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Sunday, September 19th
AmeriSave has been in the mortgage lending business for nearly two decades, with over $55 billion in home loans on 228,000+ properties. However, AmeriSave doesn't service residences in the state of New York. That cuts out a significant portion of homeowners in the US, but you can still use this company if you live in one of the other 49 states or Washington DC.
See Current Mortgage Rates
We always appreciate it when lenders are open with current mortgage rates, instead of making people jump through hoops or complete a preliminary application first. You'll find them under the Rates heading on the AmeriSave website, along with all of the assumptions made for the interest rates and terms they feature. The only loan types featured there are 15- and 30-year fixed, but this lender does offer VA, FHA, USDA and jumbo options as well.
May Take Some Trial And Error
Of course, if you want a quote specific to the mortgage you want to refinance, you'll need to click on the "Home Refinance" button to get started. You'll be asked for basic details like name and property address, and then for your mobile number for purposes of identity verification. However, when we entered ours, we were told that our number "does not appear to be valid", and the only way to continue with the process was to call AmeriSave's toll-free number. When we tried a number on a different mobile carrier, it went through - so be aware that it may take some trial-and-error or a phone call to move things along.
Soft Credit Check
You'll also have to agree to a "soft" credit check, instead of self-reporting your score range. Unlike many of the mortgage refinancing providers we evaluated, AmeriSave doesn't let you proceed without it. There's no "skip" button, no access to a portal or dashboard unless you agree to that "soft pull" online or call their toll-free line to speak with a representative. But, no matter which company you use for your refi, eventually you'll have to provide that information - so it might be worth it, if AmeriSave can give you a detailed quote and help you close "in days, not weeks" as they promise.
AmeriSave fares relatively well when it comes to their reputation as a mortgage lender. They've earned an "A+" rating and accreditation from the Better Business Bureau, and we found plenty of positive reviews on the BBB site (which is unusual, given that most people go there to file a complaint, not a compliment!).
Non-refundable Application Fee
On the other hand, reading through the negative reviews and comments, we discovered that this service charges a non-refundable application fee of $500. If you start the official application process to refinance your mortgage and decide to go with another lender, or if your refi application is denied, you won't get that money back. You'll find that explained in the "Advance Application Fee Agreement" portion of your application.
Helpful Knowledge Resource
We also found several comments that mentioned a rate match guarantee - but we weren't able to find that discussed in any detail on the AmeriSave site.
Good Choice, But Be Aware Of That Fee
AmeriSave is a decent choice for refinancing your mortgage. You can easily get an idea of a ballpark range of interest rates on the two most common loan types, and the company has a solid track record in the industry. But, the $500 non-refundable fee and the inability to set up an account without entering a SSN keep AmeriSave from ranking higher among mortgage refinancing providers.
While it might be tempting to go with a local mortgage broker or even your community bank, you're not likely to get the lowest rates or ideal terms that way. Why? They usually work with their preferred partners instead of negotiating or "comparison shopping" to get you the best deal. You're paying for convenience and familiarity, but that's it. Fortunately, there are many reputable online lenders that make it quick and easy to get low rates and great terms, all from your laptop or even your mobile phone!
With interest rates at historic lows, it's worth your while to consider mortgage refinancing. Whether you want to shave years off your current mortgage and lower your interest rate or get cash out from your established equity, there's no better time than now. Using an online lender lets you compare rates, complete the application, and finish the entire process without ever leaving home: some services send a mobile notary to you for the final steps of signing the paperwork! Otherwise, you can often choose a local title company if you prefer to go the more traditional route.
Not all online mortgage refinancing providers work the same. While some operate more like a regular bank, funding your loan themselves, others act as a referral service so that you can compare rates and offers from multiple lenders at once. Whichever site you choose, don't be afraid to take the quote you receive and ask other lenders to compete for your business! Some of the fees charged in the refi process are negotiable, so why not see who can give you the absolute best loan terms?
As you start the process of refinancing your mortgage, keep in mind the following criteria for each lender or service you're considering:
TopConsumerReviews.com has reviewed and ranked the best services for mortgage refinancing available today. We hope this information saves you money by helping you find the best rates and terms when you refinance your mortgage!
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