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AmeriSave Mortgage Review
AmeriSave at a glance
|APR Range||as low as 2.217%|
|Loan terms||10, 15, 20, 25, and 30 years|
|Loan limits||$1.5 million|
What we like about AmeriSave
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.
AmeriSave vs. the competition
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
[ 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.
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