If you are considering taking out a mortgage to purchase your new home or refinance an existing home loan with Amerisave Mortgage, it’s well worth your time to check the lender out before signing on the dotted line.
One way of checking out a mortgage lender before taking out a loan is to look at customer complaints. Here is RefiAdvisor’s review of Amerisave Mortgage to help you make an informed decision before taking out your next home loan.
Amerisave Direct Lender. Over Six Billion Funded.
Visit Amerisave’s website and you’re greeted with this claim of six billion dollars in loans funded. They claim to have closed over 10,000 loans in all fifty states and offer an “on time closing guarantee” that will pay you $1,000 should they fail to fund your loan in time. They also offer a “$500 low rate guarantee.” Of course these “guarantees” come with lots of fine print so you should carefully review the conditions before basing your decision on Amerisave’s “guarantees.”
Phone Numbers:
866-970-7283
404-736-1798
404-260-7524
404-424-0632
Address:
Amerisave Mortgage
One Capital City Plaza
3350 Peachtree Rd Suite 1000
Atlanta GA, 30326
Amerisave Mortgage operates their business as a Mortgage Broker Bank, similar to Ditech.com and eLoan. This means they close their home loans in their company name and fund the loans themselves, making Amerisave exempt from the Real Estate Settlement Procedures Act (RESPA). Because Amerisave is exempt from RESPA disclosure legislation you’ll never know how much money they’re making off you by marking up your mortgage rate.
Amerisave mortgage actively purchases mortgage leads from the likes of LendingTree.com and LowerMyBills.com, two internet lead generation sites with less than sparkling reputations. If you’re a regular reader of this blog you know that Lending Tree’s computerized loan origination fee is passed on to the consumer, as much as $1200 at closing.
Amerisave Mortgage Complaints
According to the Better Business Bureau, Amerisave mortgage had 145 complaints filed during the past 36 months and only 57 of them were resolved in twelve months. Searching Google for Amerisave mortgage complaints reveals 684 listings, including those from RipOffReport.com, which could be worth your time in reading.
If you’d like to learn more about refinancing your mortgage without paying too much check out my free Underground Mortgage Videos on this site and you’ll discover how wholesale mortgage rates can save you thousands of dollars in junk fees and unnecessary markup.
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{ 13 comments… read them below or add one }
I suggest you take the rates they publish with a large grain of salt. Yesterday, one of their ads showed 4.25% for a 30 yr. fixed rate loan. I clicked on it, went to get approved, and found that I could only get 4.75% in real life, even though I have an outstanding credit rating. Needless to say, I was pissed off. Calling them resulted in two different interpretations of the difference. One was “rates change fast”. Oh yeah, like in 20 minutes by a half percent? The other was that I didn’t qualify for their best rate. Well, what is the use of posting a rate if nobody can qualify for it? My credit scores were all over 760, so what does it take to qualify? This is a classic bait and switch operation; STAY AWAY!
Certainly a bait-and-switch
Quote: 4.75% at zero cost (no points, no fees). So paid the application fee and appraisal fee and agreed to “$500 lock cancellation fee”
1) Credit rating is 50 points higher than I thought.
2) Mortgage rates have fallen another 0.05%
3) Loan docs show 5.316% with $7443 in points!
RIPOFF
charged me $35 dollars for pre-approval and qouted 0.5 percent higher than my local lender. the $35 dollar fee should have been a warning not to continue
Amerisave is a rip off and unfortunately I found out too late after I gave then $500.
With perfect credit, 820 credit score, a low loan to value ratio of less than 40% , and no debts except mortgage, they find a reason to weasel out of their loan commitment to me. Why? because my loan was not profitable enough.
They say yes to everyone at first, and then after you have given them money and made a commitment, they decide whether or not the rate they quoted you is profitable or not. If not, you wasted your time and money. If they do make you the loan, it is because you agreed to a higher rate than what they advertised.
Got enticed with their low rates on website and paid the initial credit report fee. The rates that came back were almost 0.5% higher because “my credit rating of 750 was not good enuf”. That was my first red flag. I was dealing with someone on the phone and email at 10PM on a Friday night, which was another red flag. Then he started to pressure me to provide a credit card number for an appraisal that could be wrapped up by the weekend. That is when I did an extensive internet search and came across several complaints. I haven’t seen a copy of my credit report from them. I consider myself lucky that I abandoned the whole thing at an early stage, but am concerned that they have a lot of my personal info.
Do not recommend Amerisave at all. I applied, paid for the appraisal and credit check, got all the paper work sent in three days, and understood I was locked-in at the rate and points at the time of application. Amerisave took over five weeks to process, telling me to be patient, and in the meantime the rates went up a half point. After five weeks Amerisave comes back and says because my appraisal was 5% less than I estimated, still under the industry standard of 80% loan to value, they rejected my application. My credit was excellent without any blemishes on my financial record, so obviously to me they did not lock-in my rate and because rates went up would not honor the original agreement with me. Luckily, I was only applying for a refinance to save some money, and even though I’m out almost $400, it could have been worst if I trusted them to obtain a new mortgage to purchase a home. To add insult to injury, when I sent a note to their customer service they did not acknowledge my complaints, just said “Thank you for your interest in Amerisave. We understand that you are not in need of our services currently. However, please keep Amerisave in mind for your next home financing transaction, because we are dedicated to your satisfaction”. What a Joke!
Be careful with AmeriSave. Like all others leaving the comments, AmeriSave doesn’t provide vital information up front and I only found it out later after I paid $325 for appraisal+$35 for credit report+$400 for extension of maintaining locked rate. I refinanced my house and never had any problem before (4 loans prior), I has some many troubles with them. Here are some examples of their deficiencies:
1. They were very slow to respond my request or to clarify some misunderstanding (I was always the one finding things out).
2. Inexperienced underwriting department & loan processor. I have two different last names on the files I sent (got married in between) and they were not able to figure out it’s the same person by using SSN. Then didn’t verify with me until I called to see what delays the process.
3. They misplaced my documents A LOT. I called them countless times to check and always heard “I am still waiting for this … or that …” and I already sent them ALL of the required document. Of course, after I confronted them, they would say “oh, I have it!! I thought I didn’t”.
4. It took them “7 days” to pay off my previous lender (yes, 7 days – from the day of “closing” till the day my previous lender finally received the money to be paid off). 7 days?? and I paid extra fees to “expedite” the process.
If you have time to mingle, energy to waste, don’t mind to stay worried, you may choose them. Because that’s me during the whole time.
I had similar experience. No communication since money paid. documents sent but no lock. Are they a legitimate mortgage company? how does BBB give them an A rating?
i wish i would have seen this website before i paid them $450 for a credit report and appraisal. they did the same thing to me…. quoted me a rate, took my $$ and then changed/raised the quote. i’ve been scammed.
They would never contact me with updates to the loan process and I began to wonder if I made a poor choice in going with Amerisave. They are not to be trusted in any way. Avoid at all costs sending them your vital information if you don’t want to worry that it will end up in the wrong hands. The rates are a scam, as with others the rates would be raised for no other reason but to make a profit on you. There customer service is horrible but was lucky enough to become so fed up that I walked away. Thank God!
Working with Amerisave rep — after 4 weeks of submitting paperwork, and requesting throughout the process to lock my rate and was verbally assured that it would be locked to find out each time it wasn’t — then to get an email that my rate was finally locked above 50 basis points above my original quote — I would not recommend them — I’ve gone to another lender — was able to lock the same day — for lower rate, and for thousands of dollars less. DO NOT USE AMERISAVE!
I applied a few weeks ago. What started out with a 4.875% rate quote and approximately $2500 in lender fees ended up with a 5.00% rate and approximately $7600in lender fees. They just kept coming up with more “issues” on why my particular loan situation merited a “specialized” underwriter (I believe that they refer to them as “investors”). My credit scores varied from 730 -780. The loan-to-value was in the mid 50’s. My net worth is around 830k.. I have guaranteed income for the rest of my life. All of this information was verified by Amerisave themselves! In other words, I am a good “risk.” Yet, Amerisave kept coming up with reasons to milk me out of more money.
Make no mistake. Amerisave will increase fees/rates from the rates that you applied for on the date of your initial application. Their “system” is geared toward NOT granting you the lower rate that lured you to them in the first place.
Shop and compare. Amerisave is the ONLY online lender (that I am aware of; and I looked at a lot of them) that does NOT lock in the quoted rate, just by you stating that you want the rate locked in. They make you go through submission of paperwork and then, when they are satisfied that they can’t get any more money out of you in the form of either fees or a higher rate, they MAY lock your rate in, if it is to their benefit. The actual forms that they have you “e-sign” are actually “defaulted” to a “float-rate,” which leaves you at the mercy of the market. NEVER, EVER agree to e-signing anything UNTIL you read everything! The fact is that they are pressuring their customers to get the “paperwork” in to lock the rate. That puts pressure on the customers and they tend to sign (including e-signing) paperwork in their haste without reading what they are signing. Again, they have their system aimed at getting the most money out of their customers. Shop around and compare and you will see that Amerisave is not the way to go…
Let’s just bend over! Apprasial was ordered by them, came back great then they said they ran it again (what ever that meant) & now they want PMI insurance. I’m looking into unfaithfull practices. I can’t believe that this is legal. I have all my emails & will hopefully find someone who will look into these guys.