Pros
- Often features some of the most competitive interest rates available.
- A streamlined online application process that is fast and efficient.
- Offers a 3-year rate match guarantee after you close on your loan.
Cons
- Origination and processing fees can be higher than some competitors.
- Customer service reviews are mixed, with experiences varying by loan officer.
- The process is best for borrowers comfortable with digital communication.
About Amerisave Mortgage – Home Equity
Amerisave Mortgage Corporation has been a notable player in the home loan market since 2002. Headquartered in Atlanta, Georgia, it operates as a direct-to-consumer retail mortgage lender. This means you work directly with Amerisave rather than through a broker. The company built its reputation on offering a streamlined, primarily online mortgage process. Its business model aims to reduce overhead costs and pass those savings on to borrowers through competitive interest rates. Amerisave is a large, established lender, licensed in most U.S. states and handling billions in loan volume annually. It focuses on providing a fast and efficient path to homeownership for qualified buyers.
Key Features
Amerisave distinguishes itself with several key offerings designed to attract savvy homebuyers. These features center on speed, cost savings, and rate protection, forming the core of its value proposition. From the moment you start your application to long after you close, Amerisave provides tools to manage your mortgage. Understanding these features is essential for comparing it against other lenders. They highlight the company’s commitment to a technology-driven lending experience.
- Online Pre-Qualification: Get a quick estimate of your borrowing power in minutes without impacting your credit score.
- Digital Application: Complete your entire mortgage application online. You can upload necessary documents securely through their portal.
- Rate Match Guarantee: Amerisave promises to match a competitor’s offer or pay you $500. This applies at the time of locking your rate.
- Lock and Shop Program: This allows you to lock in an interest rate for up to 90 days while you search for the perfect home.
- Dedicated Loan Officer: Each applicant is assigned a single point of contact to guide them through the process.
Available Loan Program
A good lender provides a variety of loan options to fit different financial situations. Amerisave offers a solid range of mortgage programs for homebuyers. This includes government-backed loans ideal for first-time buyers and conventional loans for those with stronger credit. Whether you have a large down payment or need more flexible requirements, there is likely a program that fits. Reviewing these options helps you find the right type of financing for your new home. Each program has unique benefits and qualification standards.
Conventional Loans
These are the most common type of mortgage and are not insured by the federal government. Amerisave offers fixed-rate conventional loans with terms of 15, 20, or maximum 30 years. They are ideal for buyers with good to excellent credit, typically a score of 620 or higher. A down payment of at least 3% is often required. However, putting down lower than 20% will require you to pay private mortgage insurance (PMI). These loans offer competitive rates for well-qualified borrowers.
FHA Loans
Backed by the Federal Housing Administration, FHA loans are a popular choice for first-time homebuyers. They have more lenient credit requirements, with approvals possible for scores as low as 580. The main advantage is the low down payment requirement, which can be as little as 3.5%. Amerisave provides FHA loans to help buyers who may not qualify for the conventional mortgage get into a home. Mortgage insurance is required for the life of the loan in most cases.
VA Loans
VA loans are an exclusive benefit for eligible veterans, active-duty service members, and surviving spouses. Backed by the Department of Veterans Affairs, these loans offer incredible advantages. The most significant benefit is the option for 100% financing, meaning no down payment is required. Amerisave is a VA-approved lender that helps military members use this valuable benefit. VA loans also do not require private mortgage insurance, which lowers the monthly payment.
USDA Loans
The U.S. Department of Agriculture backs USDA loans to encourage homeownership in designated rural and suburban areas. Similar to VA loans, they offer the possibility of no down payment for eligible borrowers. These loans are designed for low-to-moderate-income families. Amerisave can help you determine if the property you want is in an eligible area and if you meet the income requirements for a USDA loan.
Features of Amerisave Purchase
Beyond its rates and loan products, the service features of Amerisave define the borrowing experience. The company leans heavily on technology to create an efficient and self-directed process. This approach is perfect for borrowers who are comfortable managing tasks online and prefer minimal phone interaction. Key service features like its rate lock program give buyers an edge in a competitive housing market. These tools are designed to provide convenience, speed, and a degree of security during your home search.
The “Lock and Shop” Program
One of Amerisave’s standout features is its “Lock and Shop” program. This gives you the ability to lock in an interest rate for 60 or 90 days before you have a signed purchase contract. In a rising rate environment, this can save you a significant amount of money. It provides peace of mind, allowing you to house hunt knowing your rate is secure. If rates go down before you close, some options may allow you to float down to the lower rate.
A Fully Digital Experience
Amerisave was an early adopter of the online mortgage model. Its platform allows you to handle almost every aspect of your loan from a computer or phone. You can apply, upload pay stubs and bank statements, and sign initial disclosures electronically. This speeds up the process considerably compared to traditional lenders. The online portal provides a clear checklist of required documents and tracks the status of your loan in real-time.
Rate Match Guarantee
Confidence in its pricing is a cornerstone of Amerisave’s brand. The company backs this up with a rate match guarantee. If you receive a better offer from a competing lender, Amerisave will either match it or give you $500. This provides a safety net for borrowers. It encourages you to shop around, knowing you can bring a competitor’s Loan Estimate back to Amerisave. This policy helps ensure you get a truly competitive deal on your mortgage.
Rates and Fees
Amerisave’s primary marketing message revolves around its low rates. While its advertised rates are often very attractive, it is crucial to understand the full cost of the loan. Mortgage costs include more than just the interest rate. You must also account for various fees charged by the lender and third parties. Getting a complete Loan Estimate is the only way to see the total expense. Amerisave is transparent with its costs, but you must review the details carefully to avoid surprises.
Amerisave generally charges a loan origination fee, which can be around $995. It may also have a separate processing or underwriting fee. These costs cover the expense of preparing and approving your loan. It’s important to compare these lender fees with those of other companies. Some lenders might offer a lower rate but charge higher fees, or vice versa. Always compare the Annual Percentage Rate (APR), which includes both the interest rate and most fees, for a true comparison.
| Fee Type | Typical Cost Range | Description |
| Origination Fee | $995 – 1% of loan amount | A fee charged by the lender for processing a new loan application. |
| Processing/Underwriting Fee | $500 – $1,295 | Covers the cost of verifying your information and approving the loan. |
| Appraisal Fee | $400 – $700 | Paid to a third-party appraiser to determine the home’s market value. |
| Title Insurance & Services | $500 – $2,000+ | Protects the lender and buyer from issues with the property’s title. |
| Credit Report Fee | $30 – $60 | The cost to pull your credit history from the major bureaus. |
How to Apply?
Starting the mortgage process with Amerisave is straightforward and begins on their website. The company has refined its application to be as quick and painless as possible. The initial steps can be completed in minutes, giving you a clear idea of where you stand. From there, the process moves into documentation and underwriting. Following these steps carefully will ensure a smooth journey from application to closing day. Here is a breakdown of what to expect.
- Get Pre-Qualified Online: The first step is to complete a quick pre-qualification form on the Amerisave website. This involves providing basic information about your income, assets, and debts. It gives you a good estimate of how much you can borrow.
- Speak with a Loan Officer: After you pre-qualify, a loan officer will contact you. They will discuss your goals, answer questions, and help you choose the right loan program. This is your main point of contact throughout the process.
- Complete the Full Application: Next, you will complete a more detailed online application. You will need to provide Social Security numbers, employment history, and other personal data. You can save your progress and return to it at any time.
- Upload Your Documents: Amerisave’s secure portal allows you to upload all required financial documents. This typically includes recent pay stubs, W-2s, bank statements, and tax returns. The online checklist makes it easy to track what is needed.
- Loan Processing and Underwriting: Once your file is complete, it moves to an underwriter for review. They will verify your information and ensure the loan meets all guidelines. They may ask for additional documentation during this stage.
- Receive Approval and Close: After the underwriter approves your loan, you will be cleared to close. Amerisave will coordinate with the title company and seller’s agent to schedule your closing. At closing, you will sign the final paperwork and get the keys to your new home.
Customer Support
Amerisave’s customer support model is built around its online platform and dedicated loan officers. When you apply, you are assigned one person to be your guide. This creates a single point of contact, which can be very efficient. You can reach your loan officer by phone or email. However, the company does not have physical branches, so all interaction is remote. This model works well for many but may not be ideal for those who prefer face-to-face service.
Online reviews for Amerisave’s customer service are mixed. Many customers praise their loan officers for being knowledgeable, responsive, and helpful. They report a fast and smooth process. On the other hand, some borrowers report communication issues and delays. The experience seems highly dependent on the individual loan officer you are assigned. It is wise to read recent reviews and remember that your mileage may vary.
The Final Verdict
Amerisave presents a compelling option for a specific type of homebuyer. If you have a strong credit profile, are comfortable with technology, and prioritize a low interest rate, this lender is worth a serious look. Its streamlined online process and features like the “Lock and Shop” program are powerful tools in today’s housing market. The rate match guarantee also provides a strong incentive to get a quote, as it pushes them to be highly competitive. For experienced buyers who can navigate a digital process independently, Amerisave can deliver significant value and savings.
However, it may not be the best fit for everyone. First-time homebuyers who need more hands-on guidance might find the remote, fast-paced process a bit daunting. The mixed customer service reviews suggest that a positive outcome can depend on the loan officer you are assigned. Additionally, while the rates are low, the lender fees can be on the higher side. You must carefully review the Loan Estimate to understand the total cost. Ultimately, Amerisave is an excellent choice for self-sufficient borrowers seeking an efficient, low-rate mortgage.