AmeriSave Mortgage Review: Is It Any Good?

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Contributor, Benzinga
July 19, 2023
Overall Rating:
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AmeriSave Mortgage Corp. is a strong financial institution that earns positive customer reviews. With various loan products, a fast prequalification with a soft credit pull and low rates, it’s an excellent choice for many consumers. With no origination fees and low closing costs, you could qualify for a loan with AmeriSave and pay less upfront. 

AmeriSave also offers shorter closing times than the industry average, allowing you to finalize the purchase faster. Recently, AmeriSave Mortgage’s new Lock & Drop program allows qualifying borrowers to get a 1% effective mortgage rate reduction for the first year of their home loan. Taken together, AmeriSave is an excellent mortgage lender for many consumers. Compare its rates with other available options to choose the best mortgage product for you.

  • Variety of loan types and products
  • Mobile application process
  • Lower rates than many other lenders
  • Prequalification without a hard credit pull (in most cases)
  • Transparent pricing and fee structure
  • Customized rate quote in minutes
  • Average closing time of 25 days
  • No branch retail locations
  • No first-time homebuyer program
  • Doesn’t offer home equity loans
  • No personal buyer education
  • No mortgages originated in New York

AmeriSave Ratings at a Glance

Loan Offering
Customer Service
User Experience

AmeriSave Loan Offering

AmeriSave Mortgage Corp. offers online lending services through around 1,000 licensed mortgage originators nationwide. AmeriSave Mortgage doesn’t charge origination fees, allowing consumers to save money upfront. AmeriSave’s in-house underwriting, processing, funding and closing services have funded more than $115 billion in home loans. 

Loan Types

  • Fixed-rate loans
  • Adjustable-rate loans
  • Cash-out refinances
  • FHA loans
  • VA loans
  • Home equity lines of credit (HELOCs)
  • USDA loans
  • FHA loans
  • Personal loans
  • Rate buydowns

Loan Qualifications and Process

On AmeriSave’s website, there's a “Rates” button where you can see promotional rates for 10-, 15- and 30-year fixed mortgages. To see individual rates, you’ll need to go through the prequalification application process and provide contact information and other personal information. 

With prequalification, AmeriSave will use your Social Security number for a soft pull on your credit file. For final loan approval, you'll need the following:

  • Legal ID
  • Social Security number
  • Proof of income
  • Bank statements

You might also need:

  • Pay stubs
  • W-2s
  • Tax returns
  • Employment verification
  • Proof of assets

You’ll need a minimum credit score of 620 for a conventional loan at AmeriSave Mortgage. For a Federal Housing Administration (FHA) or Veterans Affairs (VA) loan, you’ll need a score of 580, while for a U.S. Department of Agriculture (USDA) loan, the minimum credit score for approval is 640.

It will also look at your debt-to-income ratio, which can’t be higher than 45%. There are some exceptions for borrowers with additional assets which could be considered. 

AmeriSave Customer Service

AmeriSave performs better than significant competitors, with a customer rating of 4.68 out of 5 on Zillow in over 2,400 reviews. On J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study, AmeriSave performed slightly worse than the national average, receiving a score of 674 out of 1,000. While the Better Business Bureau (BBB) does not rate it, it received 4.03 out of 5 stars on BBB reviews. 

You can contact AmeriSave Mortgage by phone or email. The loan servicing department can be reached at 866-865-3400. Or you can email Customer service is available at 1-888-700-4026 from 8 a.m. to 5 p.m. Eastern Time Monday through Friday.

AmeriSave User Experience

A mortgage is one of the biggest financial decisions of your life. It can impact your financial future as higher interest rates can cost thousands of dollars more over the lifetime of the loan.  Carefully weigh the costs, additional fees and customer service offered by AmeriSave during your search for an affordable mortgage. 

AmeriSave Rates

The first comparison should be the interest rate available when comparing mortgage rates.  AmeriSave Mortgage rates are comparable to average rates — and in some cases lower — although you’ll have to apply online for a personalized quote. Even a 1% increase can lead to significant additional payments over the loan’s lifetime.

AmeriSave Fees and Additional Costs

You’ll need to pay closing costs as well as origination fees. This can be equal to 3% of the loan value or more. Compare total costs and fees from various insurance lenders to ensure you select the most cost-effective mortgage option. Uniquely, AmeriSave Mortgage offers a no origination fee option, potentially saving you more. 


AmeriSave Mortgages offer rate quotes online, and you can speak to a dedicated mortgage agent to find a mortgage that fits your specific needs. 

AmeriSave vs. Competitors

AmeriSave is an incredible platform for those with little to no balance in their savings account, but how does it stack up against the competition? Benzinga has a look at a few other competitors, making that much simpler for you to research the best mortgage options for your next home search.


Yes, AmeriSave offers a variety of loan products with reasonable costs and excellent promotions. AmeriSave closing costs don’t include fees, potentially saving you more on closing day. Taken together, AmeriSave is a solid mortgage lender that offers significant financial strength, competitive rates and excellent customer service. Compare customized AmeriSave Mortgage rates with other offers to find the best mortgage product for your situation.

Check out mortgage lenders that don’t require tax returns, mortgage lenders for self-employed people, mortgage lenders for bankruptcies or learn more about mortgage real estate investment trusts (REITs)

Frequently Asked Questions


Is AmeriSave a reliable mortgage company? 


Yes, AmeriSave Mortgage is a reliable company with a strong record of customer satisfaction. It offers a variety of mortgage products as well as insurance and personal loans. 


Does AmeriSave do a hard pull? 


AmeriSave will do a hard pull for final mortgage approval, but it doesn’t usually do a hard pull for prequalification. 


What is the average closing time for AmeriSave?


The average closing time for AmeriSave is 25 days. This is faster than the industry average, where the average closing time can be up to 50 days.

Why You Should Trust Benzinga

Benzinga aims to offer the most up-to-date and well-researched financial information on the market. As part of this review on AmeriSave mortgages, Benzinga considered customer reviews, BBB ratings, types of mortgages available, company history and financial performance to offer a balanced review to assist in your financial decisions. 

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Luke Jacobi

About Luke Jacobi

Luke Jacobi is a distinguished professional known for his role as President at Benzinga, a renowned financial media outlet. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations. His contributions play a crucial role in the company’s success, ensuring efficiency and effectiveness across different departments. Prior to his role at Benzinga, Luke has held positions that have honed his skills in leadership and strategic decision-making. With a keen understanding of the financial industry and a commitment to driving innovation, Luke continues to make significant contributions to Benzinga’s mission of providing high-quality financial news and analysis.