As real estate markets across the United States heat up again, online mortgage lending is gaining even more traction in the competitive mortgage lending space. The dynamics of the mortgage loan experience are changing in response to the growing use of the Internet by digital-savvy consumers. An increasing number of homebuyers are going online with an expectation of lower rates, a rapid exchange of information, a streamlined underwriting process and attentive customer service. Amerisave Mortgage Corporation is one of the more established online lenders that has consistently delivered on all of it.

About Amerisave

Founded in 2002 in Atlanta, Georgia, Amerisave has grown to become one of the largest privately owned online mortgage lenders, offering a full range of mortgage products in 49 states and the District of Columbia. At the core of Amerisave’s lending business is its website, which offers borrowers a simplified approach to mortgage shopping. Borrowers can compare options and costs, apply, upload documents and request a rate lock in a minimal amount of time. Each borrower is assigned a loan officer, who works the loan through underwriting and communicates its progress to the customer. Amerisave also provides in-house processing, underwriting, closing and funding.

Mortgages Products Offered

Amerisave offers a full line of mortgage products, including fixed rate, FHA, VA and USDA loans. For home equity loans and lines of credit, Amerisave offers products from other lenders. Sample loan rates are based on a $260,000 loan at 80% loan-to-value (LTV), with a credit score of 700.

Fixed-Rate Home Mortgage Loans

Amerisave offers fixed-rate loans for 10, 15, 20, 30 and 40 years. As of April 29, 2016, the rate on its 30-year fixed loan was 3.25% and 2.5% on its 15-year loan.

FHA Home Mortgage Loans

Amerisave offers loans insured by the Federal Housing Administration (FHA). FHA loan rates are typically higher than conventional loans, but they have lower down payment requirements. The rate on a 30-year fixed FHA loan is 3% and 2.75% on its 15-year loan.

VA Home Mortgage Loans

Amerisave also offers loans insured by the Veteran’s Administration (VA), which generally do not require a down payment. The rate on a 30-year fixed loan is 3% and 2.75% on a 15-year loan.

USDA Home Mortgage Loans

Amerisave can extend up to 100% financing on eligible rural properties with loans insured by the U.S. Department of Agriculture (USDA). USDA Rural Development loans have more affordable rates and flexible loan terms to encourage single-family homeownership in rural areas of the country. The rate on a 30-year fixed USDA loan is 3.25%.

What Consumers Are Saying

Based on online reviews submitted in 2016, Amerisave has a good reputation for delivering on its promises of low rates, a simplified application process and solid customer service. The company had a lot to overcome in the way of bad publicity stemming from illegal practices conducted prior to 2014. In August 2014, the Consumer Financial Protection Bureau (CFPB) took action against Amerisave and its affiliate, Novo Appraisal Management Company, for engaging in deceptive bait-and-switch practices. Both companies were required to refund $14.8 million to affected customers and pay a $4.5 million penalty.

The Better Business Bureau reports 121 complaints closed in the last three years and 45 closed in the last 12 months. Most of the complaints were over problems with product and services or advertising and sales issues. However, as of May 1, 2016, Amerisave had earned a 4.9 star rating out of a possible five stars from more than 530 reviews. Many of the reviews praise the company's customer service and the hands-on relationship between the borrower and an Amerisave agent.

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