AmeriSave Mortgage offers purchase loans, home equity products and refinance solutions that appeal to a variety of borrowers. The convenience of obtaining instant quotes and credit approvals online demonstrates its commitment to providing a simpler way to access home financing.
About AmeriSave
Founded over two decades ago, AmeriSave Mortgage Corporation has become a significant player in the home financing industry. Over 733,000 borrowers across 49 states have used the lender to meet their borrowing needs. Its loan volume has also surpassed $130 billion, indicating the lender’s wealth of experience in mortgage services.
AmeriSave understands the importance of homeownership and commits itself to providing a streamlined experience to make this dream a reality.
AmeriSave Key Mortgage Services
You can use AmeriSave to buy a home, refinance or pull cash from your home equity.
Mortgage Purchase
If you’re in the market for a new home, AmeriSave offers funding options with a quick credit approval process.
Cash Out Refinance
AmeriSave specializes in cash-out refinance loans, allowing you to tap into your home’s equity to cover expenses, consolidate debt or meet other pressing financial goals.
Home Equity
You can also access your home equity through a HELOC, HEloan, 1st or 2nd mortgage.
What Mortgage Options Are Available at AmeriSave?
AmeriSave features a diverse range of loan options to suit the needs of borrowers with varying financial backgrounds.
Conventional Fixed-rate Mortgages
Conventional fixed-rate mortgages at AmeriSave give you predictable monthly mortgage payments that are easy to budget. As the name suggests, your interest rate remains unchanged over the loan term.
Adjustable-rate Mortgages
Adjustable-rate mortgages (ARMs) provide an initial fixed lower interest rate for a set period, followed by a variable rate that fluctuates with market conditions. It could be an ideal option for borrowers who anticipate future income growth or only plan to own for a short period.
FHA Loans
AmeriSave’s FHA loans are a popular choice for prospective borrowers with lower credit scores or limited funds for a down payment. Insured by the Federal Housing Administration, these mortgage products come with competitive rates and terms to make homeownership more accessible.
VA Loans
AmeriSave offers VA loans with significant benefits for veterans, active military personnel and their spouses. These loans are backed by the Department of Veterans Affairs, often have lower rates than conventional loans and don’t require a down payment or mortgage insurance.
USDA Loans
If you’re purchasing a home in a rural or suburban area, you might qualify for a USDA loan. These loans, which the U.S. Department of Agriculture backs, are designed to promote homeownership in less densely populated areas. Key advantages include zero down payment requirements and lower insurance costs.
AmeriSave Mortgage Application Process
When applying for a mortgage with AmeriSave, you can expect a straightforward, efficient application process. Initially, you will complete a basic online form that asks for information regarding your identity, income and the property you are interested in financing. You can also speak to a mortgage banker by phone or chat, even if you aren’t quite ready to apply. A loan originator is available to answer any questions you have about the lending process and mortgage products you potentially qualify for or to address any other concerns you may have.
Once you’ve submitted your initial application, an AmeriSave loan originator will reach out to discuss your loan options and help you choose the one that best suits your needs. It’s essential to be responsive and provide all requested documentation promptly to keep the process moving swiftly.
Next, you will choose the loan that fits your financial goals, review and acknowledge the loan disclosures sent to you and submit any additional documents required for underwriting.
You can easily track your loan application status through the online portal. AmeriSave’s online dashboard allows you to upload documents securely, and you can also reach out to their customer service if you need any assistance during the process.
Remember, the process’s timeliness largely depends on how quickly you, as the borrower, can provide the necessary documentation and information. By staying engaged and keeping open lines of communication, you can get approved and to the closing table faster.
What are the Requirements to Qualify for a Mortgage Loan with AmeriSave?
To qualify for a mortgage with AmeriSave, you must meet specific criteria demonstrating your creditworthiness and financial stability. Home loans come with minimum credit score, down payment and debt-to-income (DTI) requirements, which vary by the product you select. You’ll also need to provide employment and income documentation to substantiate the information provided in your loan application.
Who is AmeriSave Mortgage Best For?
AmeriSave can be a suitable option for borrowers who desire these qualities in a lender:
- Convenient Online Process: If you value a streamlined and digital-first mortgage application, AmeriSave’s online platform offers a simple and fast application with tools that could suit your modern, on-the-go lifestyle.
- Rate Lock: You may appreciate the ability to lock in your mortgage rate for up to 90 days, especially in a fluctuating rate environment, to provide peace of mind while you shop for your home.
- Home Equity Products: AmeriSave offers HELOCs and HEloans, along with 1st and 2nd mortgages, that could help you finance renovations, consolidate debt or cover other significant expenses.
- Competitive Rates: AmeriSave’s reputation for offering low rates relative to competitors could be a deciding factor for you.
- Variety of Loan Types: Whether you are a first-time homebuyer or looking to refinance, AmeriSave provides a selection of loan types. Knowing your options can help you make a choice that aligns with your financial goals.
What are the Advantages of Choosing AmeriSave Mortgage?
- Exceptional customer service: AmeriSave has earned a reputation for excellent customer service, as reflected in numerous positive online customer reviews. These reviews indicate that customers have had satisfactory experiences with the company’s support and services, which can be a significant advantage when navigating the challenges that come with the mortgage process.
- Rapid closing times: AmeriSave stands out for its efficiency, with an average closing time of 18 days for home equity products and 28 days for refinances. The timeline is faster than many competitors and can benefit buyers on a tight schedule.
- User-friendly online lending platform: AmeriSave’s online platform is designed with the borrower in mind, helping streamline the borrowing process. From quick quotes to approvals, the platform facilitates a smoother, more convenient experience for users looking to refinance or obtain a new mortgage.
Are There Disadvantages?
- Limited branch locations for in-person support: AmeriSave has five branch locations where customers can receive in-person support.
- Accessibility: AmeriSave’s services are not available to residents of New York.
- Disclosures: The lender does not disclose fees and mortgage rates online.
How Does AmeriSave Compare to Other Mortgage Lenders
AmeriSave is competitive in terms of rates and efficiency and offers a wide range of loan options. They may only cater to some needs, particularly if you seek in-person service or non-traditional mortgage products.
That said, unlike many lenders with a physical presence, AmeriSave operates primarily online with just five physical locations, which can streamline your application and approval process. Again, this may be a significant drawback if you prefer face-to-face interactions during the mortgage lending process and do not reside in one of the states with a physical presence.
Regarding loan products, AmeriSave also falls short in this category. Despite its diverse offerings, the lender lacks some of the more specialized mortgages, like construction loans and bank statement loans.
How to Get Started with AmeriSave
To initiate your mortgage application with AmeriSave, visit the website and select the button for the home lending option that best suits your needs. You’ll be directed to a “Quick Quote” page that lets you take the next step in the mortgage process. If you’d prefer to speak with a mortgage banker, call 866-514-7283 or use the online chat feature.
FAQs About AmeriSave
Yes, AmeriSave is a legitimate lender. AmeriSave Mortgage Corporation is an established financial institution that provides various mortgage loan products and services. It boasts over 20 years of experience and a loan volume exceeding $130 billion to date.
AmeriSave has built a reputation for trustworthiness in the mortgage industry. Customer feedback and reviews often highlight the transparent loan process and high level of service provided to borrowers.
Credit score requirements vary based on the type of loan you’re interested in. Generally, a minimum score of 620 is recommended, particularly for conventional loans. However, AmeriSave also offers products that may accommodate applicants with lower credit scores – the lender goes as low as 500 for FHA loans.
