About AmeriSave Home Equity Loans

AmeriSave Mortgage Corporation, founded in Atlanta in 2002, is a comprehensive mortgage lender serving 49 states and the District of Columbia. With a track record of financing over 220,000 homes, totaling nearly $60 billion, AmeriSave is renowned for its user-friendly online application process and the availability of customer support whenever you require assistance.

A Home Equity Line of Credit (HELOC) is a financial tool that enables you to borrow funds against the equity you’ve accumulated in your home throughout the years. This money can be used as you see fit, and HELOCs generally offer lower interest rates compared to credit cards, making them a cost-effective borrowing option.

Loan Products

AmeriSave provides a thirty-year fixed-rate mortgage, offering the most budget-friendly payment option. Additionally, they facilitate refinancing for their clients. AmeriSave streamlines the process by offering a quick prequalification option, enabling clients to determine the type of mortgage they’re eligible for.

It’s important to note that AmeriSave does not extend construction loans or loans for manufactured homes. However, their primary offerings encompass FHA, VA, and USDA loans, as well as conventional, jumbo, refinance, and both fixed-rate and adjustable-rate mortgages.

To determine the amount of equity available in your home, you can utilize AmeriSave’s Home Equity Line of Credit Calculator. This tool can help you estimate how much you may be eligible to borrow based on your home’s equity.

Qualification Requirements

AmeriSave Mortgage assesses eligibility for a Home Equity Line of Credit (HELOC) based on various factors such as your credit score, employment history, financial situation, and more. To streamline the application process, it’s advisable to have essential documents ready, including your social security number, W-2s, and relevant documents related to your current home. This preparation will help facilitate the application and approval process.The minimum required credit scores for different loan types are as follows:

• Conventional Loan: Typically requires a minimum credit score of around 620.
• Jumbo Loan: Designed for borrowers seeking larger loan amounts, with a maximum borrowing limit of $2,000,000.
• FHA Loan: Allows for lower credit scores, with a minimum requirement as low as 580, and a down payment of at least 3.5%.
• VA Loan: Generally requires a credit score between 580 and 640, although specific requirements may vary among lenders and the VA program itself.
• USDA Loan: Preferred minimum credit score is typically 640, but this requirement may vary depending on the lender and other factors.

Terms, Fees, and Other Conditions

It’s important to note that AmeriSave does not charge any application fees. However, it’s crucial to be aware that there may be other fees applicable based on your specific circumstances. For fixed-rate mortgages, AmeriSave offers terms ranging from ten to thirty years. Additionally, for adjustable-rate mortgages, they provide options with terms of 5/1, 7/1, or 10/1.

Throughout the 10-year draw period of your HELOC, you’ll have the flexibility to both pay down and redraw funds as necessary. You can easily access these funds through methods such as checks or online transfers, which can be conveniently managed through a user-friendly customer portal. During this draw period, your monthly payments will be interest-only and will be calculated based solely on the amount you have borrowed, rather than on any remaining undrawn balance.

Similar to rate and term refinances, cash-out refinances, and most mortgage transactions, a Home Equity Line of Credit (HELOC) typically involves closing costs. It’s important to note that these closing costs can vary, so it’s advisable to carefully review the loan disclosures provided before the closing of your HELOC to understand the specific costs associated with your loan.

Customer Support

If you need to contact AmeriSave Mortgage Corporation’s customer support, here are your options:

Phone: 1-888-700-4026

Email: customercare@amerisave.com

You can also reach them by traditional mail at the following address:

3525 Piedmont Rd NE

8 Piedmont Center, Suite 600

Atlanta, GA 30305

Final Thoughts

AmeriSave is an excellent option for customers in search of a mortgage, thanks to its fully in-house process and a range of loan options. The company caters to a wide spectrum of borrowers, offering traditional mortgages as well as various government-backed loan choices. What sets AmeriSave apart is its diverse selection of loan repayment terms, providing borrowers with the flexibility they need to find the ideal option for their upcoming home purchase or refinance. Additionally, the straightforward application process enhances the speed at which customers can finalize their home transactions.