Today, everyone is looking for ways to make their lives better. Everyone is looking for the easy way out. Amerisave mortgage has a good reputation amongst its customers for offering very affordable mortgage solutions amongst its customers.
It has really great reviews from people who want to purchase a home, get a lower mortgage rate, and those who intend to cash out their home equity.
Have you been wondering what Amerisave mortgage services are? Have you been wondering whether they are real or legit?
In this article, I have broken down these things and after reading it, you can be able to make a decision for yourself on to use their services.
What is Amerisave Mortgage?
AmeriSave Mortgage Corporation was founded in 2002 and since then, has been one of the fastest-growing direct-to-consumer mortgage lenders in the U.S. It has about 1,250 licensed mortgage originators across the country
AmeriSave Mortgage Corporation offers services ranging from in-house underwriting, processing, funding, and closing services. They are established by Third Party Origination (TPO) division to provide funding for mortgages to community banks, credit unions, and mortgage brokers and bankers in 2010.
AmeriSave Mortgage Corporation has high ratings from all of the families they have offered their services. In terms of ratings, AmeriSave Mortgage Corporation is ranked-
- To have a variety of loan types: 4 of 5 stars
- To have variety of loan products: 4 of 5 stars
- In terms of the corporation transparency: 4 of 5 stars
- To have a properly working online convenience: 5 of 5 stars
- In terms of their rates and fees when compared with the competition: 3 of 5 stars
The AmeriSave Mortgage Corporation website is up and running and from it, you can see all services offered by them.
There are also services to answer any questions you might have are related to the finances offered by the corporation.
Why Do I Need Amerisave Mortgage?
At this point, you are wondering whether AmeriSave Mortgage Corporation is for you. Here are the things you should know-
- AmeriSave Mortgage Corporation offers a variety of loan types and products.
- AmeriSave Mortgage Corporation has a mobile-friendly application process.
- Another advantage of AmeriSave Mortgage Corporation is that you get to decide by yourself whether you want to pay higher upfront fees and live in your home much longer, or whether you want to apply toward closing costs when you sign the loan paperwork.
- The registration process for AmeriSave Mortgage Corporation is also hassle flee. Once the application process has begun, you would be required to upload documents, the loan would also be tracked online and there is also a feature that lets you e-sign loan documents, all from the comfort of your home.
- AmeriSave Mortgage Corporation is very transparent. All actions taken can be seen on the website. Their rates and fees are very boldly advertised on the website so that you would not have to worry about being scammed by the wrong rates. For instance, AmeriSave Mortgage Corporation’s website features a ‘Get Rates’ button on the homepage. Clicking that button yields sample mortgage rates for just two loan products: the 15-year fixed-rate and the 30-year fixed-rate. Details about what it would take to earn the advertised rates are included below in fine print.
- AmeriSave Mortgage Corporation has a very polite and down to earth customer service.
- AmeriSave Mortgage Corporation has an A+ rating from the Better Business Bureau and a 4.2 rating out of five stars from Trustpilot.
- AmeriSave Mortgage Corporation has a fast transaction rate. All you need to do is to find a home you want to purchase and notify them. Start the loan application process and upload your documents online. In no time, you would have the loan for your home ready.
Unfortunately, there are some things you should think twice about before fully going into business with AmeriSave Mortgage Corporation-
- AmeriSave Mortgage Corporation has an average loan origination fee that is higher than the national median.
- does not offer home equity loans, home equity lines of credit or home improvement loans.
- When compared to other lenders, AmeriSave Mortgage Corporation rates and fees are higher
- AmeriSave does not disclose information about its origination fees or closing costs upfront, even though it promises transparency and no surprises once you’ve initiated the loan application, is the promise enough?
- In AmeriSave Mortgage Corporation, with most mortgage lenders, the specific loans offered depend on your creditworthiness, income and other factors. This is a disadvantage because you do not know which loan you are eligible for.
- In Amerisave Mortgage Corporation, your rate won’t be locked until your application has gone through full underwriting. Rates could rise (or fall) before that happens. The pre-approval process and rate lock for purchase loans have a much shorter timeline. This is a disadvantage because prices could change really fast and you could get less of what you bargained for.
What are the Requirements for Investing with AmeriSave Mortgage Corporation?
Like any other loaned corporation, AmeriSave Mortgage Corporation has requirements for every borrower. The minimum borrower requirements are-
- For FHA loans, you would need a minimum 3.5 percent down payment to get the loan.
- Conventional loans through AmeriSave Mortgage Corporation can require a down payment as low as 3 percent.
- Mortgage rates will vary widely among borrowers depending on credit history, location and mortgage type. Fixed-rate home-loan terms range from 10 to 30 years, while there are three ARM options.
- An appraisal will be done to determine your home’s value, and if it’s more than the amount owed on your mortgage, you would meet the requirements and you would qualify to get a loan.
- For a cash-out refinance, you need at least 20% equity in your home.
Mortgage rates will vary widely among borrowers depending on credit history, location, and mortgage type.
Is Amerisave Mortgage Scam or Legit?
AmeriSave Mortgage Corporation is accredited by the Better Business Bureau, where it has a B rating. The corporation has closed 798 BBB complaints in the past 12 months. On Trustpilot, AmeriSave has a rating of 4.2 out of 5.
Between this year and last year, The Consumer Financial Protection Bureau received 315 consumer complaints about AmeriSave, all of which received a timely response from the company.
Customer reviews show that the online application process to getting a loan is mostly smooth and that closings are generally fast. There were, however, some complaints about refinances taking longer than expected and not being able to reach anyone for assistance.
Looking through a lot of reviews given by various people on AmeriSave Mortgage Corporation, it promises to be legit; for now. Many have testified, stating that competitive quotes and upfront costs were provided to them. The staff in AmeriSave Mortgage Corporation are very efficient and professional, making your business time with them stress-free.
AmeriSave offers a wide range of loan services in most states. Some customers complain about closing delays, but eligible borrowers can find affordable and fair rates for buying a house or refinancing an existing loan.
As of January 2021, the rate advertised for a 30-year fixed mortgage is 2.125%, with a 2.460% APR. They base this estimate on a $250,000 conventional refinance loan in Georgia and assume the borrower has a 740 FICO Score and 80% LTV (loan-to-value ratio).
Over the years, AmeriSave Mortgage Corporation has bought the trust of several people who are customers. These customers swear by their credibility and would readily tell you not to hesitate in taking loans from this mortgage and refinancing company.
What are the Mortgage Loan Products at AmeriSave Mortgage Corporation?
For a while now, AmeriSave Mortgage Corporation has not had home equity solutions, manufactured home loans, or construction loans.
However, since they do not have this, they have ensured that they have other forms of standard mortgage options that most people would prefer to use instead. These loans include-
This is one of the most common loans available. You can apply for a conventional home loan with as little as 3% down and may get approved with a credit score as low as 620.
Asides from conventional loans, jumbo loans are also quite popular amongst high-priced real estate owners.
It allows loan amounts above local conforming loan limits. In most areas of the U.S., loan limits are currently capped at $548,250.
The Federal Housing Administration insures these low-down-payment government loans.
FHA loans require a minimum down payment of 3.5% and allow credit scores as low as 580.
If you are an active-duty military member, veteran, Reservist, National Guard member, or an eligible spouse, you might qualify for a VA loan.
You could get approved with no down payment, no mortgage insurance, and a minimum credit score between 580 and 640, depending on the loan amount.
This loan is a home loan insured by the U.S. Department of Agriculture that enables you to purchase a home in an eligible rural area.
USDA loans require no down payment, but you’ll need a minimum credit score of 640.
AmeriSave offers mortgage refinancing whether you’re looking to lower your mortgage rate, adjust your mortgage term, or tap your home equity using a cash-out refinance.
Fixed-rate and Adjustable-rate Mortgages
AmeriSave Mortgage Corporation offers fixed-rate mortgage with a term of 10, 15, 20, 25, or 30 years; or a 5/1, 7/1 or 10/1 adjustable-rate mortgage.
However, most people stick with a traditional, 30-year fixed-rate mortgage to enjoy the lowest possible payment.
Frequently Asked Questions
Most investors believe you should not go into anything you do not fully understand. If you cannot make up your mind about AmeriSave Mortgage Corporation, there are other mortgage borrowers cooperation you can also check out.
Asides from the application of 500$, if you meet the requirements for being given a loan, you may not be required to pay any other fees.
You can apply for an AmeriSave Mortgage Corporation home loan online, or start by obtaining a prequalification through the lender’s website in just a few minutes. If you have questions, you can easily connect with a loan officer through chat. The website includes FAQs, videos, and other educational resources.
AmeriSave Mortgage Corporation is accredited by the Better Business Bureau. If anything happens to the corporation, provisions would be made for proper compensation.
Yes. Over the years, Amerisave Mortgage Corporation has stood the test of time in serving its clients. It is a 100% legit as of today.
With AmeriSave Mortgage Corporation’s loan packages, you do not have to worry a lot about getting your own home.
You can do this very easily and efficiently using their services. Before applying, ensure you meet the requirements above.