AmeriSave Mortgage vs New American Funding

Kalicia Bateman
Kalicia Bateman | Contributor

AmeriSave Mortgage and New American Funding are top-rated mortgage companies on BestCompany.com. 

Both companies offer a variety of home loan options and fast loan processing times. But New American Funding sets itself apart in the industry by using a myriad of technology to streamline the mortgage process and make it easier for customers to manage their home loan through the company’s mobile app.

Customer reviews for both AmeriSave and New American Funding are primarily positive with the majority of customers awarding each company 5 stars.

Jump down to read a detailed comparison of both companies' products and services, or helpful FAQs.

AmeriSave Mortgage logo verified_user
#1 AmeriSave Mortgage
9.9 Overall Score
4.6
star star star star star_half
(1,707)
New American Funding logo verified_user
#2 New American Funding
9.4 Overall Score
4.9
star star star star star
(617)

Overview

AmeriSave Mortgage

Minimum Down Payment

3%

Minimum Credit Score

620

Government-Insured Loan Types

FHA, VA, USDA

Average Time to Closing

25 Days

Time in Business

20 Years

New American Funding

3%

620

FHA, VA, USDA

30 Days

20 Years

Ratings

AmeriSave Mortgage

Overall Score
9.9 of 10
Review Score
4.6
star star star star star_half
Value for Money
4.6
star star star star star_half
Quality of Product or Service
4.6
star star star star star_half
Company Trustworthiness
4.6
star star star star star_half
Likely to Recommend
8.6 of 10

New American Funding

9.4 of 10
4.9
star star star star star
4.9
star star star star star
4.9
star star star star star
4.9
star star star star star
9.7 of 10

Pros & Cons

AmeriSave Mortgage

PROS

  • Online application process
  • Lower than average mortgage rates
  • Quick closing time (approximately 25 days or less)
  • Down payment assistance available

CONS

  • Not licensed to lend in New York
  • High origination fee
  • No home equity loan options

New American Funding

PROS

  • Online mortgage process
  • On-time closing guarantee
  • Home equity loan options available
  • Mortgage payment assistance provided (if necessary)

CONS

  • Higher than average mortgage rates
  • Not licensed to lend in Hawaii

Reviews

AmeriSave Mortgage

Number of Reviews
1,707
Review Breakdown
4.6
star star star star star_half
5 star
79%
4 star
12%
3 star
3%
2 star
1%
1 star
6%

New American Funding

617
4.9
star star star star star
5 star
94%
4 star
4%
3 star
1%
2 star
0%
1 star
1%

Reviews for AmeriSave Mortgage

Helpful Favorable Review

star star star star star

Rachael

September 20th, 2022

DETAILS

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Verified Customer

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Review Source

I chose Amerisave because my parents used them when they refinance their house. The agent who helped me was extremely helpful in answering all my questions very promptly and walking me through the entire process. Overall, it went really smoothly. Going through the loan application and pre-approval process was very easy and the agent was extremely helpful.

Helpful Critical Review

star star star_border star_border star_border

Darrell Burke

July 28th, 2022

DETAILS

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Verified Customer

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Review Source

We used AmeriSave twice for refinancing...our 2nd home and then our initial home. Each refi took 6 months...6 MONTHS! And why? We don't know but once we were assigned Jessica G, our refi moved to close in just 2 weeks. I don't know what's going on at the Atlanta office, but we will never use AmeriSave again.

Reviews for New American Funding

Helpful Favorable Review

star star star star star_border

Rick Daniels

September 19th, 2022

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Review Source

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.

Helpful Critical Review

star star star_border star_border star_border

Tom Oliver

August 31st, 2022

DETAILS

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Review Source

Employees I dealt with were great. Steven and Stephanie were knowledgeable and efficient. New Americans Rate and Fee advertisements were VERY misleading and borderline merit false advertising. Great Experience, but at higher rates / fees than expected, advertised or available through other lenders. Will solicit for future projects and loans, but will shop around prior to committment.

The Final Word

AmeriSave Mortgage and New American Funding are comparable companies in the mortgage products and service they offer, as well as the positive customer experience they facilitate. Let’s take a closer look at what each company has to offer:

Mortgage Rates
Mortgage Process
Online Convenience
Loan Types
Home Equity Options
Fees
Mortgage Assistance
State Availability
Customer Reviews

Mortgage Rates

Mortgage rates across online lenders are typically similar, and may vary by small points in interest. Compared to industry averages, AmeriSave’s rates are lower, while New American Funding’s rates are slightly higher.

It is difficult to make specific claims on whether or not a lender offers competitive rates since rates fluctuate daily. In addition, a company’s lowest advertised rates are typically only available to those with excellent credit and financial health.

Mortgage Process

Both companies offer faster than average closing times.

AmeriSave has been able to get more than 50 percent of its customers to close in 25 days or less, which is significantly faster than the industry average of 40 to 65 days.

New American Funding’s average closing time is 35 days.

If you would like to close on your mortgage quickly, AmeriSave Mortgage might be the best choice, although closing times can’t be guaranteed.

Online Convenience

AmeriSave and New American Funding both have entirely online application processes. With either company you can begin your application, upload documents, and track your loan online.

New American Funding, in particular, focuses on using technology to streamline its mortgage process, and even has a mobile app. Through the company's app you can view your mortgage, make payments, and manage your loan. The app is available for both iOS and Android devices.

If you would like a streamlined online mortgage process, New American Funding might be the best choice, even providing a mobile app.

Loan Types

AmeriSave and New American Funding both offer a variety of home loan types:

  AmeriSave Mortgage New American Funding
Loan Type
  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • FHA Loan
  • VA Loan
  • USDA Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • FHA Loan
  • VA Loan
  • Reverse Mortgage
  • I CAN Mortgage
  • Buydown Loan

New American Funding offers greater flexibility with its I CAN Mortgage product, allowing you to customize the length of your loan with future refinance options.

Both AmeriSave and New American Funding offer traditional loan options, but if you would prefer greater flexibility in your mortgage, New American Funding’s I CAN Mortgage could be a good option for you.

Home Equity Options

AmeriSave Mortgage offers refinancing options, but no home equity options. On the other hand, New American Funding offers a home equity line of credit (HELOC), a product that isn’t offered by many other lenders.

If you are looking for an option to access your home equity, New American Funding would be the recommended lender.

Fees

Neither AmeriSave nor New American Funding offer much information on their company websites about fees. However, AmeriSave does charge an origination fee of $500 which is higher than average — the industry average is $300.

Mortgage Assistance

AmeriSave and New American Funding both offer mortgage assistance programs for homebuyers who may need help making payments or would like to lower their initial down payment.

AmeriSave offers a down payment assistance program through Fannie Mae. The government-backed program helps low-income families and first-time homebuyers afford a down payment by providing options to put down as little as 3 percent.

New American Funding offers a variety of solutions to assist homeowners in making their monthly payment, such as refinancing or short sale options.

State Availability

AmeriSave is not available in New York and New American Funding is not available in Hawaii.

Customer Reviews

Both AmeriSave and New American Funding have high customer satisfaction ratings: 75% of AmeriSave reviews are 5-star reviews, and 97% of New American Funding reviews are 5-star reviews.

Reviews for both companies frequently highlight the following:

  • Quick and easy application process
  • Reliable customer service with personable and professional loan officers
  • Competitive rates

Based on customer reviews, either AmeriSave or New American Funding would be a good mortgage lender choice.

Top Choice

AmeriSave Mortgage Logo
AmeriSave Mortgage

Frequently Asked Questions

Is AmeriSave a reputable lender?

AmeriSave is the #1 mortgage company on BestCompany.com with an average 4.5/5 star rating. AmeriSave reviews frequently highlight the company's customer service, including fast response times to questions or concerns, and attentive loan officers who will walk you through the entire application process.

Is New American Funding a reputable lender?

New American Funding is the #2 mortgage company on BestCompany.com with an average 5/5 star rating. The majority of New American Funding reviews are overwhelmingly positive with customers frequently highlighting the company's attentive customer service and smooth mortgage process.

What kind of a lender is AmeriSave?

AmeriSave is a direct mortgage lender, originating and servicing loans in-house.

Is New American Funding a broker or a lender?

New American Funding is a direct mortgage lender backed by Fannie Mae, Freddie Mac, and Ginnie Mae.

What credit score do you need for AmeriSave Mortgage?

For an AmeriSave conventional mortgage, the minimum credit score is approximately 620.

What credit score do you need for New American Funding?

For a New American Funding conventional mortgage, the minimum credit score is approximately 620.

How long does it take AmeriSave to process a loan?

AmeriSave doesn't close an exact closing timeline, but some customers have closed in 25 days or less, which is significantly faster than the industry average of 40 to 65 days.

How long does it take New American Funding to process a loan?

New American Funding's average time to closing is 35 days.

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