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Review 1/13/2011
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My refinancing with Amerisave closed in late October/2010 when rates were near the historical lows in October and November. I got a 3.875%, 30 years fixed, $417000 loan. I had to pay 1 point to get this super low rate when I locked back in August. The total points and all combined fees came out to slightly under $5700, which at the time of my lock back in August was the lowest I could find anywhere for the rate and loan amount that I got. For your reference, when I shopped around I found that the going rate back in August/2010 when I locked was 4.25% at 1% discount point among most lenders, plus total fees that were $700 more . So the 3.875% I got with Amerisave was beating the market by almost 3/8% for virtually the same points and $700 lower in fees! Of course, if I had waited to lock in Oct or Nov I wouldn't even have to pay that 1 point for this same rate, but hindsight is 20/20 vision, and I didn't have a crystal ball.
What makes Amerisave almost unique among most online lenders is their website offers many loan options based on different points/fees/terms, etc. The variety is virtually unmatched. I found out only at closing that Amerisave was in fact acting as a broker on behalf of a different lender. Amerisave refers to those lenders as "investors". If I had tried to borrow from the lender directly, I could not possibly have gotten the ultralow 3.875% I got. But by using Amerisave as the broker, I got that ultralow rate. Amerisave calls itself a "direct lender" but I don't think this description is accurate. It's actually a broker acting on behalf of many different lenders/investors.
Amerisave also has extremely low fees. Amerisave charged me about $900 for title/escrow. For the almost identical loan, Quicken charged me almost $1623 for title/escrow. Since this was a refi, the title insurance was for lender's coverage only. Yes, I refinanced twice in 2010. First with Quicken, then again with Amerisave.
The true drawback with Amerisave is it's very slow. They are very fast on the "front-end", meaning the getting-the-business part, but very slow to close once you've submitted the application and got an appraisal done because their "back end" is severely understaffed. The back end is where their staff actually does the processing and underwriting.
Would I use Amerisave again? More than likely if I could get the ultra low rates and fees again compared to other lenders. Would I recommend Amesiave to a friend or my family? Absolutely! I am giving it 4 stars instead of 5 because of their slowness.
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