AmeriSave is like an iPhone. People love it because it’s easy to use, but it isn’t exactly the cheapest option out there.


4th / 5.0

Customer satisfaction N / A

AmeriSave was founded in 2002 and has grown to become one of the top online mortgage lenders. The company is still growing rapidly in 2021 and is adding thousands of new employees to its team. The company operates in 49 states and has funded hundreds of thousands of households. This lender is the perfect choice for buyers who want a full online mortgage experience.

To see how AmeriSave can keep up with the competition, we rated it using our SimpleScore method. We have taken into account factors such as fees, product variety, customer satisfaction, credit checks and discounts. This AmeriSave mortgage review looks at pros and cons, as well as competitors.

AmeriSave at a glance

APR area2.189% (with discount points)
Available productsFixed Rate LoansCustomizable LoansFHA LoansVA LoansUSDA LoansFinance LoansCashout Refinance Loans
Registration fees$ 500
Loan terms10, 15, 20, 25 and 30 years
Credit limits$ 1.5 million

What we like about AmeriSave

Available nationwide

AmeriSave mortgages are available in 49 states nationwide and in Washington, DC. The only state that the company doesn’t offer mortgages is New York. This is great news for most borrowers as they don’t have to worry about whether AmeriSave is lending in their state.

No origination fee

AmeriSave does not charge origination fees on its loans, which can bring huge savings to buyers. The origination fees are typically around 1% of your mortgage loan. For someone who takes out a $ 300,000 mortgage, they could pay an origination fee of around $ 3,000. AmeriSave borrowers could have lower closing costs because of these savings.

Simple online application process

One of AmeriSave’s biggest selling points is the company’s easy online application process. First, you can pre-qualify in just minutes to start shopping for your next home. And when it comes to filling out the application, it doesn’t take long and everything happens online.

[ Read: How to Choose the Best Mortgage ]

Things to consider

Application fee of $ 500

One of the biggest complaints from AmeriSave customers is the $ 500 non-refundable registration fee. Even if you fail to complete the loan or decline your application, you will not get your money back. While mortgage loan application fees are fairly common, AmeriSave is certainly on the high end, and the non-refundable aspect makes it a sticking point for many.

The prices quoted are based on discount points

Unfortunately, the AmeriSave website doesn’t clearly state what the prices are. If you visit the interest rates page on the site, you can see the current low interest rates on fixed rate mortgages with a maturity of 15 and 30 years. However, if you read more closely, a footnote clarifies that the price shown is only available when purchasing discount points. As a result, many borrowers may experience an unwanted surprise when they learn what their actual interest rates are.

No home equity loans, HELOCs, or construction loans

AmeriSave offers all standard mortgage loans, but not home equity loans, home equity lines of credit (HELOCs), or construction loans. This could cause inconvenience for current AmeriSave customers who wish to borrow one of these loans. You won’t be able to stick with the same lender that your mortgage came from.

[ Read: What are the Different Types of Mortgages? ]

AmeriSave against the competition

Rocket mortgage

When it comes to customer service, Rocket Mortgage is high on the list.


3.4 / 5.0

SimpleScore Rocket mortgage 3.4

Rocket Mortgage, the mortgage division of Quicken Loans, is one of the best mortgage lenders in the country. The company offers fixed rate, VA, and FHA loans with an annual interest rate of just 2.756%.

Like AmeriSave, Rocket Mortgage is known for its easy online mortgage process and its parent company is the largest mortgage lender in the country.

When it comes to customer service, Rocket Mortgage is high on the list. JD Power polls have ranked the company as the number one mortgage lender in customer satisfaction for more than a decade. AmeriSave has not been rated by JD Power so it is difficult to make a direct comparison. However, Quicken Loans has a better Business Bureau rating of A + compared to AmeriSave’s B + rating.

Read our full Rocket Mortgage review.


The main disadvantage of SoFi mortgages is that the company doesn’t publish their interest rates on their website. To see what prices are available, you need to start the online application process.


3.5 / 5.0

Customer satisfaction N / A

SoFi is an online lender who is new to the mortgage game. The company was originally founded in 2011 and was the first to offer student loan refinancing. It grew rapidly and has been offering online mortgages since 2014. SoFi now offers mortgages in 42 states and Washington, DC

SoFi doesn’t quite have the mortgage choices that AmeriSave offers. Only fixed-rate mortgages with terms of 10, 15, 20 and 30 years are offered. Borrowers can get a loan with as little as 5% down payment, just like AmeriSave does for conventional mortgages. SoFi now also offers loans for investment property.

Read our full SoFi mortgage report.


Ideal for online loans.


3.8 / 5.0

SimpleScore Better mortgage lender 3.8

Customer satisfaction N / A

Better is a relatively new mortgage lender founded in 2016. However, this online lender has quickly become a popular choice for borrowers. The company promises a quick online application and graduation process. It also doesn’t offer an origination fee, just like AmeriSave.

Better doesn’t have a wide variety of mortgages. It offers conventional and jumbo loans with terms of 15, 20 and 30 years. Better has competitive interest rates. The lowest current APR is 2.185%, just slightly below AmeriSave’s 2.189%.

Read our full review on Better Mortgages.

How much does an AmeriSave mortgage cost?

Each time you take out a mortgage, you can expect to pay certain fees. AmeriSave does not charge an origination fee, which can help buyers save money on their deal. The company charges a non-refundable registration fee of $ 500. You must also purchase discount points to get the lowest prices on AmeriSave.

Other common closing costs you may pay include:

  • Evaluation fee
  • Mortgage insurance
  • Third party acquisition costs
  • Legal fees

AmeriSave also offers mortgage refinancing. It has competitive refinance rates and the online refinance calculator can help you estimate your total cost.

[ Read: How to Calculate Your Mortgage ]

Cheaper alternatives to AmeriSave

Your total mortgage costs will depend on many different factors, including your location, credit score, down payment, and more. But one of the most important factors is your lender. AmeriSave offers mortgages at competitive rates. While it does charge a $ 500 registration fee, it has low pricing and no origination fee. But that doesn’t mean you can’t find a cheaper mortgage.

One important thing to keep in mind with AmeriSave is that in order to get the lowest rates from the lender, you need to buy discount points. This can save you money in the long run, but it’s not feasible or preferable for everyone. If so, you may find a better deal with other lenders. Check out our list of the current best mortgage rates to see today’s best rates.

AmeriSave on the news

  • AmeriSave’s workforce grew rapidly in 2020. In the middle of the year, the company announced plans to hire more than 2,000 employees over a six-month period. Due to the current low interest rates, the company’s business is booming and it is confident that it will be able to support the new employees in the long term.
  • In early 2020, AmeriSave agreed to a $ 6.25 million settlement agreement after alleging it breached the Telephone Consumer Protection Act (TCPA) and sent notices to millions of consumer cell phones.
  • This isn’t the first time AmeriSave has been in the news for illegal business practices. In 2014, the Consumer Financial Protection Bureau asked the company to pay $ 19.3 million after claiming it advertised misleading interest rates and then illegally overwhelmed customers.

Compare top mortgage lenders

We appreciate your feedback on this article and we’d love to hear about your experience with the mortgages we recommend. Contact us at with comments or questions.


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