Our experts answer readers' home-buying questions and write unbiased product reviews (here's how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
AmeriSave Mortgage Corporation: Overall Lender Rating
| Feature | Insider rating (out of 5) |
| Loan types | 3.5 |
| Affordability | 3.5 |
| Customer satisfaction | 3.66 |
| Trustworthiness | 5 |
| Total | 3.92 |
AmeriSave Mortgage Corporation: Pros and Cons
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AmeriSave Mortgage Corporation Mortgage Interest Rates and Fees
On its rates page, AmeriSave displays a few sample mortgage rates for 10-, 15-, and 30-year mortgages. To get customized rates, you'll need to apply for prequalification.
If you get a mortgage with AmeriSave, you'll pay a $500 application fee and a $295 underwriting fee. However, AmeriSave notes that its fees can vary depending on your location and the type of mortgage you get.
According to Home Mortgage Disclosure Act data, borrowers getting a conventional mortgage with this lender paid an average of $5,753 in origination fees in 2022. This is relatively high compared to other mortgage lenders.
Compare AmeriSave Mortgage Corporation to Other Lenders
AmeriSave Mortgage Corporation vs. New American Funding
New American Funding is a good choice for borrowers who want a lot of options, since it offers a variety of different mortgage types. Its special mortgage offering, the I CAN mortgage, lets you choose any mortgage term between 8 and 30 years.
However, if AmeriSave has the type of mortgage you're looking for and offers you a lower rate than other lenders, it might be the better choice for you.
AmeriSave Mortgage Corporation vs. Bank of America
Both of these lenders have similar offerings, so which one is right for you may depend on where you can get a better offer.
Thanks to the down payment and closing cost grants it offers,
How AmeriSave Works
AmeriSave is an online lender that originates loans in 49 states and Washington, D.C. The only state it doesn't lend in is New York, so if you're purchasing or refinancing a home there, you'll need to work with a different lender.
This lender offers a few different mortgage types, including conforming, FHA, VA, USDA mortgages, and HELOCs. On its conforming loans, first-time homebuyers can put down as little as 3%; repeat buyers must put down at least 5%.
AmeriSave's minimum credit score for its conforming mortgages is 620. To get an FHA or VA mortgage with this lender, you'll need to have a credit score of at least 600. USDA mortgage borrowers need a score of at least 640. You'll need a credit score to get approved with this lender, since it doesn't accept alternative credit data like proof of utility payments.
For its lender fees, AmeriSave charges a $500 application fee and a $295 underwriting fee.
You can get started with AmeriSave online or over the phone. If you need help, you can also chat online with a loan officer. AmeriSave's customer service line is open Monday through Friday from 8 a.m. to 5 p.m. ET
Is AmeriSave a Reputable Company?
AmeriSave has an A+ rating from the Better Business Bureau. BBB ratings are based on a company's response to customer complaints, honesty in advertising, and transparency about its business practices.
In J.D. Power's 2023 customer satisfaction study, AmeriSave ranked below the industry average. However, the lender has really good online customer reviews. On its Zillow lender profile, AmeriSave has a 4.68 out of 5-star rating based on almost 2,500 customer reviews. On Trustpilot, it has a 4.3 out of 5-star rating based on over 11,000 customer reviews.
AmeriSave Mortgage Corporation FAQs
Can I get my $500 back from AmeriSave?
AmeriSave charges a $500 application fee. This type of fee can be costly for borrowers who ultimately aren't approved or decide not to get a mortgage with the lender they paid the fee to, since it often isn't refundable. AmeriSave notes in some of its responses to BBB complaints that its application fee isn't refundable.
What credit score do you need for AmeriSave Mortgage?
The credit score you'll need will depend on the type of mortgage you're planning to get.
Conforming: 620
FHA: 600
VA: 600
USDA: 640
Is AmeriSave a legit company?
Yes, AmeriSave is a legitmate mortgage lending company. AmeriSave currently has a 4.68 star rating on Zillow and a 4.3 rating on Trustpilot. However, it ranked below the industry average in J.D. Power's annual customer service study.
What are AmeriSave's mortgage rates?
AmeriSave shows a handful of sample rates on its website. To get an idea of what rate you might get with this lender, you'll need to start an application or talk to a loan officer.
Why You Should Trust Us: How We Reviewed AmeriSave Mortgage Corporation
For our review of AmeriSave Mortgage Corporation, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.