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
(1,273)
New American Funding logo verified_user
#2 New American Funding
9.9 Overall Score
4.9
star star star star star
(467)

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

19 Years

New American Funding

3%

620

VA, FHA

Approx. 30 days

19 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
4.5
star star star star star_half
Company Trustworthiness
4.6
star star star star star_half
Likely to Recommend
8.4 of 10

New American Funding

9.9 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
9.8 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
1,273
Review Breakdown
4.6
star star star star star_half
5 star
77%
4 star
12%
3 star
2%
2 star
1%
1 star
7%

New American Funding

467
4.9
star star star star star
5 star
97%
4 star
1%
3 star
0%
2 star
0%
1 star
2%

Reviews for AmeriSave Mortgage

Helpful Favorable Review

star star star star star

Darrell Shuman Atlanta, GA

I contacted four mortgage companies and Amerisave was the only one that I could reach and get answers from in minutes. My loan originator Robert D always answered his phone. I never had to go through layers of automated voice answering. My loan processor was just as responsive and if the answer to my questions were not known immediately she would respond within the day. Amerisave was quick to meet my needs competitively. I would definitely recommend them.

1 week ago

Helpful Critical Review

star star_border star_border star_border star_border

Steven Murrieta, CA

Amerisave is the worst mortgage company I've ever dealt with in my life. I went through 99% of my loan submitting everything that they requested then all of a sudden no return phone calls when I did call I always talk to somebody different they were going to look into it they never looked into it it was the worst experience I ever had I would never refer them to anyone I knew or didn't know for that fact was a horrible experience the worst company I've ever dealt with

6 months ago

Reviews for New American Funding

Helpful Favorable Review

check_circle

Review Source

star star star star star

Pam Mouille Houston, TX

New American funding is hands down the best choice of companies to fund your home through! They are profession, quick, and walk you through the whole process in a down to earth, honest, and genuine way. I would highly recommend them to anyone needing loan services!

2 months ago

Helpful Critical Review

star star_border star_border star_border star_border

Love Beltsville, MD

Horrible experience. New American funding caused me more financial harm then I already was in. They lied and mislead me. And now they could care less. I begged them to help me out of this horrible mess they caused me but the final answer I got was, nothing we can do. Now my life is turned upside down while their enjoying life.

3 weeks ago

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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