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AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states (excluding New York). The majority of AmeriSave’s business is dedicated to refinancing, and they do have convenient online options such as document upload and e-signatures, though most of the process is handled by phone.
AmeriSave boasts some serious statistics: over 19 years of experience in helping customers finance a home for the first time or refinance an existing property, over $84 billion funded, and over 325,000 homes financed.
AmeriSave offers mortgages and refinancing products. The available loans through AmeriSave are; Fixed Rate Mortgages, Adjustable Rate Mortgages, Cash out Refinances, Rate and Term Refinancing, FHA Loans, VA Loans, and USDA Loans. AmeriSave offers a wider selection of fixed rate mortgages with mortgage terms of; 10,15,20,25, and 30 years. The mortgage terms AmeriSave offers on adjustable rate mortgages are; 5/1,7/1, and 10/1. The repayment terms for loans available at AmeriSave depend on the type of loan selected and can be any of the following; 5,7,10,15,20,25,and 30 years.
AmeriSave is suitable for borrowers who have already shopped around, gathered the needed paperwork and are prepared to commit to the loan application fee. Borrowers who are tech savvy and like to apply while on the go will appreciate the mobile accessibility of AMeriSave application and mortgage/ loan process.
AmeriSave has a variety of mortgages as well as a cash out refinancing, and rate and term refinancing loans. AmeriSave however does not offer second mortgage options like HELOCs, home equity loans, or home improvement loans.
Mortgage and Refinancing Product Selection
Borrowers are able to apply directly by contacting AmeriSave by phone, through AmeriSave’s website, by chat, or by using their ease-of-access online platform. AmeriSave offers customers the flexibility and convenience of managing their mortgage or refinancing online - it’s mobile friendly, and customers can apply right through their smartphone or tablet. In order to access this option, customers need to answer a series of personal and financial questions, enter a provided verification code, and agree to a soft credit inquiry. Once a customer is all set up, AmeriSave offers multiple online options, including online loan process tracking and the ability to e-sign loan documents.
Rates start as low as 2.199% for approved applicants. Borrowers can choose from a fixed rate mortgage, or an adjustable rate mortgage. Mortgage terms are 10, 15, 20, 25 or 30 years depending on the mortgage type (for example, a loan backed by Veterans Affairs can be a 10 year loan, whereas a conventional fixed rate loan can be up to 30 years).
For assistance in obtaining a new mortgage or refinancing an existing one, borrowers have many options to get in touch with a mortgage specialist through AmeriSave. The whole process can be handled by phone, with specialized agents ready to assist Monday-Friday, 8:00am to 8:00pm EST. Most customers prefer this route, since email correspondence can take a few days longer. For customers wanting to get information online, AmeriSave offers a quick and efficient chat option for those looking to get a quick response without waiting on hold through the call center.
AmeriSave is a good option for borrowers seeking a first time mortgage, or a refinance on an existing home. With extensive online options, customers can initiate the whole process without speaking to anyone directly. AmeriSave offers traditional loan types as well as loan options backed by the federal government, such as the Department of Veterans Affairs or the U.S. Department of Agriculture. Their streamlined process, low rates, and in some cases, low qualifying options, help ensure customers get the best option for purchasing or refinancing a home.
Do I have to submit physical copies of verification documents?
AmeriSave has an AccountChek for borrowers to submit paperless documents such as bank statements and other electronic copies of documentations needed for asset verification.
What documentation do I need to provide during the loan qualification process?
Borrowers will need to provide documentation of proof of income. The acceptable documents of income are; W2, bonus, overtime and commissions from at least 2 years, two year history of secondary employment, bank statements of pension or social security payments, rental income, dividend and interest income, Child Support, alimony, or separate maintenance income, and foreign income. The self-employed are required to provide 2 years worth of personal and business tax returns,
What is Cash Out Refinance?
Borrowers who have paid off more of their mortgage than what their home is worth will be able to take out equity in cash with the cash out refinance option.
How does Rate and Term Refinancing Work?
Rate and term refinancing is a great option for borrowers whose interest rates are higher than the current market interests rates or wish to change their mortgage loan terms. In order to apply for rate and term refinancing the borrowers home value must be worth higher than the amount that they have left owing on their mortgage.
AmeriSave Mortgage Corporation
Customer Service Department
3525 Piedmont Rd NE
8 Piedmont Center, Suite 600
Atlanta, GA 30305
*average potential savings based on report from CNBC
