AmeriSave Mortgage Corp is an online lender that has been in business since 2002. It was one of the first to provide an offsite, digital mortgage experience for customers. The company says it has financed more than 325,000 homes since it started functioning. With headquarters in Atlanta, AmeriSave offers loans in 49 states and Washington, DC
- FHA, VA and USDA loans are available in addition to traditional fixed rate and adjustable rate mortgages.
- Potential borrowers can get prequalified without a hard credit check.
- Borrowers can complete the majority of the online application process.
- AmeriSave does not offer home equity loans or home equity lines of credit.
- People buying or refinancing in New York cannot work with AmericanSave.
- The upfront is a $ 500 application fee.
AmeriSave offers a wide selection of home loan and home refinancing options. New home loans include traditional loans, jumbo loans, Fannie May 3% down payment loans (especially first time homebuyers), FHA loans, VA loans and USDA loans.
Homebuyers can also choose between fixed-rate and adjustable-rate mortgages. For fixed-rate loans, the most common terms are 15- and 30-year mortgages, but Ameriswe also offers 10-, 20- and 25-year loans.
With adjustable-rate mortgages, the initial fixed-rate period lasts for five, seven or 10 years. After that, the interest rate is adjusted annually.
AmeriSave offers two basic refinance options: Rate and Term Refinance, where you lower your current interest rate and change the length of your mortgage term, and cash-out refinance, where you use the accrued value of your home to pay off the loan. To do or home improvement. AmericSave also offers mortgage refinancing with FHA, VA and USDA loans.
AmeriSave does not offer home equity loans or home equity lines of credit.
The first step in the process is to fill out and prequalify an online questionnaire, which can take place in a day. Once you find a house you want to buy, notify AmeriSave and start the loan application process. You can upload your documents online.
Once you decide to close at a mortgage rate, AmeriSave says that half of its customers close the loan on an average of 25 days.
AmeriSave has not disclosed information about its origination fees or closing costs, but it does not provide any more transparency after starting the loan application. The upfront is a $ 500 application fee.
Mortgage rates will vary widely between borrowers based on credit history, location and mortgage type.
Fixed-rate home-loan terms range from 10 to 30 years, while there are three ARM options.
AmeriSave does not advertise any rebate programs. It offers a “rate match guarantee”, which states that if you can find a lower rate with another lender for the same loan terms, AmeriSave will match it. If it can’t, AmeriSave will pay you $ 500 if you close the loan with a competitor.
The eligibility restriction in AmeriSave depends on the loan you are trying to get. FHA, VA and USDA loans have less stringent creditworthiness and lower payment requirements than traditional loans. An AmeriSave professional will consult you to find the best home loan program for your situation.
For refinancing, the value of your home is an important deciding factor for eligibility. An appraisal will be done to determine the value of your home, and if it exceeds the amount owed on your mortgage, you may qualify. To cash-out refinance, you need at least 20% equity in your home.
Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.
Credit score requirements vary by loan program. Borrowers require a minimum credit score of 620 for traditional loans and at least 580 credit scores for FHA and VA loans. A score of 640 is preferred for USDA loans, and is required for FHA and VA loans over $ 700,000. Previous bankrupt or foreclosure qualifications can make it more challenging to obtain. Amerisave will typically work with borrowers who have at least two to four years of post-bankruptcy and seven years of foreclosure.
Although Americanway has six locations across the US, lending is done online and by phone. Americanway provides loans everywhere in the United States except New York.
AmeriSave is accredited by the Better Business Bureau, where it has a B rating. It closed 798 BBB complaints in the last 12 months. On Trustpilot, AmeriSave has a rating of 4.2 out of 5. The Consumer Financial Security Bureau received 315 consumer complaints about AmeriSave, all of which received a timely response from the company. Customer reviews indicate that the online application process is mostly smooth and closing is usually fast. However, some complaints about refinancing were longer than expected and were not able to reach anyone for assistance.
AmeriSave offers a customer service hotline which is available from 8 am to 5 pm Eastern Time, Monday to Friday. Customers can also reach out for assistance via email.
Lenders can obtain sample rates and prequalify for a mortgage after filling in basic financial information online. AmeriSave has a variety of online calculators to help you make borrowing decisions: a home valuer to help you decide the value of your current home, one to help you decide The calculator makes financial sense if you refinance your mortgage, and a calculator to help you. Find out how much home you can buy. Once you submit your loan application, I will have an account on My AmeriSave, where you can upload documents and track the progress towards closing your loan.