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Published: Sep 08, 2023 11 min read

AmeriSave Mortgage Corporation is an online mortgage lender that has funded home loans for more than 700,000 borrowers since its inception in 2002. Aside from home purchase loan options, AmeriSave also provides rate-and-term and cash-out home loan refinancing for those looking to lower their interest rate or access some of their home equity to fund a major purchase or obligation.

This AmeriSave mortgage refinance review will take a look at how the company's refinance offerings, accessibility, customer satisfaction, loan process and pricing compare to other leading lenders. Read on to discover if AmeriSave is the best mortgage refinance lender for your needs.

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AmeriSave mortgage refinance pros and cons

  • Competitive interest rates
  • Quick closing times for cash-out refinance loans
  • Provides loans in 49 states and Washington, D.C.
  • No physical locations
  • Doesn't offer loans in New York
  • Poor J.D. Power ranking

Pros explained

Competitive interest rates

AmeriSave offers competitive rates on its rate-and-term refinance loans that often match or beat those of other leading lenders. While the best rates are typically reserved for those with a strong credit score and high income, even those still building up their financials may qualify for attractive mortgage rates.

Quick closing times for cash-out refinance loans

AmeriSave claims you can get credit approval for a cash-out loan refinance in as little as three minutes. Once you’re approved, its cash-out refinance loans take an average of 31 days to complete. This is faster than what’s typical in the industry, which is about 45 to 60 days.

Provides loans in 49 states and Washington, D.C.

AmeriSave offers its mortgage refinancing services in 49 states and Washington, D.C. This widespread availability ensures that nearly all borrowers across the country can use AmeriSave's loan services.

Cons explained

No physical locations

AmeriSave is an online lender, meaning it does not have physical branches. This could be a downside for those who prefer to handle their mortgage refinancing needs with a loan officer in person.

Doesn't offer loans in New York

Unfortunately, although AmeriSave has widespread availability, it does not offer its services in New York.

Poor J.D. Power ranking

In J.D. Power's 2022 Mortgage Origination Satisfaction Survey, AmeriSave ranked near the bottom of the list with a score of 674 out of 1,000, as compared to an industry average of 716.

AmeriSave mortgage refinance offerings

AmeriSave offers both rate-and-term and cash-out refinance loans. These are available for its fixed-rate and adjustable-rate conventional mortgages, jumbo loans, FHA loans, USDA loans and VA loans.

Conventional loans are mortgages within the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $726,200 in most areas. Jumbo mortgages are loans that exceed this limit. FHA, VA and USDA loans are government-backed mortgages that have specific eligibility criteria. They offer various advantages over conventional loans, such as lower down payments, more lenient credit score requirements and reduced closing costs. Each option comes with its own set of eligibility requirements, fees and repayment terms.

The following section examines AmeriSave's refinance loan products in more detail.

Rate-and-term refinancing

Rate-and-term refinancing allows you to lower your interest rate, switch between fixed-rate and adjustable-rate loans or change your loan term. If your home’s value has increased enough, you could refinance to get rid of your private mortgage insurance (PMI), which is typically required for down payments of less than 20%.

You can refinance either fixed-rate and adjustable-rate conventional loans through AmeriSave. AmeriSave's fixed-rate loans come in terms ranging from 10 to 30 years. Adjustable-rate loans may start with a fixed interest rate for 5-, 7- or 10-years, after which rates may adjust semi-annually.

Streamline refinancing is also offered for FHA, VA, and USDA loans. USDA streamline refinancing typically includes no home appraisal and no credit review if the mortgage loan has been current for the previous 12 months. Eligibility requirements and loan stipulations include:

  • The new loan amount cannot exceed the original loan amount
  • Refinance must result in at least a $50 reduction in monthly payments
  • No cash-out permitted

FHA streamline refinancing requires no credit review, no income verification and accepts low credit scores. Eligibility requirements include:

  • The FHA loan must be current when you apply
  • You must have paid your last six mortgage payments within 30 days of the due date
  • You cannot have been more than 30 days late more than once over the past 12 months
  • The loan must be at least 210 days old

VA streamline refinancing requires no credit review, no income verification and accepts low credit scores. The VA loan program is available to eligible veterans and service members who meet the U.S. Department of Veterans Affairs requirements. AmeriSave VA refinance eligibility requirements include:

  • You must have a credit score of 600 or better (minimum credit score of 640 for adjustable-rate mortgages or loans of $700,000 or more)
  • You must have an income or enough assets to meet the expected monthly obligations
  • You live in the home as your primary residence
  • You have adequate residual income (based on your family situation and property location)

Cash-out refinancing

Cash-out refinancing allows homeowners to access the equity in their home and use it for any number of reasons. This can include debt consolidation, home improvements, college tuition, medical bills and more. Borrowers obtain a new home loan larger than the original mortgage and receive a lump sum payment equivalent to the difference between the previous mortgage balance and the new amount borrowed.

AmeriSave offers cash-out refinancing options for up to 80% of your home’s value. You can take do a cash-out refinance for conventional, FHA and VA loans.

AmeriSave mortgage refinance pricing

Based on the rates provided on its sample rate page, AmeriSave offers interest rates that are consistently below national averages. AmeriSave doesn't list its exact fees but claims that most loans incur closing costs that fall between 3% and 6% of the total loan amount. This is in line with industry standards.

AmeriSave provides a sample rate page for its 15- and 30-year fixed-rate mortgages on its website and a helpful home refinance calculator updated with current rates daily. These tools provide valuable insight into the rates and payment plans the lender currently offers.

AmeriSave financial stability

AmeriSave has provided more than $130 billion in loans since it was founded in 2002. None of the three major business credit rating agencies (Moody's, S&P Global and Fitch Ratings) rate AmeriSave. With no credit ratings or publicly released earning information, it's difficult to assess AmeriSave's financial stability accurately.

AmeriSave mortgage refinance accessibility


AmeriSave provides loans in 49 states (not in New York) and Washington, D.C. While it's what you would expect from an online lender, it should be noted that the company doesn't have any physical locations. Borrowers looking for face-to-face interaction to discuss their loans should look elsewhere.

Contact information

AmeriSave provides a few different ways to contact the company, including email and phone. The company's loan servicing department can be reached via email at or by phone at 866-865-3400 (option 4). The AmeriSave mortgage customer service department can be reached via email at or by phone at 888-700-4026 Monday through Friday from 8 a.m. to 5 p.m. ET.

User experience

AmeriSave's website is relatively easy to use and provides information about the company and its home loan services. Borrowers can get near-instant pre-qualification through a simple online form, as well as find answers to frequently asked mortgage questions and sift through detailed information about the company's products. In addition, the company provides a detailed glossary of mortgage terms, mortgage and refinance calculators and sample rate pages for some of its home loan products. Be sure to consult our mortgage refinance checklist if you still need help finding any information related to the refinancing process.

After passing through AmeriSave's login page, existing customers can access their loan information, view their application status and manage their payments. The borrower portal also provides the ability to securely and easily upload any necessary documents during the loan application process.

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AmeriSave mortgage refinance customer satisfaction

AmeriSave has generally positive customer satisfaction ratings. The lender has an A+ rating with the Better Business Bureau (BBB). Its ratings and reviews across various customer review websites are also generally positive. Complaints about the company often mention problems with a slow loan process and difficulties with approval, while positive reviews tend to mention a responsive customer service team and a simple online loan application process.

However, AmeriSave ranks below average on the J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study.

AmeriSave mortgage refinance FAQs

What is AmeriSave?

AmeriSave is an online mortgage lender that offers a wide variety of home loan products, including fixed-rate loans, adjustable-rate loans, cash-out refinances, HELOC, FHA loans, VA loans and USDA loans. AmeriSave also offers home insurance and life insurance.

Is AmeriSave legit?

Yes, AmeriSave is a legitimate mortgage lender. It has an A+ rating from the Better Business Bureau. It has been in business for over 20 years and has served hundreds of thousands of customers.

Is AmeriSave a good lender?

Whether AmeriSave is a good lender for you depends on your individual needs and preferences. AmeriSave offers a streamlined online loan process as well as fairly competitive rates. It's unavailable in New York and has no physical locations anywhere in the U.S.

How we evaluated AmeriSave mortgage refinance

To evaluate AmeriSave's mortgage refinance products, we looked at several different factors ranging from customer satisfaction and loan terms to fees and accessibility. The following are the most important criteria we used:

  • Refinancing loan offerings: We considered the variety of refinance mortgage products offered by AmeriSave.
  • Loan terms: We looked at how flexible the loan terms were, including repayment length and interest rate options.
  • Application process: We examined how easy it was to apply for a mortgage refinance loan with AmeriSave.
  • Fees: We evaluated any listed lender fees (e.g., loan origination fees, application fees) and closing costs associated with an AmeriSave mortgage refinance loan.
  • Customer satisfaction: We explored customer reviews to determine overall satisfaction with AmeriSave’s services and mortgage experience.
  • Accessibility: We considered the availability of AmeriSave’s loan products in different states.

Summary of Money's AmeriSave mortgage refinance review

With over 700,000 funded loans and more than 20 years of experience in the home loan industry, AmeriSave may be a reliable and trustworthy mortgage lender that fits your refinance needs. If you’re trying to figure out if it’s a good time to refinance, consider your interest rate and the current interest rates.

While some borrowers may be turned off by the company's lack of physical locations, AmeriSave's competitive rates and streamlined online application process help it stand out from the competition. Additionally, AmeriSave doesn’t offer services in New York. Ultimately, the online lender's wide selection of refinance options and flexible loan terms make them an attractive option worth considering.

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