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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.

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
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

Loading Reviews ...
jack.r.rosenberg
1/5/2021
Like many others. Paid $500 up front, things seemed to be going well, then crickets. Loan originator seemed to be a nice guy, but will not respond to email or voice messages. I'm four months into the process and may have missed out on the best rates that were available. My credit rating was 800+ . Equity was is a third of the value of the house. Seems like it's a scam.


S
Sol S
1/4/2021
Worst company out there. Run the other direction if Loan Officer mention its name! My husband and I are waiting for over seven months for the refinance of our primary house. Under Writer keep asking for the same documents over and over. I sent and nothing is done. Then it expires and I have to send it again. A bunch of unprofessional people making the consumer’s life miserable. I wish I have checked their reviews seven months ago. I feel discriminated and harassed by them!


haugabrook.gregory
1/4/2021
The overall process fairly good. I'm happy with the rate I rec'd, but was not aware I was buying points for the rate until I rec'd disclosures. I took a star for this issue because this hindered my ability to make an informed decision. The next concern is I started this process in early November and didn't sign paperwork until December 24th. My previous loan was an 80/15 fixed. One of the delays was Amerisave was attempting to close with me early December when I noticed the loan amount was only the 80% portion of my loan. Amerisave stated that was the only information my lender sent. I educated, I had already provided Amerisave copies of both loans for the past 12 months. Had I not caught... Read More


S
Scotgret
1/2/2021
My loan originator was friendly and initially responsive. My frustration was similar to others in that the automated robo process asked for the same infornation over and over again for many weeks. I am sure I provided the loan originator, the loan processessor, and the closing company the same information multiple times. The left hand wasn't communicating with the right hand. The loan processessor was not responsive to my inquiries. My experience was very frustrating and very disappointing. When I bought my home three years ago, my original lender took four weeks to complete the process and close on my loan including appraisal and underwriting. AmeriSave took exactly 10 weeks to... Read More


John C
1/1/2021
After 4 months of being put through the most frustrating process and extensive document requests of both our personal and business finances, I ended up cancelling refinance request from AmeriSave. What I thought would be a simple and quick process became a total nightmare. With a credit rating OVER 800, substantial net worth and only looking to refinance ONE THIRD of our home’s appraised value I have NEVER experience such poor customer service from a lender. Submitting multiple requests for already submitted documents and incredibly elaborate and detailed requests for information that I feel puts us in a highly vulnerable position for financial identity theft. They failed to meet EVERY... Read More


charissehe51
12/13/2020
Your reviews are a lie. I saw hundreds of complaints on the BBB site. You are deceiving customers


W
william w
12/4/2020
Good up front, but always need something else which drags out the process. Then the website doesn't work to allow upload of documents. Just get you with the initial fee. Stay away!!!


J
Judy S
12/3/2020
Wasted my time and my 500 dollars. If you treat all customers same way the 500 will be all you get from customers. I now see why you charge 500 dollars to start the process. Should have checked reviews!!


J
jan r
11/28/2020
They are awful... Never call back..........they are hard to reach and they never return the calls.


terywat110400
11/16/2020
I just started my cash out refinance process with Ameri Save on Thursday 11/12/2020 , today 11/16/2020 , i had the appraiser come by , I have submitted all the documents they requested so far .Our credit scores are 700 and above .Now after reading all this reviews , I'm really worried that we may have just lost the $500.00 application fee , I hope this will not be the case .My only major concern is that even though we agreed for the application , i never provided them with our ssn #'s or date of birth but yet they were able to pull credit that i do not understand how the got our ssn # and dob information .For now i will rate them average but i will come back and rate them again... Read More