AmeriSave Mortgage Review 2021 – NerdWallet

Due to the coronavirus pandemic, getting a mortgage can be a bit difficult. Lenders face high demand for loans and staffing issues that can slow the process down. In addition, some lenders have increased their fees, adjusted their minimum required credit scores, or temporarily suspended certain loan products. If you can’t pay off your current home loan, check out our mortgage aid Resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s COVID-19 financial guide.

AmeriSave Mortgage at a glance

The majority of AmeriSave’s business is dedicated to refinancing, and while there are some online amenities, such as document downloads and electronic signatures, most of the lending process is handled over the phone.

Here’s a breakdown of AmeriSave Mortgage’s overall rating:

  • Variety of loan types: 4 out of 5 stars

  • Variety of loan products: 4 out of 5 stars

  • Online convenience: 5 out of 5 stars

  • Transparency rate: 4 out of 5 stars

  • Prices and fees: 3 out of 5 stars

AmeriSave loan types and products

AmeriSave offers purchase and refinancing loans, as well as mortgages guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, and the United States Department of Agriculture.

It does not offer second mortgage products, such as home equity loans or home equity lines of credit. However, AmeriSave offers cash in refis.

The lender also does not provide construction loans and does not offer mortgages for prefabricated housing.

AmeriSave’s average mortgage is approximately $ 242,000. Many AmeriSave clients have already taken out the home loan – over 90% of the lender’s business is mortgage refinancing, according to 2019 Home Mortgage Disclosure Act data.

AmeriSave online convenience

The AmeriSave website offers a comprehensive, mobile-friendly mortgage application, but to access it you will need to answer a series of personal and financial questions, enter a verification code that is sent to your mobile phone, and consent to a flexible credit application.

Once the application process begins, AmeriSave offers document upload capabilities, online loan process tracking, and the ability to electronically sign loan documents.

AmeriSave Mortgage Rates and Fees

One of the most important considerations when choosing a mortgage lender is understanding the cost of the loan. In order to give consumers a general idea of ​​what a lender might charge, NerdWallet rates lenders on two factors regarding mortgage fees and rates:

  • A lender’s average setup fee compared to the median of all lenders filing under the Home Mortgage Disclosure Act. AmeriSave scores 2 out of 5 stars for this factor.

  • The mortgage rates offered by a lender compared to the best available on comparable loans. AmeriSave gets 4 out of 5 stars for this factor.

Some borrowers note in third-party reviews – and in emails to NerdWallet – that AmeriSave’s original fee includes a non-refundable application fee of $ 500.

Borrowers should consider the balance between lender fees and mortgage rates. While it may not always be the case, paying an upfront fee can lower the interest rate on your mortgage. Some lenders will charge a higher upfront fee to lower their advertised interest rate and make it more attractive. Some lenders just charge a higher upfront fee.

You can decide to buy points of call – fees paid with your closing costs – to reduce your mortgage rate.

Deciding if you want to pay a higher upfront fee is a matter of considering how long you plan to live in your home and how much money you should ask for. closing costs when you sign the loan documents.

Transparency of AmeriSave mortgage rates

The AmeriSave website has a “Get Rates” button on the home page. By clicking on this button, you get sample mortgage rates for only two loan products: the 15-year fixed rate and the 30-year fixed rate. Details on what it would take to earn the advertised rates are included below in fine print. On the day of our audit, AmeriSave assumed a credit score of 740 and discount points of up to 3.274%

To get an estimate of the mortgage rate based on your actual credit score, you will need to initiate the lender prequalification application process.

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