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AmeriSave Review

Friday, July 30th

2021 Mortgage Refinance Company Reviews

AmeriSave Review 3.5 Star Rating

AmeriSave

3.5 Star Rating

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.

Good Reputation

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.

Where is the Best Place to Refinance Your Mortgage?

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.

The Best Mortgage Refinance Companies Compare Mortgage Refinance Companies Compare Mortgage Refinance Company Reviews What are the best Mortgage Refinance Companies Best Mortgage Refinance Company Reviews

Mortgage Refinance Company FAQ

When you refinance your mortgage, you essentially take out a new loan on your current home. Your new lender pays off your balance with your previous lender, and you start a new mortgage. It sounds complicated, but the average homeowner refinances their mortgage every four years!
A refinance could be a great opportunity under several conditions. These include a significant reduction in your interest rate, minimizing risk by changing from an adjustable rate mortgage (ARM) to a fixed rate loan, or reducing the length of your mortgage (e.g from a 30-year fixed to a 15-year fixed).
There are three situations where it probably doesn't make sense to refinance. If you've had your current mortgage for a long time, most of your payments are now going towards the principal instead of interest; a refinance will put you back to paying more towards interest and cost you more money. Or, if your current mortgage has a prepayment penalty and the lender isn't willing to waive it, you could spend more in fees than you'll save by refinancing. Finally, if you're planning to move in the near future, you might not recoup the closing costs you'll pay to refinance before it comes time to sell your home.
A cash-out refinance lets you borrow against the equity you have built up in your home. Some people do a cash-out refinance to consolidate debts at a lower interest rate, to pay for college, or to remodel their home.
Absolutely. There are some highly-rated lenders whose primary focus is online home loans, both first mortgages and refinancing. Because these lenders often have less overhead than a local mortgage broker or bank, you may get lower interest rates and be able to negotiate on some of the fees to get the best possible terms.
You'll want to run the numbers to see if it makes sense for you. Will you be in the home long enough to recoup what you've paid in points to spend less on interest? Will it make a big enough difference in your monthly payments? Do you have the cash on hand or will you have to roll the cost of the points into the mortgage itself? The decision is ultimately yours, but do the math to see if it's a good option first.
Remember all of the paperwork it took when you got your current mortgage? Expect a refinance to be very similar. You'll have to provide proof of income and homeowner's insurance coverage, bank statements, and so forth. Your home will probably need a new appraisal, and you might have to dig up your documents from the first closing, like the property survey. The process will involve a hard pull on your credit, so don't be alarmed if you see your score dip temporarily.
That depends on how quickly you provide the required documentation, how fast your lender processes it, and several other factors. You can expect an estimated time to close ranging from 30-60 days.
Compare the Best Reviews

Continued from above...

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:

  • Reputation. What do other homeowners say about the company and the process of refinancing a mortgage? Is the service rated and accredited by the Better Business Bureau?
  • Ease of Use. Does the site make it easy to apply, to get information about refinancing in general, and ultimately to close on your refi? Will you get multiple quotes from different lenders that you'll have to vet on your own? Is it difficult to get help if you have a question?
  • Transparency. How much can you find out without having to give your personal information? Does the service give you ample details upfront about their rates, terms and fees?

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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