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AmeriSave | 2024 Review

AmeriSave is a well-established online mortgage lender known for its competitive rates and user-friendly digital mortgage application process. With a focus on providing a wide range of home loan options and a commitment to customer satisfaction, AmeriSave has gained a reputation as a reliable choice for borrowers seeking an efficient and cost-effective mortgage experience.

Who is AmeriSave Best for?

AmeriSave is great tool for comparing mortgage rates online with extra personalized service for people who may appreciate extra guidance throughout the process.

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AmeriSave Mortgage Corporation, NMLS ID #1168

Pros and Cons

+   Competitive interest rates

+   Personalized loan services

+   Great loan variety

-   Online-first service with restricted in-person support

-   Services unavailable in New York state

What Loans Does AmeriSave Offer?

AmeriSave Mortgage Corporation is caters to diverse borrower needs, with loans including:

  • Fixed-Rate Loans
  • Adjustable-Rate Loans
  • Cash Out Refinances
  • FHA Loans
  • VA Loans
  • Home Equity Lines of Credit
  • USDA Loans

How Does AmeriSave Work?

The terms and conditions of AmeriSave's mortgages are competitive and designed to meet the needs of a wide range of borrowers. Fix-rate terms include 10-, 15-, 20-, 25-, and 30-year terms. Adjustable-rate terms include 5-, 7-, and 10-year terms.

AmeriSave offers rates comparable to other big-name lenders. Get a personalized rate from AmeriSave here.

What is the Application Process like with AmeriSave?

The application process at AmeriSave is highly user-friendly. To start, borrowers can apply through AmeriSave's digital platform by submitting all required information, including the loan application and all supporting documents. Next, AmeriSave’s digital system will track the loan in real time. This will deliver a more accurate snapshot of the loan status, and notify you as soon as your loan is approved.

AmeriSave does offer personalized service despite the fact that it uses an online system. Loan officers are available to respond to any questions or concerns users may have throughout the application process.

What Do I Need to Apply for a Mortgage Online?

When applying for a mortgage with AmeriSave online, you can expect to receive expert support from start to finish. The application process is quick and simple. You will need this information on hand:

  • Personal identification including social security number and/or government-issued ID
  • Proof of income including pay stubs, W-2 forms, or tax returns
  • Consent for a credit check will be required before final rates are confirmed
  • Additional assets may be required to prove financial stability (such as bank statements)

AmeriSave Highlights

  • Fast Online Application – The application and monitoring process is entirely online making it easy and fast
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  • Positive Customer Feedback – The lender has positive reviews for its simple processes and customer service
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  • Transparent Fees – AmeriSave is upfront and transparent with all origination and application fees
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  • Easy Document Tracking – All documents, from application to closing, are available and saved online
    •

The Bottom Line

AmeriSave stands out in the mortgage industry due to its blend of competitive mortgage rates, a wide array of loan options, and a highly efficient personalized application service, particularly appealing to tech-savvy borrowers and those who prefer managing their finances online.

Visit AmeriSave ➜

AmeriSave Mortgage Corporation, NMLS ID #1168

Not ready to commit? Find more mortgage lenders with great loan variety, competitive rates, and solid customer support. View 2024 mortgage lender comparisons here.

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Frequently Asked Questions (FAQ)

A mortgage loan is used to purchase a home or real estate property. It involves an agreement where the borrower repays the loan over a set term, typically 15 to 30 years. The loan is secured by the property, which means the lender holds it as collateral until the mortgage is fully paid off. The borrower repays the loan through monthly payments, which include both principal (the loan amount) and interest.
Securing a mortgage loan typically takes between 30 to 45 days from start to finish. The process includes pre-approval, application submission, underwriting, appraisal, and closing. If you need to secure a mortgage loan as fast as possible, online lenders are a great option. Online lenders can process and approve loans in as little as 15 to 30 days, thanks to streamlined digital applications and quicker approval processes.
Your credit score plays a key role in determining both your mortgage eligibility and the interest rate you'll receive, accounting for roughly 34% to 40% of the decision-making process. Generally, higher credit scores result in more favorable terms and lower interest rates. If your credit score is on the lower side (around 620 or less), there are still plenty of options available. Many online lenders offer more flexible credit requirements, and applying with a co-signer who has a strong credit score can also improve your chances of securing better loan terms.
To improve your chances of getting approved for a mortgage loan, focus on raising your credit score by making timely payments and reducing any unpaid balances on your card(s). Lenders also prefer a lower debt-to-income (DTI) ratio, typically below 43%, as it shows financial stability. Saving for a larger down payment and maintaining stable employment can further strengthen your application. To speed up the approval process, ensure that all documents you submit are accurate and up to date.
To secure the lowest mortgage rates, it's important to maintain a high credit score and keep your debt-to-income (DTI) ratio low, as these factors demonstrate financial responsibility to lenders. Lenders also assess your income, employment history, and the size of your down payment when determining your eligibility. If your financial profile is lacking in one or more areas, applying with a co-signer who will share responsibility for the loan can help boost your chances of approval and possibly lead to better terms.
Pre-approval is a process where you self-report your financial details, such as income and debt, to get an estimate of how much you might qualify for without a hard credit check. It provides a personalized loan estimate and potential interest rate, helping you compare offers from different lenders and determine what you can afford. Pre-approval is a great first step before fully applying for a mortgage, as it allows you to shop around and better understand your options without impacting your credit score.
When applying for a mortgage loan, lenders will use the following documents to assess your financial health and determine your eligibility for a mortgage loan: PROOF OF INCOME (pay stubs, tax returns W-2s or 1099s) • EMPLOYMENT VERIFICATION (a letter or workplace contact) • BANK STATEMENTS (savings and/or checking account balances and other assets) • CREDIT INFORMATION (lender will conduct a credit report check) • DEBT INFORMATION (current debts and/or other outstanding loans) • PROOF OF IDENTITY (driver's license or passport and your Social Security number).
Start by researching online and reading reviews to check the lender's reputation. Then, shop around by getting preapproved with multiple lenders to compare rates. (Preapproval should not impact your credit score, it's simply a preliminary loan and rate estimate). Don't hesitate to ask questions about the loan process and fees. Local real estate agents can also provide recommendations based on their personal experience with mortgage lenders.
If you're facing challenges with your mortgage payments, there are options to explore. Many homeowners refinance their mortgage to modify their loan terms or secure a lower rate if the market has changed (though there's typically a 6 month waiting period from after you close to when you can refinance). Additionally, you can contact your lender to discuss assistance programs like forbearance and loan modification.
You should consider refinancing your mortgage when it can help you achieve a financial goal, such as lowering your monthly payments, reducing your interest rate, switching from an adjustable-rate to a fixed-rate loan, or accessing your home’s equity. It's generally worth considering refinancing if current interest rates are significantly lower than your existing rate (around 0.5% to 1% or more) or if your credit score or financial situation has improved since you took out the loan. You should always factor in the closing costs associated with refinancing before signing any paperwork to ensure it’s a cost-effective move.