AmeriSave Mortgage Corporation Review 2023
AmeriSave Mortgage Corporation Review 2023
AmeriSave Mortgage Corporation: A Solid Choice for Homebuyers
At AmeriSave Mortgage Corporation, we understand that buying a home can be a complex and overwhelming process. That’s why we strive to provide our customers with straightforward and efficient mortgage solutions. In this article, we will take an in-depth look at AmeriSave Mortgage Corporation, evaluating its pros and cons, interest rates, fees, and how it compares to other lenders. We will also address some frequently asked questions and provide insights into the company’s reputation.
An Overview of AmeriSave Mortgage Corporation
AmeriSave Mortgage Corporation is an online lender, offering mortgage services in 49 states and Washington, D.C. While it provides various mortgage types, including conforming, FHA, VA, USDA mortgages, and HELOCs, it does not lend in New York. The minimum credit score requirements range from 600 to 640, depending on the loan type. AmeriSave allows first-time homebuyers to put down as little as 3%, while repeat buyers must put down at least 5%.
Pros and Cons of AmeriSave Mortgage Corporation
AmeriSave Mortgage Corporation is known for its fast closing process, making it an attractive option for borrowers seeking quick turnaround times. However, it’s worth noting that the lender’s offerings are relatively basic, lacking unique loan options or down payment assistance programs. If you’re looking for a lender with a wide range of options, AmeriSave may not be the best fit.
Interest Rates and Fees
On its rates page, AmeriSave provides sample mortgage rates for various terms. However, to obtain customized rates, you will need to apply for prequalification. It’s essential to consider the fees associated with a mortgage, and AmeriSave charges a $500 application fee and a $295 underwriting fee. It’s worth noting that according to the Home Mortgage Disclosure Act data, borrowers who obtained a conventional mortgage with AmeriSave paid an average of $5,753 in origination fees in 2022, which is relatively high compared to other lenders.
Comparing AmeriSave Mortgage Corporation to Other Lenders
To better understand AmeriSave’s position in the market, let’s compare it to two other prominent lenders: New American Funding and Bank of America.
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AmeriSave Mortgage Corporation vs. New American Funding
New American Funding offers a wide range of mortgage options, providing borrowers with significant flexibility. Their unique I CAN mortgage allows borrowers to choose any mortgage term between 8 and 30 years. Additionally, New American Funding accepts alternative forms of credit, making homeownership more accessible for those with no or poor credit history. However, if AmeriSave offers lower rates and the mortgage type you desire, it may be a better choice for you.
AmeriSave Mortgage Corporation vs. Bank of America
Bank of America is known for its down payment and closing cost grants, making it one of the top mortgage lenders in the US. The Community Affordable Loan Solution offered by Bank of America enables borrowers in specific areas to obtain a mortgage with no down payment. When considering these two lenders, the better option may depend on the offers available to you.
Reputation and Customer Satisfaction
AmeriSave has an A+ rating from the Better Business Bureau, indicating its commitment to customer service and transparent business practices. However, it ranked low in J.D. Power’s 2022 customer satisfaction study, earning the second-to-last spot. Despite this, AmeriSave has received positive online customer reviews, with a 4.68 out of 5-star rating on Zillow based on 2,432 customer reviews and a 4.3 out of 5-star rating on Trustpilot based on 11,056 customer reviews.
Frequently Asked Questions about AmeriSave Mortgage Corporation
Let’s address some common queries that potential borrowers may have:
- How does AmeriSave work? AmeriSave is an online lender, originating loans in 49 states and Washington, D.C. The company offers conforming, FHA, VA, USDA mortgages, and HELOCs, providing a range of options for homebuyers.
- Is AmeriSave a reputable company? While AmeriSave received a low ranking in a customer satisfaction study, it has positive online customer reviews and an A+ rating from the Better Business Bureau.
- What are AmeriSave’s fees? AmeriSave charges a $500 application fee and a $295 underwriting fee. However, fees may vary depending on location and loan type.
Reviewing AmeriSave Mortgage Corporation
Our review of AmeriSave Mortgage Corporation is based on four key factors: loan types, affordability, customer satisfaction, and trustworthiness. By assessing each factor and averaging the ratings, we can provide an overall assessment of AmeriSave as a lender. Lenders with a variety of loan types, affordability, positive customer reviews, and a lack of recent public controversies receive higher ratings.
At AmeriSave, we understand the importance of finding a mortgage lender you can trust. While our offerings may not be as extensive as some competitors, we pride ourselves on our quick closing process and efficient service. Consider your specific needs and preferences when choosing a lender, and remember that AmeriSave is here to guide you on your homebuying journey.
