AmeriSave Mortgage Review

AmeriSave offers competitive mortgage rates — But you may have to buy several discount points to get the lowest quoted rate, which will drive up your closing costs.

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, an online mortgage lender headquartered in Atlanta, Georgia, was founded in 2002. Since then, the company has financed 200,000 homes in 49 states. It offers some of the lowest mortgage rates on the market and doesn’t charge any origination fees, which can cost hundreds or even thousands. It also offers a rate-match guarantee — if you find a better rate, the company will match it or give you $100. If you’re a bargain hunter looking to save on interest, an AmeriSave home mortgage may be right for you.

In this article

    AmeriSave at a glance

    LenderLoan Amount30-Year Fixed APRAvailable ProductsKey Benefit
    AmeriSave$45,000 to $1,500,0002.537% APR
    • 10-to 30-year conventional and FHA loans
    • 5/1, 7/1 and 10/1 ARMs
    • Jumbo
    • Cash-out refinance
    • USDA and VA loans
    Full spectrum of mortgage loans

    What we like about it

    AmeriSave mortgage rates are very competitive. Its 30-year fixed-rate mortgages have an interest rate of just 2.537% with a mortgage point discount of 1.114%, meaning you can get a mortgage rate lower than the national average. AmeriSave also offers a rate-match guarantee that may help you get an even better deal. If you receive a loan estimate from another lender that offers lower rates or fees, AmeriSave will match it or give you $100.

    Another reason to go with AmeriSave is that it doesn’t charge origination fees. On average, origination fees cost 1% of the total mortgage amount. Depending on the purchase price of your home, you could save hundreds or even thousands of dollars by choosing a loan without origination fees.

    Things to consider

    To get the lowest mortgage rates, you may need to buy discount points, which can be costly. The interest rate AmeriSave advertises on its website — 2.537% for a 30-year loan — is based on buying three discount points, which cost about 1% of the loan amount each. You may not end up needing to buy three discount points to get a good mortgage rate. However, it’s worth keeping in mind that the low interest rates quoted on the lender’s website come with pretty significant fees.

    Another thing to consider is that AmeriSave ratings are on the low side. On the BBB website, customers only gave the lender three and a half out of five stars. Many of the negative AmeriSave reviews centered around communication issues. Some customers said they received too many calls and texts, while others claimed they experienced delays in the mortgage process due to unresponsive loan officers.

    [Read: Best Online Lenders]

    What you need to know

    AmeriSave offers conventional fixed-rate mortgages with terms ranging from 10 to 30 years, as well as adjustable-rate loans with fixed interest periods between five and 10 years. The company also offers mortgage refinancing, government-backed loans and jumbo loans up to $1.5 million.

    Because AmeriSave is an online lender with less overhead than a brick-and-mortar bank, it can offer competitive mortgage rates. Its 30-year fixed mortgages have an interest rate of 2.537%, while it’s 15-year loans offer an even lower rate of 2.493%. Keep in mind that interest rates vary depending on creditworthiness and the number of discount points purchased at closing.

    AmeriSave gives you the option to buy discount points to bring down your interest rate. Each discount point typically costs 1% of your loan amount but may save you money, in the long run, depending on how much it lowers your mortgage rate and how long you plan to stay in your new home. AmeriSave also charges several third-party fees including appraisal and credit report fees. They usually cost between $1,500 and $2,000 in total.

    If you’re interested in getting an AmeriSave mortgage, you can apply online or over the phone. Your loan officer will need to verify your assets and income, so make sure you have financial documents like pay stubs, tax returns, bank statements and investment account statements on hand.

    Collateral and criteria

    AmeriSave requires borrowers to have a credit score of at least 620 for conventional mortgages and 600 for government-backed loans. If you’re interested in getting a jumbo mortgage, you’ll need a credit score of 700 or more.

    Another factor the company considers is your debt-to-income ratio. Although debt-to-income requirements vary depending on the loan type, you’ll generally need a DTI of 50% or less to qualify for a mortgage. If your DTI is between 46% and 50%, you may also need cash reserves that can cover your mortgage payments for at least six months.

    AmeriSave vs. other lenders

    AmeriSave vs. SoFi

    If you need a jumbo mortgage, SoFi may be worth considering.

    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 another online lender that originates mortgages in 42 states and the District of Columbia. It offers conventional mortgages, jumbo loans and mortgage refinancing with interest rates as low as 3.25%. But if you’re interested in government-backed loans, AmeriSave is the better option. Currently, SoFi doesn’t offer FHA, VA or USDA loans.

    • It offers jumbo loans of up to $3 million with no private mortgage insurance and down payments as low as 10%. AmeriSave, on the other hand, only offers jumbo mortgages up to $1.5 million and requires a 20% down payment, plus nine months of funds in reserve to cover your mortgage costs.

    AmeriSave vs. NBKC

    NBKC has slightly higher interest rates than AmeriSave, but going with NBKC may be worth the extra cost for its excellent customer service.

    J.D. Power Rating
    N/A
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.3 / 5.0
    close
    SimpleScore NBKC Bank 3.3
    Perks 3
    Credit Impact 4
    Customer Satisfaction N/A
    Product Variety 4
    Fees 2

    NBKC is a small bank headquartered in Overland Park, Kansas, offering home loans in all 50 states. You can apply for a mortgage online, over the phone or in-person at one of the bank’s four branches in Kansas. You can also monitor the status of your loan using the convenient mobile app, or check your mortgage rate using the bank’s online tool. It gives you a personalized estimate in seconds without asking for your personal information or checking your credit.

    • NBKC got nearly five out of five stars on the BBB website. It’s also one of the top lenders for VA loans, in part because it waives its $675 origination feefor veterans.

    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.

    Jessica Walrack

    Contributing Writer

    Jessica Walrack is a personal finance writer at SuperMoney, Interest.com, The Simple Dollar, and PersonalLoans.org. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and somewhat fun.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.