Overview

Founded in Orange County California in 2003, New American Funding has since developed into one of the nation’s top 30 lenders when it comes to mortgage loans and mortgage refinancing. The business boasts thousands of employees, is family-owned, and licensed in 49 states including Washington DC. Because they are a direct lender, they can offer borrowers competitive rates for home financing. They take pride in providing their customers with excellent service, and their website has over 30,000 positive customer reviews.

Eligibility Process

The application process for New American Funding is easy to complete and only requires a bit of basic information. The application asks for details that include name, phone number, email, and some information regarding your home and credit score. After completing the online application, New American Funding will then contact you with a mortgage quote. For FHA loans, a credit score of 580 is required and for most other loans, borrowers need a credit score of 620.

Fees & Rates

It’s important to speak with a representative from New American Funding to determine your monthly payment as it depends on mortgage rates, which constantly change. The business offers 15 and 30-year fixed mortgage rates, as well as a 5/1 ARM mortgage. Under the terms of a 5/1 ARM mortgage, your rate will be as low as possible for the first five years. After the fifth year, your rate would change depending on the rates of the current market.

Repayment Terms

As is common with lenders, payment terms depend on the type of loan granted and the length of the repayment period. New American funding offers a refinance calculator, a mortgage calculator, and an affordability calculator in order to help potential borrowers understand possible payment terms. The free calculators allow you to get an idea of the payment terms and how much you will have to pay. New American Funding promises transparency and guarantees no hidden fees for its services, as one of the company’s core principles is authenticity.

Customer Support

New American Funding offers an online customer care portal where customers may find support. Though their business hours are unclear, the company also hosts support via phone and email. They have active social media pages on Twitter, Facebook, and YouTube. According to their more than 30,000 online reviews, customers report high satisfaction rates with the care and support that they receive from New American Funding.