AmeriSave Mortgage Review

AmeriSave is like an iPhone. People love it because it’s easy to use, but it’s not exactly the cheapest option on the market.

J.D. Power Rating
N/A
Min. Credit
620
Min. Down Payment
3%
SimpleScore
4 / 5.0
close
SimpleScore Amerisave 4
Perks 4
Credit Impact 4
Customer Satisfaction N/A
Product Variety 4
Fees 4

AmeriSave was founded in 2002 and has grown to become one of the top online mortgage lenders. The company is still growing rapidly in 2021, expanding its team by thousands of new employees. The company does business in 49 states, and has financed hundreds of thousands of homes. This lender is the perfect choice for buyers who want a fully online mortgage experience.

To see how AmeriSave matches up to the competition, we rated it using our SimpleScore methodology. We considered factors such as fees, product variety, customer satisfaction, hard/soft credit checks, and perks. This AmeriSave mortgage review looks at pros and cons, as well as competitors.

In this article

    AmeriSave at a glance

    APR Rangeas low as 2.247%
    Available products
    • Fixed-rate loans

    • Adjustable-rate loans

    • FHA loans

    • VA loans

    • USDA loans

    • Refinance loans

    • Cash-out refinance loans
    Application fees$500
    Loan terms10, 15, 20, 25, and 30 years
    Loan limits$1.5 million

    What we like about AmeriSave 

    Available nationwide

    AmeriSave mortgages are available nationwide, in 49 states and Washington, D.C. The only state where the company doesn’t provide mortgages is New York. This is great news for most borrowers since they won’t need to worry about figuring out whether AmeriSave lends in their state.

    No origination fee

    AmeriSave doesn’t charge origination fees on its loans, which can provide a huge savings for buyers. Origination fees typically amount to about 1% of your mortgage loan. So for someone taking on a $300,000 mortgage, they could expect to pay an origination fee of about $3,000. AmeriSave borrowers could end up with lower closing costs because of these savings.

    Simple online application process

    One of the biggest selling points of AmeriSave is the company’s easy online application process. First, you can get pre-qualified in just a few minutes so you can start shopping for your next home. And when it comes to filling out the application, it won’t take long at all, and it all happens online.

    [ Read: How to Choose the Best Mortgage ]

    Things to consider 

    $500 application fee

    One of the biggest complaints by AmeriSave customers is the $500 nonrefundable application fee. Even if you don’t go through with the loan or it denies your application, you won’t get your money back. While application fees are fairly standard practice in mortgage lending, AmeriSave is certainly on the higher end, and the nonrefundable aspect makes it a sticking point for many.

    Advertised rates are based on discount points

    Unfortunately, AmeriSave’s website doesn’t clearly communicate what its rates are. When you visit the rates page on the website, you’ll see the current low rates for both 15- and 30-year fixed-rate mortgages. But if you read more closely, a footnote clarifies that the advertised rate is only available when you purchase discount points. As a result, many borrowers could be in for an unwelcome surprise when they learn what their actual rates are.

    No home equity loans, HELOCs or construction loans

    AmeriSave offers all of the standard mortgage loans, but it doesn’t offer home equity loans, home equity lines of credit (HELOCs), or construction loans. This could create an inconvenience for current AmeriSave customers who wish to borrow one of these loans. They won’t be able to stick with the same lender that originated their mortgage.

    [ Read: What are the Different Types of Mortgages? ]

    AmeriSave vs. the competition

    Rocket Mortgage

    When it comes to customer service, Rocket Mortgage is at the top of the list.

    J.D. Power Rating
    5/5
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.4 / 5.0
    close
    SimpleScore Rocket Mortgage 3.4
    Perks 4
    Credit Impact 4
    Customer Satisfaction 5
    Product Variety 3
    Fees 1

    Rocket Mortgage, the mortgage division of Quicken Loans, is one of the top mortgage lenders in the nation. The company offers fixed-rate, VA and FHA loans with APRs as low as 3.61%.

    Like AmeriSave, Rocket Mortgage is well known for its simple online mortgage process and its parent company is the nation’s largest mortgage lender.

    When it comes to customer service, Rocket Mortgage is at the top of the list. It’s been rated the number one mortgage lender in customer satisfaction for more than a decade in J.D. Power surveys. AmeriSave hasn’t been rated by J.D. Power, so it’s difficult to make a direct comparison. However, Quicken Loans has a Better Business Bureau Rating of A+, compared to a rating of B+ for AmeriSave.

    Read our full Rocket Mortgage review.

    SoFi

    The biggest downside of SoFi mortgages is that the company doesn’t disclose its rates on its website. To see what rates are available, you’ll have to start the online application process.

    J.D. Power Rating
    N/A
    Min. Credit
    660
    Min. Down Payment
    10%
    SimpleScore
    3.5 / 5.0
    close
    SimpleScore SoFi 3.5
    Perks 2
    Credit Impact 5
    Customer Satisfaction N/A
    Product Variety 3
    Fees 4

    SoFi is an online lender that’s newer to the mortgage game. The company originally launched in 2011 and became the first company to offer student loan refinancing. It grew quickly, and began offering online mortgage origination in 2014. SoFi now offers mortgages in 42 states and Washington, D.C.

    SoFi doesn’t have quite the mortgage selection that AmeriSave does. It only offers fixed-rate mortgages in terms of 10, 15, 20, and 30 years. Borrowers can get a loan with a down payment as low as 5%, the same that AmeriSave offers for conventional mortgages. SoFi also now offers loans on investment properties.

    Read our full SoFi mortgage review.

    Better

    Ideal for online lending.

    J.D. Power Rating
    N/A
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.8 / 5.0
    close
    SimpleScore Better Mortgage Company 3.8
    Perks 2
    Credit Impact 5
    Customer Satisfaction N/A
    Product Variety 3
    Fees 5

    Better is a relatively new mortgage lender, founded in 2016. However, this online lender has quickly become a popular choice for borrowers. The company promises a quick online application and closing process. It also offers no origination fee, just like AmeriSave.

    Better doesn’t have a large mortgage selection and their APRs vary by location.

    Read our full Better mortgage review.

    How much will a mortgage from AmeriSave cost? 

    Anytime you take out a mortgage, you can expect to take on certain fees. AmeriSave doesn’t charge an origination fee, which may help buyers to save money at their closing. The company requires a $500 nonrefundable application fee. You also have to buy discount points to get AmeriSave’s lowest rates.

    Other common closing costs you might pay include:

    • Appraisal fee
    • Mortgage insurance
    • Third-party closing costs
    • Attorney fees

    AmeriSave also offers mortgage refinancing. It has competitive refinance rates, and its online refinance calculator can help you estimate your total costs.

    [ Read: How to Calculate Your Mortgage ]

    Cheaper alternatives to AmeriSave

    Your overall mortgage cost will depend on many different factors, including your location, credit score, down payment, and more. But one of the most important factors is your lender. AmeriSave offers mortgages at competitive prices. While it charges an application fee of $500, it has low rates and no origination fee. But that’s not to say you can’t find a more affordable mortgage.

    One important thing to note about AmeriSave is that to get the lender’s lowest rates, you must buy discount points. While that can save you money in the long run, it’s not feasible or preferable for everyone. In that case, you may find a better deal with other lenders. See our list of the current best mortgage rates to see today’s best rates.

    AmeriSave in the news 

    • AmeriSave’s workforce grew rapidly in 2020. In the middle part of the year, the company announced plans to hire more than 2,000 employees over a six-month period. Because of the current low interest rates, the company’s business has been booming, and it’s confident it will be able to support the new employees over the long term.

    Compare top mortgage lenders

    We welcome your feedback on this article and would love to hear about your experience with the mortgages we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore

    We break down each of these five factors and their rating criteria for our review of the best mortgage companies.

    Why do some brands have different SimpleScores on different pages?

    Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.

    For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.

    Perks

    Mortgage lending companies that provide more perks receive a higher score from us.

    Hard/Soft credit checks

    We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.

    Customer satisfaction

    We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)

    Product variety

    Mortgage lenders that offer more products for their home loans are given higher scores.

    Fees

    Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.