’s what people are saying about AmeriSave on popular review sites.

• Credit Karma: Gives AmeriSave a 3.7 out of 5 stars.
  • Users’ experiences were either very good or very bad. Those who gave high scores mentioned the ease and speed of getting approved. Those who scored it lower mentioned poor communication and a lack of responsiveness.
• TrustPilot: Reviewers were pretty happy, giving AmeriSave 4.6 out of 5 stars.
  • Customers mentioned the ease of applying and the advantage of having a representative who walked them through the process. Those who were not happy cited poor communication and high rates.
• Zillow: Reviews average 4.67 out of 5 stars.
  • Those who left negative reviews cited a lack of transparency in fees, charges and qualifications needed for approval, as well as being slow to communicate. Positive reviews mentioned the ease of the process and the efficiency of the loan officer.

Data is accurate as of May 7, 2025, and is subject to change.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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