Pros
- Often features some of the lowest advertised interest rates.
- Provides a simple, fully online application process.
- Pre-qualification does not impact your credit score.
- Offers a wide variety of refinance loan programs.
- Matches competitor rates with its 3-day low-rate guarantee.
Cons
- The upfront application fee is non-refundable.
- Customer service reviews are mixed, with some reporting issues.
- Does not have physical branch locations for in-person support.
- Lowest rates may require purchasing mortgage points.
About Amerisave Mortgage – Home Equity
Exploring your mortgage refinance options can feel overwhelming. Amerisave is a direct mortgage lender that has been operating since 2002. They focus on providing a streamlined, online-first experience for customers. The company is known for advertising very competitive interest rates. They aim to simplify the loan process by using technology. This allows borrowers to apply for and manage their refinance from home. Amerisave operates in 49 states and the District of Columbia.
Key Features
Amerisave built its business around technology and efficiency. Their service features are designed to make refinancing as straightforward as possible for the borrower. From the first click on their website to the final closing, the experience is largely digital. This appeals to tech-savvy homeowners who prefer self-service options. However, this online focus also means less in-person interaction. Here are some of the key features that define the Amerisave experience.
- Digital-First Process: Manage most of the refinance process online.
- Rate Transparency: View daily, customized rates on their website.
- Low-Rate Guarantee: Amerisave will match a competitor’s offer or pay you $500.
- Soft Credit Pull: Get pre-qualified without a hard inquiry on your credit report.
- Wide Loan Selection: Offers conventional, FHA, VA, and USDA loan options.
Available Loan Program
Amerisave provides a solid range of refinance loan types. This selection caters to many different homeowner situations and financial goals. Whether you want to lower your monthly payment, get cash from your home’s equity, or switch to a more stable loan term, there is likely a program for you. The company focuses on the most common and government-backed loan options. This helps streamline their process and keep costs down. Below is a detailed look at the primary refinance programs they offer.
Conventional Refinance
This is the most common type of mortgage refinance. It is not insured or guaranteed by the federal government. Amerisave offers both fixed-rate and adjustable-rate mortgage (ARM) options. A fixed-rate loan locks in your interest rate for the entire loan term, giving you a predictable monthly payment. ARM loans offer a lower initial rate for a set period, after which the rate can change. Conventional loans here typically require a credit score of 620 or higher and a suitable debt-to-income ratio.
FHA Refinance
Federal Housing Administration (FHA) loans are covered by the government. This makes them easier to qualify for. Amerisave offers FHA refinance options, including the FHA Streamline Refinance. The Streamline program requires less documentation and sometimes no appraisal. This makes refinancing faster and cheaper for those with an existing FHA loan. These loans are a great option for homeowners with lower credit scores or less equity in their homes.
VA Refinance
The VA refinance loans are made available exclusively to active-duty service members, qualified veterans as well as the surviving spouses. The loans are supported by the Department of Veterans Affairs. Amerisave offers the VA Interest Rate Reduction Refinance Loan (IRRRL). It is also known as the VA Streamline. This program helps veterans lower their interest rate with minimal paperwork. The company also provides cash-out refinance options for veterans who want to tap into their home equity.
USDA Refinance
The U.S. Department of Agriculture (USDA) backs these loans. They are for homeowners in eligible rural and some suburban areas. Amerisave offers USDA refinance programs designed to help current USDA loan holders. These programs can help you secure a lower rate and payment. Similar to other government programs, the USDA refinance process can be simpler than a conventional loan, with streamlined options available.
Features of Amerisave’s Service
Amerisave built its business around technology and efficiency. Their service features are designed to make refinancing as straightforward as possible for the borrower. From the first click on their website to the final closing, the experience is largely digital. This appeals to tech-savvy homeowners who prefer self-service options. However, this online focus also means less in-person interaction. Here are some of the key features that define the Amerisave experience.
Online Application Process
Amerisave’s website is the hub for your entire refinance journey. You can get a rate quote, complete the full application, and upload required documents like pay stubs and tax returns. The online portal lets you track your loan’s progress through underwriting and closing.
Customer Service Model
Once you apply, you are assigned a dedicated loan officer. This person is your main point of contact throughout the process. They can be reached by phone or email. While this provides a single contact, some customer reviews indicate that the responsiveness of loan officers can vary.
Rate Transparency and Guarantee
A standout feature is the ability to see customized rates online instantly. You can adjust the loan term, your credit score range, and other factors to see how your rate changes. Their low-rate guarantee adds a layer of confidence. If you find a better offer, they’ll try to match it or pay you $500.
Automated Closing Process
Amerisave utilizes technology to speed up the closing process. They offer e-signing for many documents, which reduces paperwork. Closings are typically handled by a mobile notary who comes to your home or office. This adds convenience and flexibility to the final step.
Rates and Fees
Amerisave’s main selling point is its competitive interest rates. The company is transparent, publishing daily rates on its website for various scenarios. However, achieving the lowest advertised rate often requires a high credit score and may involve buying down the rate with mortgage points. A significant point of difference is their fee structure. Amerisave charges a non-refundable upfront fee of $500 to lock in your rate. This fee is applied toward your total closing costs. Some borrowers dislike this upfront charge, while others see it as a commitment to the process.
Closing costs with Amerisave are in line with industry averages. They can range from 2% to 5% of the total loan amount. These costs include third-party fees like appraisal, title insurance, and government recording fees. The company provides a detailed Loan Estimate so you can review all costs before proceeding.
| Fee Type | Typical Cost / Description |
| Application / Rate Lock Fee | $500 (Non-refundable, applied to closing costs) |
| Origination Fee | Varies, often around 1% of the loan amount. This covers the lender’s administrative costs. |
| Appraisal Fee | $300 – $600 (Paid to a third-party appraiser) |
| Title Services & Insurance | $500 – $1,500+ (Varies by location and loan amount) |
| Mortgage Points | Optional. One point equals 1% of your loan amount and this lowers your rate by 0.25%. |
How to Apply?
Applying for a refinance loan with Amerisave is a step-by-step digital process. The company has designed its system to be user-friendly and efficient. You can complete most of the steps from your computer or mobile device. Being prepared with your financial documents will make the process move even faster. Here is a breakdown of what you can expect when you apply for a refinance loan.
- Get a Rate Quote: The first step is to visit the Amerisave website. You will enter basic information about your property, existing mortgage, and credit score. This is a soft credit pull, so it won’t affect your credit. You will then see personalized rate and fee options.
- Complete the Application: If you like the rates offered, you can proceed to the full application. This requires more detailed financial information. You will also pay the $500 upfront fee to lock in your rate and officially start the process.
- Upload Your Documents: Amerisave will provide a checklist of required documents. This usually includes recent pay stubs, W-2s or tax returns, bank statements, and your current mortgage statement. You can upload these securely through their online portal.
- Loan Processing and Underwriting: Your assigned loan officer will review your file. They may order a home appraisal at this stage. Once everything is gathered, your loan goes to an underwriter. The underwriter verifies all information to give the final approval.
- Schedule Your Closing: After final approval, you will receive a Closing Disclosure. This document details all final loan terms and costs. You will then schedule a closing appointment. A closing agent or mobile notary will meet you to sign the final paperwork.
Customer Support
Amerisave’s customer support is centered around its online platform and assigned loan officers. As a direct online lender, they do not operate physical branches. This means all communication happens over the phone, through email, or on their website portal. For customers who are comfortable with digital communication, this model can be very efficient. It allows you to get updates and ask questions on your own time. Your loan officer acts as your guide. They are responsible for answering questions about your loan status, required documents, and next steps.
However, customer experiences with support are mixed. Some borrowers report excellent, responsive service from their loan officers. Others mention difficulties in getting timely responses. Since the loan officer is your primary contact, your experience can depend heavily on that individual. The company does provide general customer service phone numbers, but for loan-specific questions, you will be directed back to your assigned officer.
The Final Verdict
Amerisave is a strong contender in the mortgage refinance market, especially for a specific type of borrower. If you are confident managing an online process, have a good credit score, and prioritize getting a low interest rate, Amerisave is worth a serious look. Their digital platform is modern and efficient. The ability to see custom rates without a hard credit pull is a major benefit. Their low-rate guarantee also provides peace of mind that you are getting a competitive deal.
On the other hand, if you prefer face-to-face guidance or are uncomfortable with a fully digital process, you might look elsewhere. The non-refundable upfront fee can be a drawback for those who are just shopping around. Mixed reviews on customer service suggest that experiences can vary. Ultimately, Amerisave delivers on its promise of low rates and a tech-driven process. For the right homeowner, the savings can be significant, making it an excellent choice for refinancing.