Online lender with good customer reviews and fast closing

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Types of loans offered

Compliant, FHA, VA, USDA

Types of loans offered

Compliant, FHA, VA, USDA

Advantages
  • Quick prequalification with a flexible credit check
  • Claims that half of its customers close in 25 days
  • Has great reviews on Zillow and Trustpilot
The inconvenients
  • Does not list rates online
  • Won’t let you apply with alternative credit data
  • Few additional features beyond its main mortgage offerings
  • Regular buyers need to pay 5% deposit
More information
  • Available in all states except New York
  • Bills $500 application fee and $295 underwriting fee
  • Minimum credit score and down payment shown are for conforming mortgages. The 3% down payment option is only available to first-time homebuyers; others must deposit at least 5%.

Overall Lender Rating

Advantages and disadvantages

AmeriSave Mortgage Corporation Interest Rates and Fees

Unlike some


mortgage lenders

, AmeriSave does not list sample rates online and will not show you custom rates without asking for prequalification. Currently, the lender only advertises their lowest rate on their rates 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 may vary depending on your location and the type of mortgage you obtain.

AmeriSave Mortgage Corporation Against New US Funding

New American Funding is a good choice for borrowers who want lots of options because it offers a variety of different mortgage types. Its special mortgage offer, the I CAN mortgage, allows you to choose any mortgage term between 8 and 30 years. New American Funding also accepts alternative forms of credit from borrowers who have no or poor credit. Other 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, this might be the best choice for you.

AmeriSave Mortgage Corporation v Bank of America

Both of these lenders are solid options for the average borrower. Which one is best for your needs may depend on which lender gives you the best deal on rates, fees, and overall costs.

If you’re a first-time or low-income homebuyer, Bank of America might be the best option with the down payment and closing cost subsidies it offers.

How AmeriSave Works

AmeriSave is an online lender that lends in 49 states and Washington, D.C. The only state it doesn’t lend to is New York, so if you’re buying or refinancing a home there, you’ll need to work with another lender .

This lender offers different types of mortgages, including conforming, FHA, VA, and USDA mortgages. On its conforming loans, first-time buyers can deposit as little as 3%; repeat buyers must deposit at least 5%.

The AmeriSave Minimum


credit score

for its conforming mortgages is 620. To get an FHA or VA mortgage with this lender, you must have a credit score of at least 600. USDA mortgage borrowers need a score of at least 640 You will need a credit score to get approval from this lender, as they do not accept alternative credit data such as proof of utility payments.

For its lender fees, AmeriSave charges an application fee of $500 and an underwriting fee of $295.

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 their application page. The AmeriSave customer service line is open Monday through Friday, 8 a.m. to 5 p.m. ET

Is AmeriSave Mortgage Corporation Trustworthy?

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 in its business practices.

In JD Power’s 2021 Primary Mortgage Originator Satisfaction Study, AmeriSave ranked below the industry average in customer satisfaction. However, the lender has very good customer reviews on its Zillow lender profile and on Trustpilot.

AmeriSave Mortgage Company FAQs

Can I get my $500 back from AmeriSave?

AmeriSave charges a $500 application fee. These types of fees can be costly for borrowers who are ultimately not approved or decide not to get a mortgage from the lender they paid the fees to, as they are often non-refundable. AmeriSave notes in some of its responses to BBB complaints that its application fee is non-refundable.

What credit score do you need for AmeriSave?

The credit rating you will need will depend on the type of mortgage you are considering.

  • Compliant: 620
  • AHF: 600
  • VA: 600
  • USDA: 640

Is AmeriSave a good lender?

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 JD Power’s annual customer service study. You might like AmeriSave if you’re looking for a compliant, FHA, VA, or USDA mortgage and want a quick close.

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