What is AmeriSave Mortgage?
AmeriSave Mortgage Corporation is an online mortgage lender. Its stated aim is to offer a simple, straightforward way for people to find a mortgage that fits their situation. It provides an online application process and a way for consumers to apply over the phone.
Headquartered in Atlanta, Georgia, AmeriSave is licensed to originate mortgage loans in all states except New York. To date, the lender has provided over $130 billion in financing to more than 733,000 borrowers.
AmeriSave offers in-house underwriting, processing, financing, and closing services.
How Does AmeriSave Work?
You can begin your search for refinancing or new home mortgage options through the AmeriSave website.
Enter Your Information
Start by entering some basic information about your needs and your finances. This step takes a few minutes to complete.
Review Your Mortgage Options
You’ll receive a personalized list of lending options based on the information you provide. At this stage, AmeriSave will run a soft credit inquiry (one that does not affect your credit score) to give an idea of what amount and terms you’ll qualify for.
Work with an Agent
If you apply for a mortgage loan, an AmeriSave agent will help you determine which loan has the most favorable terms and assist you in the lending process.
Receive Your Loan
You can expect to receive a decision on your application within a week.
What Are the Benefits of Using AmeriSave?
There are numerous benefits to using AmeriSave to get a home loan.
First, there is no cost to receive personalized loan offerings. You can enter your basic information and needs to see various loan options that could work for you.
Another benefit is how quickly you can view loan estimates that include figures for the loan options available to you. On average, people receive a soft credit approval and available interest rates in under three minutes from when they begin filling out their initial information.
You can also receive personal guidance and assistance once you begin the application process. You can handle the application online or work with a licensed mortgage agent who will assist you through the process.
AmeriSave also offers many loan products, so you can find one that works best for your situation.
Mortgage Loans Offered by AmeriSave
Regarding the available mortgage types, AmeriSave has a robust lineup. It offers fixed-rate mortgages, adjustable-rate mortgages (ARM), FHA loans, VA loans, USDA Rural Development loans, and Cash Out Refinancing. Borrowers can use its mortgage products for purchase or refinance purposes. It even has a personal loan option available in some states.
Fixed-Rate Mortgage Loan
With a fixed-rate mortgage, your interest rate doesn’t change even if market conditions do. So, you’ll pay the same amount monthly over the loan term. Fixed rates are often higher than current market rates but protect you against possible rate increases in the future. AmeriSave has fixed-rate mortgages with 10-, 15-, 20-, 25-, and 30-year terms.
Adjustable-Rate Mortgage Loan
Often referred to as an ARM, an adjustable-rate mortgage has an interest rate that changes yearly based on market conditions. Most ARMs have a fixed rate for the first five years and begin adjusting each year. Sometimes, the fixed rate could be set for seven or ten years. Many ARMs limit how much the interest can go up in a year. Some ARMs have interest-only payments for the fixed-rate term, making them ideal for buyers who plan to sell the home before the adjustable-rate period begins.
Cash Out Refinance Loan
When you receive a cash-out refinance loan, you can take advantage of the equity you’ve built in your home. With this type of loan, you refinance your home for a larger principal amount and receive the difference between what you owe on your old mortgage and your new mortgage as cash.
Home Equity Products
When you have home improvement projects or other significant expenses, one way to pay for them is to borrow against your home’s equity. Or you can use your home equity to consolidate high-interest debt and make the balances more manageable while potentially saving a bundle in interest. AmeriSave offers various home equity products, including 1st and 2nd mortgages, HELOCs and HEloans, which you can leverage to meet your financial goals.
FHA Mortgage Loans
The Federal Housing Authority issues FHA loans. They allow for lower down payments, and you can get approval with a credit score as low as 600. However, additional terms and conditions apply, as FHA mortgage loans are through a federal program.
VA Home Loans
Military veterans and their families can qualify for favorable rates and terms on federally-backed home loans. VA loans have more favorable terms and flexible conditions and are offered by AmeriSave with no origination fees.
USDA Home Loans
These loans are part of the Rural Development Guaranteed Housing Loan program. They are available to people seeking to purchase property in rural areas who meet specific income requirements. Because the federal government backs USDA home loans, they have lower interest rates and other advantages.
What Terms, Fees and Conditions Does AmeriSave Offer?
Because AmeriSave offers several different loan products, your terms and conditions will vary based on the loan type, your credit history and other financial details. Interest rates, origination fees, and the loan’s size and length are also determined by various factors.
How Does AmeriSave Compare to Other Lenders?
Compared to other lenders, AmeriSave’s interest rates tend to be lower than the average. For example, when the average interest rate for a fixed-rate mortgage was 6.35%*, AmeriSave’s rates were as low as 5.65%* for qualified borrowers.
AmeriSave’s upfront fees vary but are often very competitive. It has some loan options that are free of origination fees and some loans that charge a flat fee instead of one based on interest points.
Who Should Consider an AmeriSave Loan?
Because of the broad number of home loan options, AmeriSave Mortgage can be a good fit for new home buyers, people seeking to refinance their homes, or people seeking a non-standard home loan.
How to Apply for an AmeriSave Mortgage
To apply for a home loan with AmeriSave, get started by visiting the website and submitting an online inquiry or by using the chat function. Begin by entering basic information about how much you want to borrow and your purchase goals. AmeriSave will provide several loan options suited to your needs and financial situation. Then, you can select one of those loans and begin the application process. AmeriSave has agents available to help you through the process.
