Understanding Closing Costs

When purchasing or refinancing a home, the final step in the process is the closing. It’s important to keep in mind that there will be additional costs associated with closing on your home. If you are a first time homebuyer, you’re probably aware that you need to save money for a down payment, but you may not realize the full costs associated with closing, and they typically run anywhere between 3 – 6 percent* of your approved loan amount.

So What Are Closing Costs?

The term “closing costs” is a bit vague but essentially straight forward.  These are the costs incurred at the closing of your mortgage. They may include:

  • Loan origination fees
  • Appraisal fees
  • Title searches
  • Insurance
  • Taxes
  • Credit report charges
  • Any other fees and expenses incurred

Why Are Closing Costs Necessary?

While no one looks forward to additional costs, the fees actually benefit you. Title searches and other fees help protect you so that you know you have legal possession of your home.

Who pays for the Closing Costs?

For the most part, you as the buyer will pay for the closing costs. However, depending on the loan product, some of the costs may be absorbed by other parties. For instance, with VA loans there are limits to what buyers pay in closing costs.




*percentages listed are an estimate and may not reflect the percentage rate you will pay.


How Do I Get A Rate Quote?

How do I get a rate quote?

You can obtain a rate quote in minutes at On, go to the “Get Rates” box on the homepage, enter your information, and get rate quotes specific to the criteria you entered.

Please be sure that you have entered your information correctly, as our rates are driven by many different factors such as loan purpose, property type, loan-to-value, credit score, state, county, occupancy type, and lock period. Click the “Next” button next to the rate and terms that you desire.

Why do you show so many different rates and options?

Providing several rate and payment options is one of the many things consumers appreciate about AmeriSave. We provide all of the rates and options available to us for that day at the time of your search. This allows you to decide what rate/cost option works best for your needs. Some customers prefer to pay slightly higher fees in exchange for a lower rate and others prefer a higher rate with minimal or no closing costs. also allows you to compare our rates to other quotes you have received.

How often do the interest rates change?

Interest rates are influenced by the financial markets and can change daily – or multiple times within the same day. The changes are based on many different economic indicators. The rates published are updated as quickly as possible, based on market changes.

Why are your rates and costs lower than others?

AmeriSave is a company built on sophisticated technology. The AmeriSave business model is based on flexibility and lower overhead allowing us to pass along substantial savings to our borrowers in the form of competitive rates and fees.

What terms do you offer for your rates?

We offer 10, 15, 20, 25, and 30 year terms for our conventional and FHA fixed rates. We offer 15, 20, 25, and 30 year terms for our VA loans. We offer 5, 7, and 10 year fixed terms for our ARM rates.


4 Tips for Paying Off Your Mortgage

4 Tips For Paying Off Your Mortgage

Many people have a goal of paying off their mortgage early, which is great, but not always feasible or the best decision for everyone. For instance, homeowners with low mortgage rates may decide putting their extra money toward a retirement plan is a more financially savvy move than paying down their mortgage quickly.

There are a number of valid factors that can come into play when deciding if it’s the best decision to pay off a mortgage early, however, there are many who make it a personal goal to get their mortgage paid off as soon as possible. If you fall into that category, these tips are for you!

1. Shorten your mortgage term

Refinancing your mortgage with a 15-year mortgage term can help you pay off your loan faster under certain conditions. It’s important to look at the whole picture when making this type of decision. How long do you have left on your current loan, will your new interest rate be higher or lower than your current interest rate, and do you have the funds to cover all of the closing costs associated with a refinance? Once you answer those questions you can decide your next move.

2. Put extra funds toward your mortgage

Let’s say you receive a bonus or a nice tax refund that allows you to pay a large sum towards your loan. Those additional payments on the principal can help cut the total interest on the loan.
With irregular additional payments, however, it will be difficult to predict your mortgage payoff date.

3. Make an extra payment every year

A great way to make one extra payment a year is to save 1/12 the amount of your monthly payment each month and after the 12th month make the extra payment.
This doesn’t tie up the extra money in case an emergency occurs and you need the saved funds.

4. Pay more each month

Instead of waiting until the end of the year to make an extra payment, you can pay more toward principal each month.
Consulting your financial advisor and loan provider is key when making these type of financial decisions and deciding to pay more aggressively.

Four tips on negotiating a home purchase price

Four Tips On Negotiating A Home Purchase Price

For many inexperienced homebuyers, negotiating a final sale price can seem rather intimidating. Every homebuyer wants to make an offer most in their favor, which is why proper negotiation plays such an important role in the process. Here are four quick tips to help you get started on negotiations.

1. Understand the seller.

Perhaps the most important component of any negotiation, understanding your counterpart helps you estimate how much leverage you have and how low you can make an offer. If a seller is eager to sell the house as quickly as possible, you should stand firm in your negotiations and stress your willingness to buy the home immediately.

2. Research home prices in the area.

Before entering into any negotiation, you want to be sure that you have access to all useful information. In real estate, the average price of surrounding homes provides a reliable starting point for negotiations and helps you pick out houses that are listed well above market value.

3. Keep your options open.

All too often, first time homebuyers fall in love with a property and end up giving away far too much in the negotiation process. Instead of putting all your eggs in one basket, keep several options in mind. Not only will you avoid becoming locked in to one property, but letting the seller know about other properties of interest can give you leverage in a negotiation.

4. Don’t let ego get in the way.

By their very nature, negotiations require a certain level of competition between the two sides. As such, it is important to stay focused on buying a home at a favorable price and not let ego get in the way of common sense. Instead of insisting on a maximum price and risking losing the home, stay focused on the property itself and consider whether or not the price fits into your budget.

Tax Tips For Last Minute Filers

Tax Tips For Last Minute Filers

When it comes to filing taxes, procrastination plagues a large number of Americans every year. In fact, based on data collected by the Internal Revenue Service, up to 25% of tax filers wait until the last two weeks before they even begin preparing their tax documents.

Of course, procrastination isn’t the only reason individuals delay the tax filing process. For those that owe money, waiting to file can help them earn interest on their money before they pay back the government. Whatever your reasons may be for postponing your taxes, we are down to the wire and the deadline is upon us, so we put together a list of tips that may help you get your returns filed and all squared away! Check out our list below!

1. Write a list

Yes, this may seem arbitrary, but trust us; when a deadline is approaching many find themselves feeling stressed and anxious which usually leads to worrying about what they need to do instead of actually doing it.

A list of documents needed and tasks you need to complete will keep you organized and on track to get everything done on time!

2. Don’t make hasty sacrifices due to time

Itemized deductions could help you save more than the standard deduction. Take time and compare your total deduction amount and make a decision based on what fits your situation.

3. File online

There are awesome tax filing services that streamline the process and make filing easier than ever, and for many Americans, depending on their income levels, it’s free! For those with more complicated financial situations, this may not be the best path, but many individuals have had great success with e-filing services.

4. File an Extension

When it comes down to it and you realize you aren’t able to file by the deadline date (April 17th), the next step is to file an extension. Head over to to find the IRS free file application and apply for the 6 month extension. Filing after the deadline without an extension could put you at risk of receiving a late filing penalty.

5. Start tracking your docs

If you haven’t before, a proven way to eliminate tax stress is by keeping track of your records throughout the year. Start now so that you can have a happy, stress free filing year for your 2018 returns!


Why Is Spring The Best Time To Sell A Home?

In real estate, as in many other things in life, timing is everything. For many homeowners and prospective home-buyers, the decision of when to buy or sell a home can have a tremendous impact on the price, ease of sale, and competition. Many professionals in the real estate sector point to spring as the start of the busy season. This means that more houses will become available for purchase and more buyers will start looking at available properties.

The spring season brings with it an increase in real estate activity for a number of reasons. As the expensive holiday season becomes a distant memory, you might find yourself with more money in your pocket and start to become excited about a new project. Spring also means more sunlight and warmer weather, which to many people is a major motivator to finally get started on the home buying or selling process. Buying a home in the spring also lets you look forward to a summer moving project; a far better prospect than moving in the dead of winter.

So why should you consider selling your home in the spring? For starters, the boost in foot traffic at open houses increases the likelihood of multiple offers, which gives you the leverage necessary to negotiate a higher sale price. The spring weather also spurs the growth of plants and flowers, which can significantly improve the aesthetics of your home and ultimately allow you to ask for a higher price. Because spring marks the beginning of the “real estate season,” home-buyers will be nervous about missing out on a home that catches their eye, and this  can entice them to agree to a higher price.

That being said, this spring we’re gearing up for another active home-buying season.  If you’re shopping for a new home, don’t miss out.  Shop some of the most competitive rates and lock yours today. Click here for today’s rates.


How To Sell To Millennial Homebuyers

When it comes to homeownership, there has definitely been a lag in the market brought on by the lack of participation from the millennial generation. There are many calculable reasons millennials have delayed homeownership with data showing the disparity between generation x and their millennial counterparts in regards to home prices, incomes, debt and other economic factors. However, lack of participation does not equate lack of desire, and as the younger generation has continued to age (the oldest of the millennials turning 36 this year) and reap the current economic benefits of increasing incomes and steady job growths as well as personal financial stability, we are beginning to see many more throw their hat into the housing ring.

With that being said, preparing a marketing strategy is more important than ever when selling to the millennial generation. Your audience is different, so expectations are different as well. Check out our 5 tips below for the best practices when selling to the millennial generation:

1. Get social

It is a widely known fact that millennials love social media. In fact, on Facebook alone, only 11% of 20-35 year olds don’t have an active account. If you’re not on social media you’re missing out on a gold mine of potential clients.

2. Location is key

For millennials, their dream home is more likely to depend on the location and neighborhood of the property than its aesthetic qualities. School district, community initiatives and business proximity all play a key role in selling to this demographic.

3. Be mobile friendly

Interacting with a generation in which 90% own smartphones and 93% are accessing the internet through mobile devices, it’s safe to say that making sure that you’re a mobile friendly agent is a great investment.

4. Be transparent

Authenticity is one of the best qualities you can develop when selling to millennials. This generation is being inundated with advertisements and sales pitches all day every day. They don’t want to be sold to. They want a transparent and honest relationship with their agent that provides education and clear information during their home buying process.

5. Build up your reviews

Thanks to the instantaneous nature of technology and endless resources at ones fingertips, the average millennial (first time homebuyer or not) will come to you already informed on the market and on you. Make sure you have positive online reviews placed on third party sites such as google and social media as well as on your personal webpage in order make it easy for them to choose you. This builds trust and establishes credibility between you and your clients

Staging Your Home for a Fast Sale

Staging Your Home For A Fast Sale

When it comes to selling a home fast, the staging and interior presentation can go a long way in persuading buyers to make a purchase.

Check out these 5 tips on how to stage a home in a way that showcases its strengths and de-emphasizes its weaknesses!

Tip #1 – Declutter

A cluttered home is a turn off. Make sure everything’s tidy and any excess junk is removed. You want the home to feel as open as possible.

Tip #2 – Neutral colors

Although you may love the electric blue kitchen or artistic horse mural in the living room, that’s not everyone’s cup of tea. Make sure all walls are painted a neutral color that won’t put off a potential buyer.

Tip #3 – Great Lighting

An important aspect to any home is the lighting. Make sure curtains aren’t drawn and let as much natural light inside as possible. Compensate for a dim lit room by replacing light fixtures and lamp bulbs with a higher wattage.

Tip #4 Group your furniture

Reposition your couch and chairs to help open a room up. Instead of having everything pushed up against a wall, bring your seating to the center of the room. Group couches and chairs into conversational arrangements, but remain mindful of traffic flow.

Tip #5 Accessorize

The right accessories can make your home feel more inviting. Make sure not to go overboard, however. Try accessorizing in 3’s or odd numbers and make sure the pieces are unifying.


Get An Early Start – Prepare Your Taxes!

Year after year around this time, government workers, small business owners, entrepreneurs and all other taxpaying citizens find themselves dreading the return of one of the most hated seasons – tax season. We understand how stressful this time of year can be with trying to make sure you get all of your paperwork filed accurately and on time, so we’ve compiled a list of ways to stay organized and on top of your taxes. Get started today!

Decide now how you want to file

Whether it’s through a software, traditional paper filing or your family’s accountant, deciding ahead of time what you’re going to do will help you know what steps you should take first.

Know about any changes

Being aware of changes ahead of time will not only help you stay prepared for what’s to come, but it will also lessen your stress by reducing unexpected surprises. Here’s a freebie; April 15th, which is known amongst most as tax day is actually not the tax deadline this year; its April 17th since the 15th falls on a Sunday.

Organization is the key to success

Don’t let your tax documents get lost in the clutter of your kitchen counter, or wherever you dump your mail. Store these documents in a specific place whenever you receive them in the mail. Also, if you didn’t do such a great job at it this year, make it your tax season resolution for the following year to track mileage and save your receipts and records if you’re a business owner or freelancer.

Know your deductions

Ever heard the phrase “don’t leave money on the table?” Every year American’s do just that by not claiming their tax money. Know beforehand what you can claim as a deduction such as interest you pay on student loans/mortgages, or miles you drove while volunteering.

File Early

Last year, out of 152 million tax returns, 111 million resulted in a refund. So, if you’re expecting to get money back, why not file as soon as possible? You can get your refund faster by filing your taxes early. Track your refund through the IRS “Where’s My Refund” link.

Remember, filing taxes can be stressful, but nearly everyone has to do it. The earlier you get started and the more organized and prepared you are, the easier it will be. Take advantage of all the free tools out there that can help you make the best decisions during tax filing season. Good luck!

What-you-need-to-know-about HELOCs and the new tax reform bill

What You Need To Know About HELOCs And The New Tax Reform Bill

On December 20, 2017, President Trump signed into the law the Republican tax reform bill which went into effect at the start of 2018. With that, a number of changes have been made to our tax code, specifically, home equity loans and lines of credit. In the new bill, you can no longer claim a deduction for the interest paid on HELOCs. So, what does this mean for you?

First, let’s start by defining what a home equity loan is. Basically it’s when a homeowner receives a loan using the equity in their house. The equity is the difference between the home’s mortgage balance and its market value. Homeowners can either take out a onetime loan with a fixed interest rate, or a line of credit which is similar to a credit card with a debt limit based on your home’s equity.

Previously, homeowners who took out a home equity loan could deduct up to $100,000 in interest from their taxes; under the new law, that is no longer the case. For homeowners with available home equity they want to borrow against, they may find themselves at a crossroads. Now that interest isn’t tax deductible, the benefit of home equity loans and lines of credit may be reduced, but homeowners can utilize a different financing option such as a cash out refinance.

A cash out refinance is a way to receive cash for your home’s equity. It works by refinancing your mortgage for more than you currently owe and receiving the difference in cash. Right now, rates are still looking great, and if you’ve increased your credit score or equity in the past couple of years, a cash-out refinance could be a viable option. For more information on starting a cash out refinance, visit refinance.

AmeriSave Mortgage Corporation does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.