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AmeriSave Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
63 Customer Comments & Reviews - see all comments
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Headquartered in Atlanta, Georgia, AmeriSave Mortgage Corporation is a retail mortgage lender with almost 20 years of experience in the industry. The company serves customers in 49 states and offers a wide array of first mortgage and mortgage refinancing products. Customers can quickly and easily compare multiple loan scenarios and quotes through the company's online portal. AmeriSave Mortgage Corporation is highly-rated by the Better Business Bureau and by consumers on Trustpilot.
 
VIEW RATES

How is AmeriSave rated?

Breakdown

4.5/5
Loan Variety
5.0/5
Ease of Process
4.5/5
Customer Service and Reputation
4.5/5
Discounts and fees

Overall Rating: 4.7 / 5 (Excellent)

AmeriSave is a medium-sized non-bank lender, which provides first mortgages and mortgage refinancing. The company offers a full complement of loan products, including low-cost government-backed loans.

Though AmeriSave has had some regulatory problems in the past, its competitive pricing and overall transparency may compensate for these issues.

The company's online portal can provide quotes in under a minute. AmeriSave features a number of calculators and other tools on its website to help homeowners understand how different refinancing scenarios would play out for them.

The company also offers an unusually high level of proactive customer service during the quote process that may make shopping for the best refinancing offer easier for customers.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
Jumbo
USDA
Fixed Year Terms
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM

Loan Variety - 4.5 / 5

AmeriSave offers competitive rates on its mortgage refinance products, which include both government-backed FHA, VA, and USDA loans, as well as conventional and jumbo loans.

Customers can also choose between fixed- and variable-rate loans, though with mortgage rates being near historic lows at the time of this review, many borrowers would be best served by locking in a loan rate while the market is so favorable.

Application Process

Minimum Credit Score
620
FHA Minimum Credit Score
580
Maximum LTV
80%

Ease of Process - 5 / 5

AmeriSave makes comparing refinancing scenarios considerably easier than many companies. The company's quote tool returns a wide variety of options and shows you how your monthly payments will change if you decide to pay points upfront. AmeriSave's website features a live chat feature. After you complete the quote process, an AmeriSave representative will reach out via chat and ask you if you need any help understanding your options or continuing with the application process. Such pro-active customer service is unusual in the industry. Speaking with a loan representative in real time, when you have all of your options in front of you on your computer, is a great way to gain insight into the refinancing process. The use of live chat versus telephone contact may be more comfortable and less intrusive for many borrowers.

AmeriSave Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
1168
Nationwide Mortgage Regulatory Actions
14
NMLS Collection Date
2021-05-04
CFPB Total Mortgage Complaints
112
CFPB Collection Date
2021-05-04
Total VA Loans Written (Q1 2017)
296 loans
Total VA Loan Amount (Q1 2017)
$79,182,902

Online Reviews

Trustpilot Trustscore
4.2
BBB Rating
A+
Date Collected
2021-05-04

Customer Service and Reputation - 4.5 / 5

Despite the considerable number of positive reviews AmeriSave has received on online consumer platforms, AmeriSave has had 14 regulatory actions taken against it by the Nationwide Mortgage Licensing System and 599 complaints lodged with the Consumer Financial Protection Bureau over the past three years. Given the size of the company and the number and variety of loans it offers, that record isn't all that bad. Many lenders don't even fare that well. But it does underscore the need for consumers to become extremely well-educated about mortgages before they refinance a property. Many complaints in the mortgage industry can be traced back to misunderstandings about loan approval criteria, lenders' fees, and borrowers' responsibilities once they've taken out a loan.

Contact & Additional Information

Homepage URL
https://www.amerisave.com/
Company Phone
(866) 970-7283
Headquarters Address
3525 Piedmont Rd NE, 8 Piedmont Center, Suite 600, Atlanta, GA, 30305
Year Founded
2002

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63 Customer Comments & Reviews

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B
Barbara
8/20/2016
Terrible experience. They asked for documentation little by little. Asked my employer for the same form 3 times. They want an answer immediately, otherwise you are the one holding up the process. They really are unorganized and unprofessional. Just pick another company and save yourself and your employers a great deal of aggravation.

D
Dave V
8/17/2016
They overpromise and underdeliver. Be careful of choosing them as your lender. Had the most horrible mortgage experience on my closing.

T
They d
8/3/2016
We knew our loan request would need explanations but they don't listen and don't read the explanations you send. They ask for documents one or two at a time. They weren't awful but if they had listened they could have wasted far less of our time.

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