AmeriSave Mortgage Reviews

One thing that was sometimes a little bit confusing was the number of companies involved in the process. There was an appraisal company, a closing company, and those kinds of things. It would have been helpful to have information ahead of time to know who was who and who would be contacting me. There was an attorney on the closing date as well as a notary public who came to my office to do that work. It would have been helpful to know who those folks were. The call from the attorney on the day of the closing was really unexpected. The notary public came at a different time. So, by the time the attorney called me, that process was over and I wasn't even expecting a call and had no idea who he was. So, I felt a little bit bad for him. I had no idea who was gonna call.

The representative, Blake, was really outstanding. He was super responsive. He was quick to answer questions. He was very thorough. I couldn't say enough good things about him. If I had to refer someone for a process like this, I would definitely send him his way. I was impressed with his knowledge and the speed with which he responded.

I was very comfortable with the process. The only thing that I was somewhat uncomfortable with was that it was all online. I didn't have any physical contact with people. It makes you a little bit uncertain if it is really a legitimate company, but I did do my homework. That was just one thing that was a little unsettling for me. When I have questions or concerns, I could email or call Blake. There was another person where once the loan went into the underwriting process, she was also involved and I could ask her questions as well, and she was responsive.

One thing that I have been less impressed with is after the loan went through and after it started, they did sell the loan and I got phone calls from the new servicer before I ever got any documentation that that had happened. That was unsettling because I had no idea if they were legitimate. I had no idea what was going on and they were asking for personal information. I couldn't even get to the point of knowing if that was legitimate without sharing information with them. So, to figure that out, that wasn't great. I had to track back down to AmeriSave to find out. I wish that there had been some documentation online or some letters sent to me before this happened. Other than that, it was a good experience, it was a quick turnaround, it was a smooth process, and I'd recommend that people take a look at the company if they were looking to refinance a mortgage.

It wasn't as quick as a week but it was done within a reasonable timeframe. It would have been better if the underwriting process was a little more understanding to some things. I've lived in this home for 22 years, and they were asking for certain documents that no longer exist. I called manufacturers and they've purged their data systems. Luckily, I'm OCD, so I had a lot of stuff from the original purchase of my property so, I could provide them enough information that made them feel comfortable.

My original paperwork was from a dealer. The underwriting process wanted me to get documentation from the factory that it was delivered from the factory to the dealer, the dealer to my property, and set up here, and that it was set up nowhere else or that no one else lived in the home. My original paperwork within my original closing documents was marked as new. So, I call my manufacturer which has now changed ownership three times over the last 22 years. So, they're no longer that company I bought from anymore and they go by a different name. They don't have records dating back to 2001. So, the underwriter wanted some crazy things.

Also, I had some nice additions built on that were signed off on by the county that I live in. So, the county inspectors inspected those and signed off on them with certificates. The underwriter wanted me to have a structural engineer come out and verify that those additions were structurally sound and did not impede the overall structure of the original home. I provided them the certificates from the county, and they weren't sufficient. So, I had to get a structural engineer to inspect my home, document that, and send that in.

Other than that, the rep and her assistant were very responsive. If I had a question, they would get to the bottom of the question and hit me back with a response within a day or so. That was very accommodating as far as keeping me involved in the process. They also went to bat for me when it came to the underwriting process and fought for me the entire time. The underwriter was a bit extreme and they were able to get my application approved. They went to a supervisor and explained situations. They were awesome. My rep was very helpful and accommodating to my work schedule. She informed me of where things were within the status line of the process and the scheduling of things as far as my home appraisal. All that stuff was done very fast.

I got a couple of more quotes from some other companies after I spoke with Russell. I was considering three companies and gave them all equal shots. In the end, I felt most confident with Russell. He seemed pretty good and quick. He answered my phone when I called him back. I'm used to using the local banks and credit unions because I can talk to somebody. If I got a question or problem, I don't want to wait or email. I got a good vibe from Russell and he was really thorough.

AmeriSave had a good rate too. The other companies said they could match the rate but I said I was already working with somebody. Unless they can really beat it by a lot, I’m not gonna switch because if they matched things, there would be no sense for me to change. As for the closing costs with AmeriSave, they were more than what I thought were reasonable. I’m like, “I'm saving 2.25% in interest and it was a bunch of money, $290,000. I was paying a principal-only payment right now. And it’s like 5,000 bucks a month. So, I’m pissing money fast anyways..."

Russell quoted me a rate and in the long run, it was going to be higher than that. It was like 9,000. By the time it got all said and done, it was 12,000. I was already 90% through the process. I looked at the closing cost numbers and it is what it is. It seemed all legit. AmeriSave made some errors. I told Russell, “I don't have any money at closing right now. I just got hit, with three properties I own, with taxes." I already rate-locked and Russell said he could adjust that and he took care of it. I was just really happy with Russell.

I recommended AmeriSave to my son. He's looking for a new house and I told him to talk to Russell when he was ready to go. I said, “He helped us out. He did good. There was nothing that was a big surprise.” I’m in my mid-50s and I've refinanced a thousand times and this one went really smoothly. Russell was a point guy, which I liked. I get calls from other departments and they would ask for something that I already sent. Russel would an email saying he would take care of things and to not worry. He was always there to help through the process. When it went to underwriting and they wanted stuff, I'd send something. When I don't hear anything back, Russell would go, “Oh, let me get back to you.” “Yup, we're all set.” “Okay, good. I got some feedback.”

When it started reaching up to the level above Carlo, it started getting a bit challenging because there were some things that were lost in translation at communication as far as my benefits as a veteran. That was one of the biggest things that I was looking for like the tax exemption that I'm entitled to as a 100% disabled veteran. I had to resubmit that two or three times because they were not receiving it. They were simply forgetting certain things that I had told them as far as documents that are required for appraisal.

One of the common things is there being a termite inspection that's required but in the state of Minnesota, it’s not required because termites don't like the climate here in the super cold. I had to repeatedly tell them that. That was half of the reason why the process took a bit long. Near the back end of the process, it got a little bit frustrating because there were some things that I was really banking on and it fell flat. When we did the final closing, it still wasn't reflecting this is what the first mortgage payment is gonna be and how it’s gonna look in the future.

When I told them that I had submitted the property tax exemption form from the county tax office, they said that they were going to submit it, process it, and it should reflect by the time the first statement comes. That first statement came and it still didn't reflect. I had to call customer service and explain the issue but they said they can't change the mortgage payment. Once it gets processed and I make that first mortgage payment, they'll send the difference via check, but that was not what I was hoping.

That aside, Carlo kept me up to date on everything, even when it was bumped up on higher levels like the underwriters. He kept them in the loop as far as our conversation of what we have, what I was looking for, and the rates I was looking for so everybody would be on the same page. There was one point in the process where I thought the whole thing was gonna fall through. But Carlo gave me a call and reassured me that it wasn't quite a done deal as far as the plan falling through to do a refinance. He was very persistent and comforting throughout the whole process. The process took about five or six weeks.

The rates were fair, considering where the current rates are right now. With certain bypasses that the V A offered, there were a lot of things that I was able to do that the traditional applicant wouldn't be able to do. I'm satisfied with the rates. I was also assured that after my sixth mortgage payment, AmeriSave will revisit the APR rate. If it has lowered, they'll reconfigure the rate. Carlo has been very informative as far as the options that I have as someone who can use the VA to their advantage.

The person that reached out to me just at the tail end of all the repairs was from AmeriSave and said that I had inquired and asked if I was still interested. I said yes. Both of those people had left the company during my time of working with them, so that part was a little bit delayed in trying to get all the paperwork. It was a slow process of getting paperwork back and forth.

The third person that things got transferred to was Ernest and he was absolutely amazing. He took away all of the reservations I may have had from that initial stuff. He was really on it as far as getting everything through and in explaining exactly what I needed and getting it sent to him and everything getting loaded. He kept in touch almost daily every step of the way, all the way up through the closing.

There was a little switch right at closing where I needed to be titled a certain way. It was a joint survivorship title and not a regular title. Ernest was able to assist with as well to get connected with everybody. It left me with very positive thoughts about the company. In fact, I've already sent Ernest a few people to work with as far as getting preapproved to buy a home.

Unfortunately, by the time I got done with my repairs, it was right at that cut when the rate started going up. So I had to pay a little extra fee to buy down the rate a little bit. My fees were a little high, but that was not on Ernest. In fact, he may have lowered it just a little bit to make it a little bit more user-friendly. The initial fees were applied by the first person that was no longer there. But he went through and adjusted it. So the rate was not so horrible. I do hope one day the rates fall, and I'll definitely refinance. But for the given situation, it was fine. Overall, it was a quick simple process. Anything difficult about the process was self-induced. It was not on AmeriSave.

I uploaded documents through the AmeriSave website. I used their site for the majority of the loan process. I also used their site to pay my loan right now. It's easy to use. The representative, Mohammed, was very helpful. He checked in with me a lot, and he kept me up to date on everything that was happening with the loan. The whole process took four months, but the length of time it took was mostly on me and not on the company. They were waiting for my divorce to be final, which took a lot longer than it was supposed to. I like the rate I got. It was lower than the standard at the time. Then I was able to buy down a little bit more by financing the loan. So, the payments were still manageable.

Also, I hate that AmeriSave sold my mortgage to Freedom Mortgage. I know it happens. But I liked AmeriSave and how they made everything very easy with the website to pay and put a little more towards my principal. And their interest rate was better than others. And I liked dealing with everybody. I had questions for the guy I dealt with and he reached out to me on the weekend to give me answers. So, he was a very big help. Also, I like the rate. I wish I got the mortgage three years ago when they were down on the twos. But I still got one in the fives, which is better than what everybody else is getting now.

Towards the end, I had to close on a third day or I wouldn't be able to get a home. If I sent something, four days later, I was being told, “It's not the right documentation.” I wish it was a little bit more streamlined in that regard because a week went by, and I thought that I was in the clear, but then I got a message that that was not what they were looking for.

I felt like the process was easy, considering it was not a physical location that I was dealing with. I filled out the application. The correspondence between me and the mortgage officer that I was working with was great. If I leave a message or send an email in the morning, by the afternoon, I will get correspondence back in regards to filling out applications. The first day I talked to him, it was a speedy process. I called. We talked. He walked me through applying for the application. I did it during that day and then before that evening, I got my prequalification letter. My mortgage officer was amazing. His name is Jordan. He made me feel like he wanted to see me in a home, and that's what I loved about him. He was concerned. He knew that I was on a deadline. He was on top of things.