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AmeriSave Review 2022: Things to Know Before Applying

AmeriSave offers home purchase and refinance loans. It’s known for its quick application process, flexible terms, and lack of origination fees – saving you both time and money.

9.0 / 10
Editorial Score
Ginny Dorn
Personal finance and mortgages specialist
June 14, 2022


AmeriSave is an all-online lender that specializes in home purchase and refinance loans. With two decades in business, AmeriSave has funded $103+ billion dollars for the finance of over 390,000 homes. AmeriSave promises competitive rates for FHA, VA, and USDA loans, while offering unique flexible terms on conventional loans.

Unlike other lenders, AmeriSave requires an upfront application fee of $500. However, you get that money back at closing. On the bright side, the company doesn’t charge any origination fees, so you can save money, despite the initial investment.

AmeriSave has plenty of accolades confirming its reputation, including Consumer Affairs accreditation, and a 4.8 out of 5-star rating on Zillow. It has also won #1 in Customer Service for 5 consecutive quarters with LendingTree,  It’s also an A+ Better Business Bureau accredited business.

9.0 / 10
Editorial Score
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Editorial Score
9.0 / 10
Online Services
Applications, Quote management, etc.
10 / 10
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10 / 10
Available in all states
9.0 / 10
Available loan types
8.0 / 10
9.0 / 10

See Mortgage Loan Offers on AmeriSave

Products & Services

AmeriSave provides home purchase and home refinance loans. It does not offer home equity loans.

Fixed-Rate Mortgage Loans

Fixed-rate mortgages have a consistent interest rate throughout the span of the loan. Although 15 and 30-year terms are the industry standard, AmeriSave also offers the option to choose a 10, 20, or 25-year term. If you’re a first-time homebuyer, you can take advantage of AmeriSave’s Fannie Mae 3% down payment loan option.

Adjustable-Rate Mortgage Loans

Adjustable-rate mortgages, or ARMs, are hybrid loans that offer both fixed and variable interest rates. These loans guarantee a fixed rate for a specific term before switching over to a variable rate, which usually adjusts once a year based on market conditions.

AmeriSave offers 5/1, 7/1, and 10/1 ARMS, meaning that after the initial term of 5, 7, or 10 years, the interest rate will adjust every 1 year. The lender also provides a 2/2/5 cap on its ARMs:

  • An initial rate cap ensures your loan will have a 2% maximum increase or decrease for the first rate adjustment.
  • A periodic rate cap ensures that your loan will have a 2% maximum increase or decrease for all subsequent adjustments to your rate.
  • A lifetime cap ensures that your loan will have no more than a 5% increase above your initial rate throughout the life of the loan.

Jumbo Mortgage Loans

Jumbo loans exceed the conforming limit of $647,200 set by Fannie Mae and Freddie Mac, though that limit can vary in high-cost areas. These loans require more underwriting requirements than conventional mortgages. AmeriSave provides jumbo loans up to $2,000,000.

You can choose a fixed rate loan for a 15 or 30 year term, or an ARM with a 5, 7, or 10 year adjustable rate term. To qualify, you’ll need a 10% down payment and a credit score of 620 or greater. You’ll also need to show that you have six months of reserve funds to cover taxes, insurance, and principal interest for a loan LTV/CLTV greater than 80%.

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FHA, VA, and USDA Loans

FHA, VA, and USDA loans are backed by the government and have a strict set of requirements and qualifications. AmeriSave provides you with a mortgage expert that can walk you through the process and ensure that these loans are right for you. Although it doesn’t list rates on the website, AmeriSave promises competitively low FHA, VA, and USDA rates and requires no origination fees.

To qualify for an FHA loan with AmeriSave, you’ll need a minimum credit score of 600 and a minimum down payment of 3.5%. You’ll also need mortgage insurance and an appraisal by a HUD-approved appraiser. The property you purchase with this loan must be your primary residence.

To qualify for a VA loan, you’ll need a credit score of at least 600. If you want to borrow $700,000 or more, you’ll need a minimum credit score of 640. You won’t need a down payment, but you will need to have adequate residual income, based on the number of dependents in your family, childcare expenses, property location, and cost of living in your area.

To qualify for a USDA loan with AmeriSave requires that your home is a single-family residence which you live in – no renting the property to others. The home must be in an area that the USDA deems to be rural. Credit score requirements are flexible and you can have as little as 0% for a down payment.

Mortgage Refinance Loans

AmeriSave provides basic refinances for either cash-out or rate and term refinances. With its cash-out refinance, you can use the equity that you have in your home to get cash for other expenses, like home renovations or to consolidate other credit. You can also take advantage of lower interest rates. To qualify for a cash out refinance with AmeriSave, you’ll need at least 20% in equity for your home.

With AmeriSave’s rate and term refinance, you can change your term length, get rid of mortgage insurance, or lower your interest rate. AmeriSave’s refinances are through Fannie Mae and Freddie Mac. You’ll also need to have a credit score of 620 with a history of on-time mortgage payments.

You can apply these two basic types of refinancing to FHA, USDA, and VAl loans with AmeriSave.

See Mortgage Refinance Offers from AmeriSave

Rates and Terms

AmeriSave’s loan terms vary depending on the type of loan you’re interested in. In general, most loans require a 15 or 30-year term. However, AmeriSave’s fixed-rate mortgage is available in 10, 15, 20, 25, and 30-year terms. It also offers 5/1, 7/1, and 10/1 ARMs.

Rates can also vary by what type of loan you’re getting, your credit score, your financial details, the home you’re buying, and the market.

AmeriSave charges an upfront application fee of $500 which covers the cost of the appraisal and then is refunded to you at closing. It also has no loan origination fees on any of its loan options.

Application Process and Qualifications

AmeriSave’s application process is entirely online, although you have the option to get assistance over the phone if you need it. If you prefer to work with AmeriSave in person, you can visit their Atlanta, Louisville, Troy, Scottsdale, or Plano offices. You can get a loan anywhere in the U.S. and in Washington, D.C., with the exception of New York.

To prequalify, you’ll need to enter information about your location and the property you’re looking to purchase. This doesn’t affect your credit score. During application, you should be prepared to upload employment, income, and asset documentation. You may also receive a call from a loan specialist, depending on your circumstances.

AmeriSave has offers that can be very helpful in a competitive housing market should you decide to apply:

Lock & Shop Rates: AmeriSave offers a 90-day certified Lock & Shop interest rate that protects homebuyers from rate hikes while they’re shopping for a home. The Lock & Shop rate does not require a signed purchase contract and is not subject to 30-year conventional loan restrictions, so it provides more flexibility and peace of mind for the buyer.

AmeriSave’s Certified Approval Letter: AmeriSave will issue this letter within hours so the buyer can begin shopping for a home. The Certified Approval Letter is the next best thing to cash, as it verifies that a buyer’s income and credit meet the loan underwriting standards.

Certified Closing Promise: AmeriSave is so confident in their Certified Approval Letter, they promise to pay the borrower $1500 if their loan doesn’t close. Restrictions do apply.

Qualification depends on what type of loan you’re getting. Government-backed loans, like VA, FHA, and USDA, have more relaxed qualifications for the down payment and credit score than conventional loans. With AmeriSave, conventional loans require a minimum credit score of 620 or 580 for an FHA or VA loan. At a minimum you’ll need 3% down for conventional loans, though the more you put down the better your rates will be.

Get Started with AmeriSave

Approval Time

It takes just minutes to fill out the online form, and you can get prequalified in as little as 24 hours. Prequalification a business day is fairly standard with online-only lenders, so AmeriSave is on par with the competition. Once you’re prequalified and find a house to purchase, you can typically close the loan within about 25 days, which is faster than the market average.

Customer Service

AmeriSave has customer service representatives available via phone and email. You can also chat with a live licensed loan originator. They are available Monday through Friday, from 8:00 a.m. to 5:00 p.m. EST.


AmeriSave is an all-online lender offering home purchase and refinance loans, with a special focus on government-backed loans like FHA, VA, and USDA. It promises competitively low rates for government-backed loans and flexible terms for conventional fixed and adjustable-rate loans.

Although AmeriSave requires a $500 upfront application fee, you get that money back at closing time and you won’t have to pay any origination fees. It’s quick to prequalify and close on the loan, which is important in a booming housing market like the one we are currently in. While my experience with customer service wasn’t ideal, the pros outweigh the cons.

AmeriSave boasts two decades in business, billions of dollars in funding, a Better Business Bureau accreditation and A+ rating, and tons of other accolades from companies like LendingTree and Consumer Affairs. It is a reputable and trustworthy company that can make your home buying experience fast, easy, and potentially cheaper than other lenders.

Get Started with AmeriSave


How much are closing costs with AmeriSave?

Closing costs are generally anywhere from 3% to 6% of your total loan amount. AmeriSave also refunds your initial $500 application fee at the time of closing, which can help with closing costs if you so choose.

Is AmeriSave a direct lender?

Yes, AmeriSave is a direct lender.

Ginny Dorn
Written by

Ginny Dorn is a freelance personal finance writer. She specializes in credit card debt, personal loans, and mortgages. She graduated from Western Illinois University with a bachelor's degree in family and consumer sciences.

  • No hard credit inquiry for prequalification.
  • Receive a customized rate quote in 3 minutes
  • The average time to close a loan is 25 days.
  • No origination fees.
  • $500 upfront application fee.
Bottom Line

AmeriSave provides quick prequalification and accurate quotes without a hard credit pull. With two decades in business and plenty of accolades, this lender has proven that its all-online methodology is trustworthy. Offering a variety of loans in 49 states, AmeriSave has an option for just about anyone.

AmeriSave offers highly competitive mortgage APR rates, flexible terms, and zero origination fees. Although it does require a $500 application fee, you get that money back at closing. This lender could be a good choice if you want to choose your own term or take advantage of a government-backed loan.