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New American Funding

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9.1

Overall Score

LAST UPDATED: November 22nd, 2022

New American Funding is a California-based mortgage lender founded in 2002. The company is licensed in 49 states and has branches in 32 states. The company offers a variety of mortgage types, including FHA, VA, USDA, and I CAN Mortgage products, providing homebuyers with greater flexibility in the mortgage process.

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

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The Good

  • New American Funding Loan Types
  • Fully Online Mortgage Process
  • “My Mortgage” App
  • On-Time Closing Guarantee
  • Manual Underwriting
  • Mortgage Assistance
  • New American Funding Reviews

New American Funding Loan Types

New American Funding offers a variety of loan types, including the following:

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

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.

New American Funding Refinance Options

If you are looking to lower your monthly payment, increase cash flow, pay off debt, or get a better mortgage loan, New American Funding offers a variety of refinance loan options:

  • Cash Out — Tap into your home's equity and receive cash in return. Cash can be used for nearly any project or purchase you choose.
  • Rate and Term — Adjust your existing mortgage rate and loan term, lowering your monthly payment and allowing you to save more money.
  • Cash In — Bring cash to closing and pay down your mortgage loan balance.
  • Home Equity Line of Credit (HELOC) — Borrow cash against your home equity and use it when needed.

Although mortgage refinancing could save you more money overall, New American Funding charges additional refinance fees to complete the process. The following fees will apply:

  • Application fee
  • Title insurance and search fee
  • Lender's attorney fees
  • Loan origination and other fees

To determine whether refinancing is a good option for you, you can speak with a New American Funding representative or loan officer, or crunch some numbers with the company's online refinancing calculator.

Fully Online Mortgage Process

While you can begin the mortgage loan process in person or over the phone, New American Funding offers a streamlined, online mortgage application that can reduce stress and save you more time.

On the New American Funding website you can get rate quotes, begin and complete your mortgage application, upload documents, and track your loan. Through the “My Mortgage” app, provided by New American Funding, you can easily manage your loan on the go with your mobile phone.

“My Mortgage” 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.

On-Time Closing Guarantee

Upon pre-approval, New American Funding provides an on-time closing guarantee, getting you to a home purchase faster — the company’s average closing time is less than 35 days.

The guarantee only applies to home purchase loans. It does not apply to the following loan types, programs, transactions, or properties:

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

Additional terms and conditions may apply. If you are interested in New American Funding's on-time closing guarantee, speak with a company representative to see what options are available to you.

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Customer Review: Lisa from Newport News, Virginia

"I had the pleasure of refinancing with this awesome company. They were knowledgeable, thorough, prompt, great customer service and the process and best of all we closed right at 4 weeks. I highly recommend this company for your new mortgage or refinance."

On BestCompany.com, 19 percent of New American Funding reviews* mention how quickly the mortgage loan process is, with many customers closing on their loan within two to four weeks.

Manual Underwriting

To evaluate creditworthiness and whether you will qualify for a mortgage, New American Funding uses manual underwriting in some cases. 

Manual underwriting involves an actual underwriter analyzing your finances and documents, resulting in more personalized rates and service. Compared to automated underwriting, manual underwriting may take longer and typically requires more paperwork, but with New American Funding's on-time closing guarantee you can still expect to close quickly.

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.

New American Funding Reviews

The majority of New American Funding reviews are positive, with 95 percent 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: Gustavo from Windermere, Florida

"I just closed on my Refinance with New American Funding. The process was pretty straight forward. I did a lot of shopping before selecting them. They were the best rate for me. Amir my loan officer was great and provided all the information very quick. All the process was managed online and for the closing they came to my house. Overall a great experience!"

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The Bad

  • New American Funding Rates
  • Servicing Fees
  • Not Licensed in Hawaii

New American Funding Rates

Compared to the government-reported mortgage rate median of all lenders, New American Funding's rates are high. While the company's offered rates may not differ more than a few percentage points, even the smallest fraction of a point could save you thousands of dollars over the life of your mortgage loan.

New American Funding provides daily updated rates on its website, allowing you to more easily comparison shop for a mortgage.

Please note, the lowest advertised interest rate for any loan type is not guaranteed with any mortgage lender. The most competitive rates are generally only available to borrowers with an excellent credit score, a low debt-to income ratio (DTI), and healthy finances overall**. 

However, although New American Funding’s rates are high compared to the industry average, New American Funding reviews* indicate that 9 percent of customers are pleased with their rate, often mentioning how competitive they are compared to other lenders.

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Customer Review: Mario from Los Banos, California

"Refinancing with New American Funding was fast, easy, and stress free. They had great customer service, and very good and competitive interest rates compared to other lenders. Will definitely recommend to others."

**Additional assessment factors may be applied to determine your mortgage rate.

Servicing Fees

New American Funding charges some of the following servicing fees:

  • Origination fee — expect to pay an origination fee of 1% of your loan amount
  • Assumption fee — $250 fee charged when a request is received to have another individual assume responsibility for a loan
  • Recast fee — $350 fee charged to modify a loan and lower monthly payments
  • Reconveyance fee — fee amount varies by state and is processed when the loan payoff is processed
  • Partial Release fee — $100 fee to release some collateral after the borrower has paid off a specified amount of their loan

While many of these fees aren’t uncommon in the industry, it is important to be aware of them. New American Funding advertises that it does seek to keep fees as low as possible.

Not Licensed in Hawaii

New American Funding does not offer its services to borrowers in the state of Hawaii. If you reside in Hawaii, you will need to find other mortgage lender options.

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The Bottom Line

New American Funding is a great option for those who value a streamlined online process and a wide selection of mortgage services. A New American Funding mortgage is appealing 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.

Those that are in search of more flexible loan terms will especially benefit from New American Funding, in particular, its I CAN Mortgage product, which provides a more customizable experience with loan terms ranging from 8 to 30 years.

New American Funding is committed to getting you to closing fast and provides an On-Time Closing Guarantee. While certain restrictions may apply, this guarantee may get you to home purchase much faster than competing mortgage lenders.

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

*New American Funding review data used in this profile is taken from a sample of 150 reviews left by customers on BestCompany.com.

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Star Rating

4.9

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618 Reviews

Review Breakdown

5 grade

94%

4 grade

4%

3 grade

1%

2 grade

0%

1 grade

1%

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CHERYL MALONEY Wilsonville, OR

I’ve worked with New American Funding now for two transactions. The first with her to refinance my home and that process was probably the best experience I’ve ever had with a lender. I felt the entire process was transparent, educational, and reasonable. Most of all the expert that I worked with, Anthony, truly seem to care about what I was looking to do and what would make more sense for me. When I decided to relocate out of Oregon to Pennsylvania Anthony referred me to someone that handled lending for Pennsylvania. He stayed in the loop with what was going on and actually reached out to me to make sure that I was happy with the process. The expert I used on this transaction with Devon. He too made me feel confident and comfortable about buying a new home. And to add to the positives the teams that worked with both of the representatives were equally as friendly, knowledgeable and responsive. New American Funding isn’t the gold standard they are the platinum standard!

2 months ago

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Review Source

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Marie Harrison Virginia Beach, VA

I love New American funding because they care about they customers, no cutting corners. Always fund the best deal for you , give you good advice ,to keep you house up to date.I will always refer anyone to them.

1 week ago

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Ana Ahn Rochester, MN

The people who we worked with made this process very painless. They were very efficient and knowledgeable. Once we closed, we were able to get our money very quickly. One thing that would be helpful in the future, when refinancing for debt, if we could make it an option to electronically pay debt collectors, that would be amazing and would help make others feel more secure about sending out checks worth thousands of dollars (in my case) to a random PO Box.

2 months ago

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Angela Rose Spring, TX

From the beginning EJ set the bar high with his professionalism to his kindness. The process was so smooth and fast I can't believe it's done!! Each step was thoroughly explained and I never felt alone. Deborah was great to work with as well. She even responded to me on a weekend to a question I had. I definitely recommend 10 times over to everyone.

2 months ago

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Robert Warwick, RI

What I liked was, I was called immediately upon submitting for my loan and was pre qualified within the hour after submitting documents. The only thing I notice no so much bad is the rates at that time could of been better. I saw competitors interest rate a point to point have lower than what I was given with the consideration my credit score was even at 740. I’ll prob consider refinancing with another lender once it goes down since I don’t feel I was given a good deal on the interest rate.

2 months ago

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Tawni Stover TX

New American Funding made our purchase practically painless. I love the fact that NAF services the loan so that I get to stay with them from start to finish. I don't have to worry about getting that phone call or letter in the mail from some company I am unfamiliar with stating they bought my loan and I need to deal with them from that point on. In short... New American Funding is with for the long haul!... I will continue to recommend them to family and friends!

2 months ago

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Amanda Barber Port Charlotte, FL

I wanted to take a moment to express my sincere gratitude to our loan officer, Tania B for our recent refinance home loan approval. Tania’s dedication, hard work, patience and expertise made our entire loan process run so smoothly. Tania not only took the time to make our entire loan process easy to understand, she broke it all down line by line to make perfect sense, financially. She was so kind and compassionate and displayed such patience while explaining every detail to my husband and I throughout the entire process, literally from day one to the very end of closing day and then some. We were so impressed with Tania’s honest communication and her willingness to answer any type of question or concern I had, even if It really wasn’t her area of focus. She took the time to make us feel completely secure with our decisions to continue moving forward and always helped us to “trust the process” whenever in doubt. Our family truly needed this refinance for much needed home renovations and will forever be indebted to Tania and her staff for their continuous efforts to make this financial blessing happen. Thank you again Tania, for a superb experience and can’t wait to work with you again in the future. You are most definitely a “one-of-a-kind” loan officer, keep shining bright!!! Sincerely, Amanda and Jeffrey Barber

3 months ago

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Clint Rouse Concord, NC

Had a rough start with my first loan consultant. Her communication was poor and she wasn’t very good at listening to me. I was about to switch to another company. But when Ted and Gina jumped in it all got better. Glad I stayed with New American Funding and I would recommend to people.

2 months ago

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Lawrence Iverson Redmond, WA

New American Funding made it SUPER easy to refinance our home and capitalize on the equity. We LOVE the fact that they do not sell your mortgage after you work with them, they actually service the loan! This is big for us, our first mortgage was sold 4 times and every time it was a nightmare.

2 months ago

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Amela Chamberlain Elk Grove, CA

We have been with New American Funding for about 2 years now and have been very satisfied with their services. Other lenders tried to computer for our business but the rates they offered were the best among the lot. An added bonus is the excellent service we get from the their team. We worked closely with Sam K who gives us the best support.

2 months ago

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Sheka Silver Spring, MD

The processor Alyssa P failed to request some documentation in advanced and because of that my closing date was pushed back a few days and it did interrupt my whole personal schedule and made the experience stressful. This was the only time I felt stressed and overwhelmed. She made it as challenging as she possibly could for unnecessary reasons. Timing and communication was her biggest issue.

2 months ago

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Rick Sacramento, CA

Loan process went quick and smoothly with the exception of accepting a gift for the down payment. The process of proving blood relation for the gift funds was ridiculous. Having to submit birth certificates and marriage licenses was a pain.

2 months ago

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L. A. Blumenstein Dayton, OH

Samantha was awesome, extremely helpful and always responded quickly! She did a fantastic job explaining my options and what we could do to streamline and improve the process of buying my late grandparents' home from my mother. The other person I worked with, Tori, was also great to work with! Overall the process was made clear and everything was explained very well to make me feel comfortable and confident.

3 months ago

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Blanca P Sacramento, CA

This was my first time getting a loan for myself. I had gone to a few other banks and lenders to see if I could get a loan but none were able to explain how this works in general and break down some of the terminology that was completely foreign to me as Gabriel G did. He really took the time and effort to make me feel comfortable and heard with some concerns I had and was sympathetic to my situation. This is the reason why I chose to go with your company

3 months ago

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RPerez Sugar Land, TX

The whole process from start to finish was smooth and quick. They were sure to keep us informed of the progress of the loan. I would definitely recommend New American Funding!

2 months ago

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Rick Daniels Chicago, IL

Everything was great on Jacks part, we did have a couple of hang ups with the processor, Jessica. She was behind on several things or confused. She did get the job done but I feel like it could’ve been done a week sooner. All in all tho a goid experience.

2 months ago

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Talea Mcknight

This home buying process was so smooth for us a first time homebuyers!!!! The only reason i didn’t give 5 stars is because the last two weeks lacked the same communication that we received throughout the majority of the process.

2 months ago

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Karen Tronvig Macomb, IL

Fantastic experience for a first time home buyer. Wish rates were lower but that has nothing to do with the lender itself. We will definitely be refinancing with NAF when rates lower!

2 months ago

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Cristian Lagunas Oklahoma City, OK

We contacted New American funding but did not receive a response right away took 2 to 3 weeks to get in contact with someone who could help us in purchasing a home. The person we contacted seem to be on their way out but the new person was able to help us with what we needed. Other than that NAF has always been great!

2 months ago

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Paul Muller Ellijay, GA

I endured additional cost because of processor errors. Definitely wasn't happy about that and I think a refund is due. The person who saved the day was Travis K. He stayed with from start to finish. It took almost 2 months to complete this this refi, hence the additional cost. Mr. K saved the day.

2 months ago

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Tristan Berke Sterling, VA

So far everything has been great. I will say I particularly liked the format of how they had me submit all of the necessary documents on their website. It was very intuitive and made the whole process a breeze.

2 months ago

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Erica Nellis GA

Overall experience was really great. Everyone was knowledgeable, friendly, and helpful. The only negative I had about the experience was the inspection/ appraisal. The appraiser did not communicate well with either seller or buyer, was not prompt, or exact.

2 months ago

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Lavonnda Best Aiken, SC

The option for cash off. I have submitted mutiple offers previously with another lender but with the current market....beat out by cash only offers. The staff there were no suprises and everything I was told was true Great customer service.

3 months ago

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Cody and Maria Whittaker Hendersonville, NC

The entire loan process was super easy. Andrew, our Loan Officer was very good at taking care of our needs, setting our expectations, and holding the rope for us. I am very impressed with the service and support we received from New American Funding.

3 months ago

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jbucklin Cameron, LA

I like that the loan process can be handled online. I did feel the initial phone interview was repetitive (I was asked verbally for virtually all of the information I had already provided on the electronic application). Representatives were polite, responsive and maintained good communication both by phone and electronically.

3 months ago

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john slim Lansing, MI

I was very satisfied from start to finish. Everything was explained thoroughly and they were always available for any questions. I would definetly recommend them.

2 months ago

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annie kleman

My overall experience went well. However, there were a few misunderstandings towards the end of my home purchase. This was dealt with relatively quick.

2 months ago

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Pastor Steven Waters Calhoun, GA

NAF was amazing from step 1. Took care of us and made us feel valued as customers and felt like we were given the white glove treatment throughout the process.

2 months ago

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Tayler Carano Los Angeles, CA

I have used New American Funding several times. They have great rates and offer an smooth process. They always meet the deadlines. I would recommend them to anyone.

2 months ago

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Troy Tumlin Atlanta, GA

Very smooth and informative process,for refinance and restructure of debt,Caroline is always very helpful and knowledgeable of the options avaliable 👍🏻👍🏻

2 months ago

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William Restrepo Garland, TX

Very fast service, I was able to do the closing of my house in 21 days, and also was able to get a very good rate. Overall experience was great for me.

2 months ago

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Michelle Weisheit Jacksonville, FL

From start to finish the New American Funding team provided information regarding status and next steps taking the stress out of the process. Highly recommend!

2 months ago

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Charles Johnson Memphis, TN

I was denied by three lenders before new american funding. NAF took extra time to get us approved. Honestly without Greg this would have been a harder ride.

2 months ago

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Music Lover Omaha, NE

New American Funding provided us with fast, friendly, well informed service. We were able to conclude our business quicker than the fastest stated average time.

2 months ago

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Sam Eagle Mountain, UT

New American was great - far better than my past experiences with other companies. Great rates, great service - there’s a reason they have a stellar review rating.

2 months ago

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Danyelle Acclise Little Rock, AR

I would highly recommend New American Funding. Very helpful and always answered any questions with no hesitation. They work hard to get us our loan. I have no regrets

2 months ago

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Yared Beyene

William (My agent) is so nice, understanding and easy to communicate. He is very supportive. Because of him that I prefer The New American Funding Co.

2 months ago

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Nostramo359 Wesley Chapel, FL

Dealing with New American funding was an unexpected pleasant experience. Our thanks go out to all the people at New American Funding for making our refinance of our house go smoothly and in a very timely fashion. Good Job!

3 months ago

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Tess Rangus Puyallup, WA

Everyone we dealt with extremely knowledgeable and very pleasant. The response time was amazingly fast and they kept us informed of the loan status regularly via email and phone. This was fast and absolutely painless.

3 months ago

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Michelle Renee Swain Detroit, MI

I found the underwriting process sloppy. I was told I could do a cash out refi on my land contract. I requested to not pay for an appraisal until the loan was approved. I got the ok and then at the last minute was told I could not do the cash out re-fi. Had I known this up front I would have structured this very differently but was not given that option because someone didn't do the research and make sure they could do a they promised me.

3 months ago

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Juan Carlos Narvaez Hollywood, FL

New American Funding Team they are very Competent ,They help you with whatever you need, I would work with them whenever I needed it,

2 months ago

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Beverly Chilton Temple, TX

It was an organized process and Kevin M was experienced in the business which made me confident I had chosen the right mortgage company.

2 months ago

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Dragonfly Plaistow, NH

This is our 2nd time going through American Funding. We purchased our homes and the communication was amazing. Would definitely recommend....

2 months ago

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Gordon Granger

We feel very lucky to have discovered New American Funding! They are very efficient, and make the process rather painless!

2 months ago

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Martin Martinez Amarillo, TX

Overall my experience was a pleasant one. However Ian Q was the star of the show. Made the home buying process somewhat pleasant.

2 months ago

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Peggy Konitzky Kittery, ME

I would recommend you to anyone. The people I worked with were knowledgeable, responsive and able to deal with whatever hiccups arose.

2 months ago

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Rebeka Hetler Mansfield, OH

They were always quick with responses and stayed on top of all the documents that we needed to sign and would resend if we forgot any.

2 months ago

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Lisa Rolsin Franklin, NC

Nick made this process so smooth and so amazingly easy. I truly appreciate the customer service, Vic continuous support and contact.

2 months ago

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As Glendale, AZ

I was approved for a loan for a house purchase. The sellers changed their mind. When I found another house to buy I was asked to restart the loan process all over again. The gap between houses was less about a week.

2 months ago

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Bobby Jo Arrigo Lebanon, PA

The ease of communication was awesome! Ashley was great with making sure items were taken care of on time and that we closed within our time frame.

2 months ago