New American Funding offers conventional, proprietary and government-backed mortgages. Its variety of mortgage options make it worth checking out, especially if you have unique financial needs. It also offers options for refinancing and tapping into your home equity. Its products aren’t available to New York or Hawaii residents.
- Offers several mortgage options
- Website and app to manage your mortgage
- Educational resources like calculators, blogs and home buyer guides
- Not available in New York or Hawaii
New American Funding Refinance Ratings at a Glance
- Loan Options
- Application Process
- Rates and Fees
- See All 11 Items
New American Funding offers a comprehensive array of loan options, making it easy to find a product that fits your needs:
- Conventional Loans: Standard loans for those with good credit.
- FHA Loans: Ideal for first-time buyers with lower credit scores and smaller down payments.
- VA Loans: Exclusive to veterans and active military, offering favorable terms.
- Jumbo Loans: For high-value properties exceeding conventional loan limits.
- Adjustable-Rate Mortgages (ARMs): Loans with interest rates that change over time.
- Refinance Loans: Options to refinance existing mortgages for better rates or cash-out purposes.
- Non-QM Loans: For self-employed or borrowers with unique income situations.
These options cover a broad spectrum of financial scenarios, ensuring that borrowers can find a loan that meets their specific needs.
Applying for a mortgage with New American Funding is straightforward but might not be as seamless as some online-focused lenders. The application process involves a mix of online and offline steps, which can be beneficial for those who prefer personal interaction. Applicants need to provide standard information such as income, employment history, and credit details. While the digital tools are helpful, the overall online experience could be more intuitive.
New American Funding offers competitive rates and transparent fee structures. Typical fees include origination fees, appraisal fees, and other standard closing costs. Their rates are generally on par with other major lenders, but they excel in providing favorable terms for borrowers with diverse credit profiles.
New American Funding is an excellent choice for borrowers looking for a wide range of loan options and personalized service. While their online experience could use some enhancement, the overall value and customer support make them a strong contender in the mortgage market.
New American Funding vs Competitors
- Best For:RefinancingVIEW PROS & CONS:securely through New American Funding Refinance's website
New American Funding vs Quicken Loans
New American Funding offers a more personalized approach compared to Quicken Loans, which excels in digital convenience. While Quicken Loans provides a slick online platform, New American Funding stands out with its extensive loan options and hands-on customer service.
New American Funding vs Better.com
Better.com is known for its no-fee structure and fully online process, making it a cost-effective choice. However, New American Funding offers more loan types and better caters to borrowers with unique financial situations.
New American Funding vs LoanDepot
LoanDepot offers a blend of online and in-person services, similar to New American Funding. Both provide a wide range of loan options, but New American Funding edges out with more tailored solutions for first-time buyers and those with less-than-perfect credit.
New American Funding vs Guaranteed Rate
Guaranteed Rate is great for tech-savvy buyers with its robust online tools, but New American Funding wins in personalized customer service and diverse loan offerings, making it a better choice for those needing customized loan solutions.
What Others Say About New American Funding
New American Funding has received accolades for its customer service and commitment to diversity in lending. They have been recognized by organizations such as JD Power for their high customer satisfaction ratings. Their dedication to helping a wide range of borrowers, including those often underserved by traditional lenders, sets them apart.
Frequently Asked Questions
What credit score is needed for New American Funding?
Typically, a minimum credit score of 620 is required, but they offer options for lower scores through FHA loans.
How long does New American Funding take to close?
They can close loans in as little as 30 days, depending on the complexity of the loan.
What types of loans does New American Funding offer?
They offer conventional, FHA, VA, jumbo, adjustable-rate mortgages, refinance loans, and non-QM loans.
Methodology
Our evaluation of New American Funding involved examining key factors such as loan options, application process, rates and fees, and overall customer satisfaction. We compared these against industry standards and similar lenders to provide a comprehensive review. Our goal is to give prospective borrowers a clear picture of what to expect when choosing New American Funding.
User Reviews
Yasser
Good
Andreus Thomas
i used them to buy a rental property
Submit Your One Minute Opinion
