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New American Funding

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143 User Reviews

9.7

Overall Score

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New American Funding was founded in California in 2003 as a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer. Since the start of New American Funding, growth has accelerated year after year with its business operating in 205 nationwide branches while servicing over 137,000 loans for a total of over $33.6 billion.

New American Funding appeals to all types of homebuyers by offering traditional and specialty loan options. It also has a variety of resources and services that make homeownership possible for many who normally do not qualify.

In addition, New American Funding further sets itself apart from the competition by implementing streamlined technologies. Through its customized software, apps, and processes, New American Funding is able to cut down on costs and time.

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Customer Review: Cheri Chenoweth from Pylesville, Maryland

"I have been working with New American Funding for about a year now. The loan officers I have worked with were very professional and always available. They followed the loan process throughout the entire transaction. I would strongly recommend working with New American Funding."

Check out New American Funding Reviews below to see what borrowers are saying about their experience.

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The Good

  • Variety of Loan Types
  • Financial Calculators and Tools
  • Affordable APR Rates
  • Mortgage Assistance
  • Mobile App
  • Positive Customer Reviews

Variety of Loan Types

New American Funding has a loan option for nearly any situation. Borrowers will be pleased to find a wide variety of home loan services available. These loan services include:

  • 30-year fixed rate mortgage
  • 15-year fixed rate mortgage
  • Conventional loan
  • VA loan
  • FHA loan
  • Adjustable rate mortgage (ARM) loan
  • Reverse mortgage
  • I CAN Mortgage (Customizable loan from 8-30 years)
  • Buydown loan

The variety of loan products offered by New American Funding shows that it is truly dedicated to making the home buying process accessible to nearly any kind of borrower.

The most unique loan that New American Funding offers is its I CAN Mortgage. This loan allows you to customize the length of the loan with options to refinance in the future. Most loans are for 15 or 30 years long, making New American Funding a great option if you are in need of a less common loan length.

Financial Calculators and Tools

New American Lending offers a variety of tools that make the home buying process easier. Its online set of tools allow you to estimate many of the associated costs with mortgages. These tools include:

  • Mortgage calculator
  • Refinance calculator
  • Affordability calculator
  • Amortization calculator
  • Housing market updates
  • First-time homebuyer help

These tools dive deeper compared to other resources offered by mortgage lenders. For example, these calculators will show you extra details such as your principal versus interest over time, your remaining balance over time and more. These tools help you decide as a borrower if you should move forward with being pre-qualified or if you should continue comparison shopping for another loan. This sort of transparency resonates well with many in the home buying process.

In addition, New American Funding has a number of resources that help educate first-time homebuyers. These resources offer information about down payment assistance, grants, specialty loans and more. It also offers actionable tips to help first-time homebuyers feel more confident throughout the whole buying process.

Affordable APR Rates

New American funding aims to make loans more affordable through its advanced technologies. It is difficult for a mortgage lender to give a set Loan APR rate range because rates will fluctuate based on the overall housing market, general location of the home, credit score, and more.

With that being said, New American Funding updates its current APR rates on its website frequently. As of July 2020 its advertised rates are as follows:

  • 30-year fixed — 2.94% APR*
  • 15-year fixed — 2.6% APR
  • FHA 30-year fixed — 2.62% APR
  • VA 30-year fixed — 3.228% APR

Once again, these rates are subject to change, but some other lenders don't offer rates this low, nor are they transparent enough to keep rates updated on its site. New American Funding is a great place to look into if you are searching for a fair, well priced mortgage rate. 

Mortgage Assistance

If you are having trouble paying your mortgage, New American Funding offers a variety of options/solutions to help you make or modify your payments and remain in your home:

  • Refinance — lower your monthly payment and/or improve your loan terms
  • Reinstatement — avoid foreclosure by demonstrating that you have funds that will become available at a specific date in the future
  • Repayment Plan — catch up on late payments without having to come up with a lump sum
  • Modification — permanently modify your loan so that your payments are more manageable

New American Funding also has options if you'd prefer to leave your house, but not foreclose:

  • Short sale — sell your home and pay off a portion of your mortgage balance; relocation assistance may be available
  • Mortgage release (deed-in-lieu of foreclosure) — transfer property ownership to New American Funding

To find the best solution for you, New American Funding will work with you based upon your specific needs.

Mobile App

New American Funding offers a mobile app through which you can make payments, easily view and manage your home loan information, and view updated information about your current home equity and estimated property value (if this information is available in your area).

The New American Funding My Mortgage App is available for both Android and iOS devices.

Positive Customer Reviews

The majority of New American Funding reviews are positive, with 97% of customers awarding the company 5 stars. These reviews frequently highlight reliable customer service with great experiences with specific loan officers. In addition, customers are quick to mention a quick and easy application process, and competitive rates, saving customers more money overall.

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Customer Review: Ty Brooks from Charlotte, North Carolina

"We initially chose New American because they offered us the best rate for our home loan, but their service ended up being great and out loan officer took great care of us."

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The Bad

  • Not Available in Select States
  • On-Time Closing Guarantee Exclusions

Not Available in Select States

New American Funding does not offer its services to borrowers in the state of New York or Hawaii as of July 2020. In the future, licensing may change and New American Funding may be able to serve New York and Hawaii borrowers, but in the meantime, New York and Hawaii residents should look into other mortgage lenders for a home loan.

On-Time Closing Guarantee Exclusions

New American Funding is ahead of the curve when it comes to technology, allowing closing times to be faster for many borrowers. It offers an on-time closing guarantee; however this guarantee does not cover a wide variety of its loan programs and services such as:

  • Mortgage revenue bond programs
  • Bank-owned properties and short sale transactions
  • Brokered loan transactions
  • Refinance transactions
  • Reverse mortgage transactions
  • NAF employee loans
  • Non-warrantable condominiums
  • All properties located in a flood zone
  • Manufactured homes

In addition, New American Funding is able to terminate the agreement at any time. The on-time closing agreement is great for those who are in need of a conventional loan, but keep in mind that all other loan types do not have the same priority.

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The Bottom Line

New American Funding is a great option for those that value a streamlined online process, affordable interest rates, and a wide selection of mortgage services. Those that are in search of more flexible loan terms will especially benefit from New American Funding.

In addition, be sure to utilize the tools and resources on the New American Funding website, such as its mortgage calculator, refinance calculator, and mortgage assistance options if needed. It will be able to give you accurate estimates and pricing to help you in your home buying journey.

New American Funding reviews are overwhelmingly positive, outlining great experiences with customer service, and a process that wasn't only easy but saved people a lot of time and money. Thus, if you are looking for a mortgage company that focuses on providing an excellent customer experience, we would recommend New American Funding.

*The advertised loan is a 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 2.750% for 360 months. The disclosed APR is based on the payment of 2 discount points. For a $510,400 loan, there is a 2.940% APR with a monthly principal and interest payment of $2,084 for 360 months. Interest rate quoted assumes a purchase or rate-term refinance with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 7/6/2020 and are subject to change without notice.

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Star Rating

4.8

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143 Reviews

Review Breakdown

5 grade

94%

4 grade

2%

3 grade

0%

2 grade

0%

1 grade

4%

Sentiment Criteria

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TM Murrieta, CA

We were working with this company. Did our pre-approval and were aware of our situation. When we got towards the commitment deadlines kept dragging their feet and giving us the run-around. Then 8 days before commitment was due dropped us without warning. Earnest money was paid, inspections done, etc. we had to scramble to find a new lender and now we have to push our closing back because we cannot meet our otherwise prescribed deadlines as outlined by our contract. I wouldn’t use them.

1 week ago

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James Deacon Denver, CO

Horrible company to deal with. They lack communication, take forever to process the application and complete underwriting. They are cheap, but you get what you pay for. After two months of getting the runaround, I finally got closing disclosures only to find out that they had made several errors in their calculations (doubling the estimated amount for homeowner's insurance, for example.) They sold me by saying I would have no cash to close and then suddenly it was $2400 cash to close with no explanation. Then, after I rejected the erroneous closing disclosures due to their errors, they came back weeks and weeks later and said I didn't have enough income to qualify. Hmmm. I apparently did when I was pre-approved. I apparently did when they first submitted the closing disclosures to me. Nothing changed. The only explanation I have is that they have no clue what they're doing, there is no cross-communication between the different people working the account, and/or that they are running some sort of bait and switch operation and when I questioned it, they rejected my already-approved application. Steer clear. Plenty of other good places to get financing.

2 weeks ago

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Berna Pacheco Albuquerque, NM

My Daughter and son- in - law have been trying to refinance their home since December of 2020 and it is now March of 2021 and they have been getting the run around. My husband and I are helping them with the refinance and we are having to send paperwork in again and again. We feel like they are using us to check how much money we have to up the price of the loan or they just don’t know what they are doing. I’m very disappointed with this company and this whole situation. If things don’t change soon we will seek help from a lawyer. Mrs. B Pacheco.

3 weeks ago

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Charmaine Chaddan Jersey City, NJ

Horrible from the start, lies, deceit. They has me string along with fslse hope of getting the refi. They even had me pay $500 for my home appraisal. Only to come back again for an official $100.00+

3 weeks ago

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Toni Tabarez Colorado Springs, CO

Allison the underwriter made so many mistakes caused my loan to close 2 months later than we should of. We ended up paying more APR at the end. Buyer beware if your refinancing. If your buying I would not use New American because you will be gambling on the promised closing date which can cost you your new home.

3 weeks ago

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Brian D. Smith ,

Great company to deal with, our refi was painless and a very smooth process.

3 weeks ago

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David Scott Scottsdale, AZ

My take away is the company is only as good as the people. Refinancing is never fun. My loan officer, Ivan N., was professional, patient, positive and had this unusual mix of being laid back but energetic and get it done attitude. Great communication during the entire process and always responding in less than 12 hrs - often after usual business hours. Ivan works as a key team member ensuring all the details are understood and critical path tasks known. I had a great experience and I highly recommend New American Funding to make the process as pleasurable as it can be...

3 weeks ago

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Efraín A Beliz Winnetka, CA

Prompt, excellent and user friendly service

3 weeks ago

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Matthew Loughman Mansfield, OH

I was Leary about using a bank that I found on Credit Karma, but I'm so glad I did. The employees that I worked with were excellent and the closing cost were the cheapest that I've ever had. The entire experience was so smooth and saved me thousands of dollars. I will definitely use New American funding in the future.

4 weeks ago

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Elaine Short Hills, NJ

All staff very helpful and patient . Easy to communicate with,.

4 weeks ago

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Randy Wilson Indian Head, MD

The team was attentive and provided updates when asked. The process took a little longer that i expected, but would use them again. I highly recommended this company!

4 weeks ago

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Kathryn Largo, FL

American Funding has an Incredible team of underwriters and loan processors working hard to make dreams come true!!

1 month ago

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Louis Cote Lowell, MA

Both Allen and Heather made the process much easier. I will definitely recommend them.

1 month ago

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K&M Evansville, WI

I received continuous updates in the process and we closed much earlier than expected!

1 month ago

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Lisa Dahl ,

Frequent communication. They let me know what was happening every step of the way. Very happy with their service.

1 month ago

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Tom Lambert Epsom, NH

Pros. Excellent service. Smooth process. Web portal meh. Jordan M. was very helpful. We tried to lock in at 1.99% and there was a "system error" which seemed odd and it came back at 2.625% which is still good. The whole event made me skeptical. However, we still closed and got cash out and it went very well except for that one thing.

1 month ago

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Carlos Contreras Irvine, CA

Recently refinanced my mortgage and boy was I happy with their low rates but amazing customer service. As an investor, this means a lot to me and boy they came through. I feel confident that my mortgage is going to be in great hands over the next years to come and love I can see where my mortgage is with their online portal. LOVE IT! Thank you and Loan officer and Processor were amazing.

1 month ago

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Mark Hensler Columbus, OH

They frequently checked in with me during my house buying process to make sure I had everything I needed. Once I found the home I was ready to purchase, they made sure I was informed and understood each step along the way until I closed on my new home!

1 month ago

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Steve Chicago, IL

Great customer service. Customers are kept in the loop of the process at all times as the right hand of the process knows what the left hand is doing. The New American Funding process should stand as the textbook example of how it should be done. At no time did I feel overwhelmed, confused, or uninformed. Professionals all the way. Thanks New American Funding, you're the best!

1 month ago

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Dan Altman Mount Sterling, KY

The refi process was very efficient and was completed in a very short amount of time. Staff were very professional and worked hard to find a rate and loan that was right for me and my family. I highly recommend New America Funding to those looking to refinance their mortgage.

1 month ago

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Carlos Betancourt Homestead, FL

i had a very smooth process with New American Funding and at the end of the day thats all you can ask for.

1 month ago

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Caridad Alemán Miami, FL

The best mortgage company, professional people, patient with customer and very kind. Highly recommended.

1 month ago

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Michael D. Cassity Aurora, MO

I recommend New American Funding.. They were very efficiency when processing my loan. Also, they demonstrated the upmost integrity in all the dealings I had with them.

1 month ago

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John A Cole ,

Anderia and Richard were very pleasant and knowledgeable. This refinance was a very smooth process, and best of all we received a great refinance rate! We wouldn’t hesitate to use them again! John and Anita

1 month ago

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David Geyman Waco, TX

They followed thru on initial promises and funded my refinance!

1 month ago

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Richard Morgan Caldwell, ID

We recently refinanced our home and the people who helped us along were very polite and professional. There were a lot of options available to us and we were never rushed along. Overall we are extremely satisfied with our experience and I ask that others give New American Funding a chance to get you were you and your family deserve to be.

1 month ago

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Christopher D Smithers Seaford, DE

I tried to get a refinance of my home through a competitor. They had a nationally recognized name so I thought I had a good company helping me with my needs. After a very unsatisfactory communication experience I decided to try Newamerican Funding. I contacted Josh K. who streamlined the whole process. I* was always informed as to what I needed to do, and Josh kept me well informed until my refinance closed. 5 Stars out of 5

1 month ago

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Joe Chang Arlington, TX

This is our second time using Michael! He was very helpful in every detail, question, or concern we had. Will definitely recommend and use him again!

1 month ago

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Summer Clements Tyler, TX

Our loan processor (Wes) was amazing. He was very helpful and thorough. Once our paper work was submitted, our loan was funded in just a couple of weeks. We had a wonderful experience working with New American Funding.

1 month ago

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Sam LeGaspi Los Angeles, CA

Christine O. was absolutely accommodated us with our difficult schedules and answered all of our questions. We highly recommend her and New American Funding

1 month ago

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Bob Banks ,

Superb direction and assistance in expeditiously closing and funding our cashout/refinance. Everyone we had contact with was most professional and made us feel we were their #1 concern while our loan request was making its way through to final completion.

1 month ago

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AMMAR ali ABUWALDAH Hyattsville, MD

Great customer service. Great agents. It is trustworthy.

1 month ago

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Robert Gorman Marietta, OK

Friendly and helpful staff. Loan was processed in a timely manner.

1 month ago

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joe iovino Brooksville, FL

MICHAEL P. HANDLED MY RE-FI,WHAT A TRUE PROFESSIONAL.BECAUSE OF HIM I GIVE NEW AMERICAN A 5 STAR RATING!!!!!!!!VERY HONEST VERY ACCURATE,VERY FAST,WOULD RECOMMEND THIS COMPANY TO EVERYONE YOU WONT BE DISSAPIONTED!!!!GREAT COMPANY GREAT JOB MICHAEL.SINCERLY JOE IOVINO

1 month ago

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Charles Hall ,

I intially went to my go to loan people @ my Credit Union. I was put on a waiting list for a call back. I was told I was number 17, blah. I was on Zillow looking to by a home in LasVegas Nevada. I got a call from NewAmerican Funding, a person name Grace J. Iʻm not comfortable with dealing with a random person,so I was really hesitant to continue my conversation with this loan person. BUT she got me with this line “ You were number 17 with your Credit Union If you decide to let me help you, YOU will always be number “1”. How can you not give her a chance? I am so happy that I did. New American Funding was nothing less the exceptional, from our first conversation to our home funding completion I am a happy camper and a customer for life. I will never go to anyone else. They were the most professional and competant funding company I have ever used, and I have used multiple companies in the past. There pricing and my cost have been outstandingly reasonable. Thank you Grace J. at NewAmerican Funding, I will be moving into my new home today, thanks to YOU! Charles L. Hall Jr.

1 month ago

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Francisco Moncayo Spring Hill, TN

The company did not try to make money off the customer. Very happy with the experience. If available, those looking for a VA loan or refinance, call this company and reach out to Jordan M.

1 month ago

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Scot Tyler Southlake, TX

Probably the easiest, timely process and most professional service that I know of in the refi industry. Have heard a lot of horror stories but none of those ever surfaced with Jeff and Amber during our only 30 day refinance. They let us know what was going on every step of the way and were shocked when we rcvd the call asking when the notary could schedule our closing. Top notch company with the customer first in mind. High recommend!

1 month ago

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Marcia Broucek Aurora, IL

Very efficient service. Everything flowed smoothly.

1 month ago

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Emma mahama Peachtree City, GA

Had an overall excellent experience with the refinancing process. Mr. L. was very professional and treated me with respect. He communicated well with me at every step of the way, explaining things to me and responding to my emails promptly. Misty M. was great and I'm extremely grateful to these two individuals.

1 month ago

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Stacy Allen Pawtucket, RI

New American Funding help us out with our mortgage loan. The process was very organized and they had it broken down into steps so you knew your status. We got prompt responses back and the process went smoothly.

1 month ago

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Plee New York, NY

Ease of process and ability to reach Pherrin. Everyone was very helpful and friendly.

1 month ago

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Judith Kunst Evansville, IN

I got a great rate and timely approval from NAF, which I learned about on Nerdwallet.com. Nick and Jeanmarie were super supportive and encouraging while also being very clear about requirements during the process. Highly recommend!

1 month ago

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Larry Gautreaux Pensacola, FL

Very professional and quick. Shopped a number of brokers and they had the best rate. No surprises and very quick. Believe me, not all online brokers are the same. Had a horrible experience with Amerisave when I bought my home. What a difference NAF!

1 month ago

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wRen Bradley Salinas, CA

Jonathan was very clear with The expectations for me and kept me in the loop, kept communicating with me throughout the entire time until I got the loan approved and reassured me during the process. There were no surprises because the communication was completely clear!

1 month ago

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Kelly Duncan Eagle, ID

Daniel is exceptional to work with. I cannot recommend New American Funding highly enough. They made our home refinance simple and painless.

1 month ago

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Lilliam Cruzado Woodstock, GA

Very easy to deal with. They stay on track and follow up with any information needed via email or call. Friendly and positive attitude from all the people we had to talk to.

1 month ago

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Wayne A Scheiner Sr. Saint Augustine, FL

Quick response to communication. Brenda C. was excellent in her service.

1 month ago

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Amy Holmes McComb, MS

The staff members who handled my loan were prompt and professional when responding to my phone calls, text messages, and emails. Great Customer Service!!!

1 month ago

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russell day jr ,

nice personal well train on their job an keeping customer advise of their loan status

1 month ago

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jredford Boise, ID

Fast and well designed on-line application. Great communication from my loan team. Highly recommend this firm to save you a ton of money with low hassle.

1 month ago

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