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Founded in 2003, New American Funding has since expanded to over 200 branches in 32 states. If you’re not in a state where New American has a physical branch, there’s an excellent chance that you can still manage your home loan process online — the lender is licensed in every state except Hawaii.
Over 120,000 New American Funding reviews from a number of popular sources are posted directly on the lender’s website. The company has earned a positive reputation for its personable and responsive loan officers and quick and easy closings. Read on to find out if New American Funding is the right lender for your purchase or refinance loan.
In this review:
New American Funding mortgage review
- First-time homebuyers
- Latino Americans
- Homebuyers looking for custom loan options
New American Funding has temporarily stopped offering some types of mortgage loans, such as jumbo loans, but it still boasts a robust selection of products. The lender currently offers the following loans:
- I CAN (Custom, fixed-rate mortgage exclusive to New American Funding)
A buydown option is also available for conventional mortgages, VA loans, and FHA loans which lets you pay points up front, at closing, to reduce your interest and payments during the first three years of your home loan.
First-time homebuyers will find a lot of helpful resources on New American Funding’s website, including how to find grants that can provide down payment money and reduce closing costs. New American Funding also has an extensive library of educational video content, covering topics like mortgage pre-approval and cash-out refinancing.
Here’s a closer look at New American Funding’s mortgage purchase loans:
|Conventional, FHA, I CAN loan. Buydown option available on conventional, FHA, and VA loans.|
|15 and 30 years, or I CAN custom term of 8 to 30 years|
|5/1, 7/1, and 10/1 ARMs|
|Rates and fees||APRs and fees vary by loan and borrower’s qualifications. Points due at closing for buydown option.
|Min. credit score||
|Min. down payment||
Check Out: How to Get the Best Mortgage Rate
New American Funding mortgage refinancing review
- Homeowners age 62 and older considering a reverse mortgage
- Homeowners who prefer a home equity line of credit over a refinance
- Veterans looking to finance into another VA loan
In addition to standard fare like conventional, FHA, and VA refinances, New American offers mortgage refinance loans that some other lenders don’t, including:
- Cash-out refinance
- Reverse mortgage
- Home equity line of credit
- Cash-in refinance
You’ll have to call New American Funding for mortgage refinance rates because not all loans are listed on the company’s website. And there’s no mention of no-closing-cost refinance loans.
Find Out: How to Refinance Your Mortgage in 6 Easy Steps
How New American Funding can improve
New American Funding holds its own against other tech-savvy non-bank lenders, but there’s still room for improvement.
Here are a few ways New American can improve the customer experience:
- Offer lender credits: Credits similar to the one offered by other mortgage lenders — where you pay higher rates in exchange for closing cost credits — would round out New American’s already robust product line.
- Add more bilingual features: Adding Spanish-language Apply Now buttons and subsequent Spanish-language pages to the website would make it easier for non-English speakers to start their online applications.
- Remove inactive products: The website would benefit from the removal of links to loan products not currently offered.
- Offer rates for all loan types: This would help customers compare their options.
See: How to Get Pre-Approved for a Mortgage
Compare multiple lenders first
New American Funding has a lot to offer homebuyers and homeowners planning to refinance their home loans. Although New American Funding isn’t one of our partner lenders, Credible makes it easy for you to choose the best lender. You can compare prequalified mortgage rates from multiple lenders on our platform at once — and in just a few minutes.
See what mortgage rates you qualify for from our partner lenders in the table below.