New American Funding

• 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.

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.

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!"

• 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.

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.