In the ever-evolving landscape of mortgage lending, AmeriSave Mortgage Corporation has established itself as a prominent player. Founded in 2002 and headquartered in Atlanta, Georgia, AmeriSave has funded over $115 billion in loans, assisting more than 664,000 borrowers across 49 states and Washington, D.C. As we delve into this review, we’ll examine AmeriSave’s offerings, customer experiences, and overall standing in the mortgage industry as of 2025.
Overview of AmeriSave Mortgage
AmeriSave operates primarily as an online, direct-to-consumer lender, catering to a wide array of mortgage needs. The company provides various loan products, including:
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Conventional Loans: Fixed and adjustable-rate options.
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FHA Loans: Government-backed loans with lower down payment requirements.
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VA Loans: Loans for veterans and active-duty service members.
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USDA Loans: Rural development loans with favorable terms.
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Jumbo Loans: For high-value properties exceeding conforming loan limits.
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Refinancing Options: Rate-and-term and cash-out refinancing.
Additionally, AmeriSave offers home equity lines of credit (HELOCs) and has introduced personal loans ranging from $5,000 to $50,000, aimed at debt consolidation and home improvement.
Loan Qualifications and Requirements
AmeriSave’s loan qualifications are competitive, catering to a broad spectrum of borrowers:
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Minimum Credit Score: Ranges from 500 to 700, depending on the loan type.
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Down Payment: As low as 3% for conventional loans and 0% for VA loans.
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Debt-to-Income (DTI) Ratio: Varies by loan type, with conventional loans allowing up to 45%, and FHA, VA, and USDA loans permitting up to 41%.
These flexible requirements make AmeriSave an attractive option for first-time homebuyers and those with less-than-perfect credit histories.
Interest Rates and Fees
AmeriSave is known for offering competitive interest rates, often lower than many traditional lenders. However, it’s important to note that the company does not publish its rates online, which can make comparison shopping more challenging.
While AmeriSave does not charge application or loan origination fees, borrowers may encounter other closing costs, such as appraisal fees, attorney fees, and credit report charges, typically totaling around 2% to 5% of the loan amount.
Customer Experience and Service
Customer experiences with AmeriSave are mixed. On the positive side, many borrowers have praised the company’s streamlined online application process and responsive customer service. For instance, a customer from Indiana noted the promptness of AmeriSave’s representatives in addressing inquiries, even outside regular business hours.
Conversely, some customers have reported challenges, including unexpected loan denials and issues with refunds. A notable complaint involved a borrower with significant home equity who was declined for a loan without clear communication, leading to frustration over unrefunded appraisal fees.
Industry Recognition and Ratings
AmeriSave has garnered attention from various industry evaluators:
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NerdWallet: Assigned a 3.5-star rating, highlighting AmeriSave’s low rates and comprehensive loan options, while noting the lack of rate transparency and higher-than-average fees.
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ConsumerAffairs: AmeriSave holds a 4.7-star rating based on over 5,900 reviews, indicating a high level of customer satisfaction.
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J.D. Power: Scored 758 out of 1,000 in the 2024 U.S. Mortgage Origination Satisfaction Study, surpassing the industry average of 727.
Pros and Cons
Pros
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Competitive Rates: Offers some of the lowest rates in the industry.
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Wide Range of Loan Products: Provides various loan types to suit different borrower needs.
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Online Convenience: Streamlined digital application process for ease of use.
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Responsive Customer Service: Generally attentive and helpful support team.
Cons
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Lack of Rate Transparency: Absence of publicly available rate information can hinder comparison.
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Higher Closing Costs: Some borrowers report higher-than-expected fees.
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Limited Physical Presence: Primarily an online lender with few physical branches.
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Mixed Customer Feedback: While many are satisfied, others have reported issues with loan processing and refunds.
Conclusion
AmeriSave Mortgage Corporation stands out in the mortgage industry for its competitive rates, diverse loan offerings, and user-friendly online platform. While many borrowers have had positive experiences, it’s crucial for potential clients to carefully review all terms and conditions, and consider comparing offers from multiple lenders to ensure the best fit for their financial situation. As with any significant financial decision, thorough research and due diligence are essential when selecting a mortgage lender.