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The bottom line: AmeriSave Mortgage Corporation is a solid choice for conforming, FHA, VA, and USDA mortgage borrowers who are looking for a fast closing process. But its offerings are fairly basic, which might be a drawback if you’re looking for a lender that has additional features like unique loan options or down payment assistance.
Get prequalified in just a few minutes
AmeriSave says that half its customers close in just 25 days
Has very good customer reviews on both Zillow and Trustpilot
Rates aren’t listed online
Doesn’t accept alternative credit data
Few additional features beyond its main mortgage offerings
Unlike some mortgage lenders , AmeriSave doesn’t list sample rates online and won’t show you customized rates without applying for prequalification. Currently, the lender only advertises its lowest rate on its rate page.
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.
Types of mortgages
Conforming, FHA, VA, USDA
Types of mortgages
Conforming, jumbo, FHA, VA, USDA, reverse, buydown loan, I CAN mortgage
Alternative forms of credit
No
Alternative forms of credit
Yes
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. New American Funding also accepts alternative forms of credit from borrowers who have no credit or poor credit. Alternative forms of credit can include things like proof of rent or utility payments.
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.
Types of mortgages
Conforming, FHA, VA, USDA
Types of mortgages
Conforming, jumbo, FHA, VA, HELOC
Alternative forms of credit
No
Alternative forms of credit
No
Both of these lenders are solid options for the average borrower. Which one is better for your needs might come down to which lender offers you the better deal when it comes to rates, fees, and overall costs.
If you’re a first-time or lower-income homebuyer, Bank of America might be the better option thanks to the down payment and closing cost grants it offers.
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, and USDA mortgages. 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 by clicking the “chat” button on its application page. AmeriSave’s customer service line is open Monday through Friday from 8 a.m. to 5 p.m. ET
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 2021 Primary Mortgage Origination Satisfaction Study, AmeriSave ranked below the industry average in customer satisfaction. However, the lender has really good customer reviews on its Zillow lender profile and on Trustpilot.
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.
The credit score you’ll need will depend on the type of mortgage you’re planning to get.
AmeriSave currently has a 4.67 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. You might like AmeriSave if you’re looking for a conforming, FHA, VA, or USDA mortgage and want a speedy closing.
Get the latest Bank of America stock price here.
Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.
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