Reviews: AmeriSave

Applied for a FHA steamline refinance, which the Senior Mortgage Processor said they could do. Many many faxes later, underwriting said they do not do that kind of loan for anyone. Processor didn't answer e-mails. I gave up asking questions. The processor was incompetent and clueless. They play some dishonest games with the "rate lock". The Senior processor quoted me one rate, then locked a higher rate two days later. The rate lock expired long before it went to underwriting, because they were slow.

Buyer Beware Went through the whole process to have underwriters come back and say they can't approve the loan since our mailing address on some documents was different than our house address. We are now out $500.00 for the appraisal fee. AmeriSave does not save you any money in the long run

I was willing to put 50 % down & have perfect credit & couldn't get an answer from Amerisave. They strung me along for 6 weeks until I finally exhausted my patience & applied with another national lender who approved my loan in 1 day !!

This refinance was smooth and painless. The rates and fees shown are teasers in that they will vary with your actual credit rating, which I estimate is assumed to be 800. The gatekeeper to getting actual rates is payment of $7.50 for a credit report, not disclosed up front. I got a better rate with my actual credit number. After you select a loan, a person called me and helped me from then on. Progress is charted online, including prompts for docs, and all downloads. This was a great experience.

I refinanced with Amerisave back in 2004 and it was a great experience, so when rates recently (Oct 2011) dropped, I went directly to them to refinance again. This time it was a totally different experience. To begin with their web page where you can look up rates is deceptive. In order to find the true rates, you must change the credit score located on one edge of the page in small print to your credit score and changing it from a perfect score of 800 to your score dramatically changes their rate quotes. But what finally drove me away was that after applying for the refinance on Wed of one week, getting the appraisal done on Friday of that same week, I went back on Monday the following week to lock in my rate ONLY to find that between Wed and Mon, their points for the loan jumped from 3/4 of a point to 2-1/4 points. That drove the cost to complete the refinance out of sight. To make it worse, I discovered after complaining about the hike in the points that although their rate lock was good for 30 days, it typically took them 60-90 days to close a loan, so the rate lock was worthless. I was duped and feel cheated especially as I still had to pay for the appraisal. As I said I had a good experience in 2004, so perhaps the company has changed ownership or management since then. I definitely would NOT do business with them.

did not appreciate being charged 7.50 before the loan was approved. AmeriSave's website states its a 7.50 charged to lock in the interest rate not for the credit report. If I am paying for this credit report than I expect to have my credit report mailed to me that I paid for. If not than I would like a refund for the credit report you plan to keep. Thank You. I did not appreciate the guy laughing at me when I stated this earlier.

Never received a response......................

Worked fairly quickly, staff pleasant & knowledgeable, tho did ask repetitive questions, & did request documents that had already been sent. Liked that process was electronic till closing. Loan higher than pay off of existing, tho payoff was all I requested. I'll now need to send a prepayment of the overage. I imagine this will disappoint whomever they sold mortgage to. Would not drop rate after lock, although their advertised rates had dropped an eighth of a point. Overall this refinance helped me.

There is a dispute of $26 that is holding up a $100,000 mortgage loan. That $26 was a write-off from Discover many years ago when my mother-in-law's credit card was used in a fraud scheme. That person has been arrested, but we can't get Discover & the 3 credit reporting agencies to remove it. Discover has said they asked the agencies to remove it as it was not against us, but it is still there. The insanity is that we have a high credit score & pay as agreed on everything. This is insane!

Other than heavy paperwork and faxing requirements (Fannie Mae dictated), everything went very smoothly. Customer service was great, closing was a breeze and done at my home. Check was wired to my account within 4 days. No complaints at all.

I was looking to refinance my mortgage with no or little fees. My property was appraised two years ago at three times the amount I wished to finance. Amerisave wanted 5% of the amount I was to finance in mortgage fees... NOT ACCEPTABLE!!!