Online lender with good customer reviews and fast closing - New Style Motorsport

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Types of loans offered

Compliant, FHA, VA, USDA

Types of loans offered

Compliant, FHA, VA, USDA


  • Quick pre-qualification with a soft credit check
  • He states that half of his clients close in 25 days
  • It has very good reviews on both Zillow and Trustpilot.


  • Does not list fees online
  • Will not allow you to apply with alternative credit data
  • Few extra features beyond their main mortgage offerings
  • Repeat buyers must make a 5% down payment

More information

  • Available in all states except New York
  • Charges an application fee of $500 and a subscription fee of $295
  • Minimum credit score and down payment shown are for conforming mortgages. The 3% down payment option is only available to first-time homebuyers; others must put in at least 5%.

Overall Lender Rating

Pros and cons

AmeriSave Mortgage Corporation Interest Rates and Mortgage Fees

Unlike some

mortgage lenders

, AmeriSave does not list sample rates online and will not show you personalized rates without requesting pre-qualification. Currently, the lender only advertises its lowest rate on its rate page.

If you get a mortgage with AmeriSave, you’ll pay a $500 application fee and a $295 underwriting fee. However, AmeriSave notes that your rates may vary depending on your location and the type of mortgage you get.

AmeriSave Mortgage Corporation v. New American Funding

New American Funding is a good option for borrowers who want a lot of options, as it offers a variety of different types of mortgages. Its special mortgage offer, the I CAN mortgage, allows you to choose any mortgage term between 8 and 30 years. New American Funding also accepts alternative forms of credit from borrowers who have no or poor credit. Alternative forms of credit may include proof of rent or utility payments.

However, if AmeriSave has the type of mortgage you’re looking for and offers a lower rate than other lenders, it might be the best option for you.

AmeriSave Mortgage Corporation v. Bank of America

Both lenders are solid options for the average borrower. Which one is best for your needs may depend on which lender offers you the best deal when it comes to rates, fees, and overall costs.

If you’re a first-time homebuyer or low-income, Bank of America might be the best option thanks to the down payment and closing cost grants it offers.

How AmeriSave works

AmeriSave is an online lender that originates loans in 49 states and Washington, DC. The only state it doesn’t lend to is New York, so if you’re buying or refinancing a home there, you’ll need to work with a different lender. .

This lender offers a few different types of mortgages, including conforming, FHA, VA, and USDA mortgages. On their conforming loans, first-time homebuyers can make as little as a 3% down payment; repeat buyers must deposit at least 5%.

AmeriSave’s minimum credit score for its conforming mortgages is 620. To get an FHA or VA mortgage with this lender, you’ll need to have a credit score of at least 600. USDA mortgage borrowers need a score of at least 640. You need a credit score to get approved by this lender, as they do not accept alternative credit data, such as proof of utility payments.

For its lender fees, AmeriSave charges an application fee of $500 and a subscription fee of $295.

You can get started with AmeriSave online or by phone. If you need help, you can also chat online with a loan officer by clicking the “chat” button on your application page. AmeriSave’s customer service line is open Monday through Friday from 8 am to 5 pm ET

Is AmeriSave Mortgage Corporation reliable?

AmeriSave has an A+ rating from the Better Business Bureau. BBB ratings are based on a company’s response to customer complaints, honesty in advertising, and transparency about its business practices.

In JD Power’s 2021 Primary Mortgage Origination Satisfaction Study, AmeriSave ranked below the industry average in customer satisfaction. However, the lender has great customer reviews on its Zillow lender profile and on Trustpilot.

AmeriSave Mortgage Corporation FAQs

Can I get my $500 from AmeriSave back?

AmeriSave charges a $500 application fee. This type of fee can be expensive for borrowers who are ultimately not approved or choose not to get a mortgage with the lender they paid the fee to, as it is often non-refundable. AmeriSave notes in some of its responses to BBB complaints that its application fee is non-refundable.

What credit score do you need for AmeriSave?

The credit score you’ll need will depend on the type of mortgage you plan to get.

  • Compliant: 620
  • FHA: 600
  • AV: 600
  • USDA: 640

Is AmeriSave a good lender?

AmeriSave currently has a 4.67 star rating on Zillow and a 4.3 rating on Trustpilot. However, it was ranked below the industry average in JD Power’s annual customer service study. You may like AmeriSave if you’re looking for an FHA, VA, or USDA mortgage and want a fast closing.

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