Mortgage

AmeriSave Evaluation for 2020

overview

Founded in 2002, AmeriSave Mortgage Corporation is a direct lender that has financed over $ 55 billion in purchase and refinancing loans.

The company wants to make the loan process simple and easy with transparent prices and a user-friendly online application.

AmeriSave offers a wide range of affordable mortgage solutions and a reputation with its customers. In 2019, the company offered lower mortgage rates compared to its competitors and also had fewer complaints with the Consumer Financial Protection Bureau (CFPB).

Whether you're looking to buy a home, get a lower mortgage rate, or cash out on your home, AmeriSave might be worth a look.

AmeriSave Mortgage Rates

In 2019, AmeriSave's average 30-year mortgage rates were lower than some major lenders.

In addition to better interest rates, the average lender's borrowing fees (2019) were also slightly lower than those charged by major competitors.

Of course, prices and fees vary depending on the customer. But a lender with competitive mortgage rates on average is a good place to begin your search.

Average 30 year mortgage rate from major lenders

AmeriSave
Accelerate Loans
Wells Fargo
chase
30-year average interest rate, e2019

3.97%
4.16%
4.22%
4.22%

Monthly P&I payment *

$ 951
$ 973
$ 980
$ 980

Average origin fee, 20191

$ 3,345
$ 5,075
$ 3,484
$ 3,440

Average Loan Cost, 20191

$ 5,538
$ 2,805
$ 1,199
$ 1,279

When buying a home, it's important to compare prices and fees with multiple lenders to ensure you are getting the best deal.

Price offers are free. Ideally, you should seek quotes from at least three lenders before making a decision.

A low mortgage rate not only reduces your monthly payment, but it also has a big impact on your total cost over the life of the loan.

Average interest rate and fee data comes from public records required by the Home Mortgage Disclosure Act (HMDA).

* Monthly principal and interest payment based on a home price of $ 250,000, down 20%, assuming each lender's 30 year average interest rate for 2019. Your own interest rate and monthly payment will vary.

Check your new plan (November 30, 2020)

AmeriSave review for 2020

AmeriSave Mortgage strives to offer its customers lower rates and fees, and to keep prices as transparent as possible.

Before starting the loan process, you can visit the lender's website and click the "Get Rates" link for the latest pricing information.

Note that the interest rate samples are based on fixed-rate mortgages with a term of 15 and 30 years and assume a credit score of 740 and a down payment of 20%.

Your own interest rate will likely be higher or lower than advertised depending on the strength of your mortgage application. Typically, the higher your credit rating and down payment, the lower your rate.

AmeriSave also offers a variety of mortgage products.

These include government-secured loans (FHA, VA, and USDA) as well as low down payment solutions. You can choose the type of interest rate – fixed or adjustable – and the loan term that suits you.

Unfortunately, if you are looking for a home equity loan or line of credit, this lender doesn't offer it.

Also, if you need a construction loan or if you are buying a prefabricated house, AmeriSave cannot help.

For other more mainstream mortgages, this lender is probably worth a look.

One downside is that AmeriSave charges a registration fee of $ 500. However, if you stick with the company until close, those $ 500 will be refunded to cover your closing costs.

Working with AmeriSave

Although AmeriSave is headquartered in Atlanta, GA, it is licensed in 49 states and DC. Unfortunately, it's not licensed in New York.

You can search rates, select your loan product, and submit an application online. You can then close at a time and place that suits you.

To buy or refinance a home, start by pre-qualifying through the AmeriSave website.

You must provide basic personal and financial information, such as: B. Information about your income and assets.

Next, check out the available mortgage rates. If you're ready to proceed, submit an online application and approve a credit check.

AmeriSave also has an online portal where you can securely upload records such as your recent pay slips, W2s, tax returns, bank statements and any other documents your loan officer may request.

After the underwriting, the lender will set a deadline. Depending on your location, there is an option to sign loan documents via email or schedule a personal deal.

AmeriSave customer service reviews

Overall, AmeriSave receives mostly positive reviews from its customers.

The lender took out more than 68,000 mortgages in 2019 but received just 52 complaints with the Consumer Financial Protection Bureau (CFPB). That's less than one complaint per 1,000 mortgages.

Companies
Mortgage origins 2019
CFPB complaints
Complaints per 1,000 mortgages
2020 JD nominal power
AmeriSave

68.909
52
0.75
Not rated

Wells Fargo

1,026,800
342
0.33
840/1000

Accelerate Loans

774,900
187
0.24
883/1000

chase

527,600
188
0.36
860/1000

From more than 3,500 customer reviews, AmeriSave also has a 4.1 rating for Trustpilot.

Most customers praised the company for its transparency, excellent customer service and low prices. Many were also impressed with the speed of closing. Some customers closed within 14 to 25 days.

When it came to complaints, a small percentage of customers had poor communication and slow response times.

Mortgage loan products at AmeriSave

While AmeriSave doesn't offer home equity solutions, manufactured home loans, or construction loans, it does offer all of the standard mortgage options you would expect. These include:

Conventional Loans – You Can Apply For One conventional home loan with only 3% less and can be approved with a credit score of only 620Jumbo Loans – Jumbo loans are intended for high-priced real estate and allow loan amounts that are above local credit limits. Most areas of the United States currently have credit limits capped at 510,400 FHA loans. These low down payment government loans are insured with the Federal Housing Administration. FHA loans require a 3.5% minimum deposit and allow credit scores as low as 580VA loan – If you are an active military member, veteran, reservist, member of the National Guard, or an eligible spouse, you may qualify for one VA loan. Depending on the loan amount, you can get approval with no down payment, no mortgage insurance, and a minimum loan value between 580 and 640. USDA Loan – Use a US Department of Agriculture insured home loan to buy a home in an eligible rural area. USDA loan No Down Payment Required, but Requires a Minimum Credit Value of 640 (Preferred) Refinancing – AmeriSave Offers Mortgage refinancing Regardless of whether you want to lower your mortgage rate, adjust your mortgage term or develop your home equity with the help of disbursement refinancing. Fixed and Variable Rate Mortgages – Choose a 10, 15, 20, 25 or 30 year fixed rate mortgage; or a 5/1, 7/1, or 10/1 floating rate mortgage

Most borrowers stick to a traditional 30-year fixed-rate mortgage in order to get the lowest possible payment.

With AmeriSave, however, you can opt for a shorter term between 10 and 25 years if you want to pay off your home sooner. Remember, the shorter the loan term, the higher the mortgage payments.

AmeriSave could also be a great option for refinancing.

Refinancing replaces an existing mortgage with a new loan. This option allows you to lower your mortgage rate and monthly payment, change your loan term, or take out home loans through a disbursement refinance.

Check Your Eligibility for Home Loans (November 30, 2020)

Where can I get a loan with AmeriSave?

AmeriSave has physical offices in the following states: AL, AZ, FL, GA, HI, KS, KY, LA, MD, MI, MN, MO, NC, NV, TN, TX.

In addition, AmeriSave is a licensed online direct lender in all states (except New York) and Washington D.C.

Amerisave FAQ

Does AmeriSave service its own loans?

Yes, AmeriSave offers service on most of the loans it gives. It can keep the loan until you repay or sell the house.

What is the minimum creditworthiness for an AmeriSave mortgage?

The AmeriSave Mortgage score mark varies by loan program. Typically, you need a minimum loan value of 620 for a traditional loan, 580 for a VA or FHA loan, and 640 for a USDA loan.

Are AmeriSave Interest Rates Good?

AmeriSave generally offers low, competitive interest rates. In 2019, the lender's average 30-year interest rates were lower than those of its main competitors. However, mortgage rates vary from person to person. If you have a lower credit score or a low down payment, your rate may be above average.

Does AmeriSave offer withdrawal refinancing?

Yes, AmeriSave offers withdrawal refinancing for conventional, FHA, and VA loans. You can borrow against the equity of your home – usually up to 80% – and use the money for a variety of purposes, such as: For debt consolidation, home improvement, or other purposes.

Does AmeriSave have a registration fee?

You pay a $ 500 non-refundable application fee which AmeriSave applies to your closing costs.

Is AmeriSave the Best Mortgage Lender for You?

AmeriSave offers a variety of home loan solutions for first time buyers, repeat buyers, and homeowner refinancers.

This includes mortgages for borrowers with lower credit scores and lower down payments.

Also, AmeriSave mortgage rates are often quite competitive, so you might get a good deal on your home loan.

Unfortunately, AmeriSave is not licensed in New York and does not offer popular products such as home equity loans and home equity lines.

If you are interested in AmeriSave request a quote to see what it can offer you. But check with some other lenders as well – you won't know which one will give you the best deal until you've received personalized estimates.

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