AmeriSave Mortgage Review 2022

AmeriSave Mortgage Corporation was founded in 2002 and is a national financial technology (fintech) and licensed direct lender offering a digital mortgage experience to customers in 49 states (New York excluded) and the District of Columbia. AmeriSave Mortgage is headquartered in Atlanta.

8/10  LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative

  = 1 pt    = 0 pts

1.   Application online
2.   Product info online
3.   Rates listed online
4.   Helpful articles about mortgages and homebuying
5.   Standard product offerings (FHA/VA/Conventional/USDA)
6.   Special programs (solar financing options)
7.   Info about how to qualify for products offered online
8.   E-closing availability
9.   Branches available in at least 35 states
10.   After-hours/weekend access to loan officers

AmeriSave borrowing requirements

AmeriSave pros and cons

Pros

  You can choose from a wide variety of standard loan products depending on your credit scores and eligibility

  You may be able to finance the cost of switching your home to solar energy

  You can educate yourself about mortgages in the “Knowledge Center” section of AmeriSave’s website

Cons

  You’ll find very limited rate and fee information on the lender’s website

  You won’t be able to finance a manufactured home or co-op

  You may find some outdated content in the articles on the website

AmeriSave mortgage rates and fees

AmeriSave’s website advertises a 10-year fixed-rate mortgage based on a $250,000 loan amount on a single-family residence located in the state of Georgia. At the time of review, the rate included a charge of 2.164% discount points, and required at least 20% equity and a credit score of 740.

AmeriSave does not publish information about its origination, underwriting or other loan-related fees on the website.

AmeriSave mortgage products

PURCHASE AND REFINANCE

Loan products. AmeriSave offers conventional loans as well as loans backed by the Federal Housing Administration (FHA) U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA ).

Loan terms include 10-, 15-, 20- 25 and 30-year fixed-rate options. AmeriSave also offers adjustable-rate mortgages (ARMs) with initial rates fixed for five, seven or 10 years. The ARMs adjust annually after the initial fixed rate, and come with 2/2/5 caps which means:

• Your rate won’t rise by more than 2% after the fixed-rate period ends
• Your rate won’t increase by more than 2% annually after the first adjustment
• Your rate can’t increase by more than 5% for the life of the loan

First-time homebuyers can choose a Fannie Mae loan with a 3% down payment as long as they have at least a 620 score. Borrowers with scores from 600 to 619 may qualify for an FHA loan with a 3.5% down payment. However, if you’re borrowing more than $700,000 with FHA financing, AmeriSave requires at least a 640 score.

Eligible military borrowers don’t need a down payment if they have enough VA entitlement for a VA loan, and AmeriSave permits scores as low as 600 for consideration for loan amounts of $700,000 or lower.  A 640 score is required for VA loan amounts above $700,000.

Low- to moderate-income borrowers usually need a score of at least 640 for a USDA loan with no money down if they buy a home in a USDA-designated rural area. However, AmeriSave may allow a score between 600 and 639 for USDA financing with automated underwriting approval.

Special  programs

Customers may able to lower their electricity costs with AmeriSave’s Solar choices:

• Partner-owned panels. You plug into solar savings without owning the panels, and lock-in low predictable electricity rates.
• Customer-owned panels. You may be eligible for tax benefits as a solar panel owner, which could give you years of free electricity that you can pay for in cash or with a solar loan.
• Storage solutions. If you want a backup to protect against blackouts or high rates, you can store up energy produced for use when you need it.

How does AmeriSave compare to others?