- Minimum credit score
- 620
- Maximum credit line amount
- $500,000
- Repayment period
- 240 months
Picking a lender that offers a low introductory APR on your HELOC is key to reducing your borrowing costs. New American Funding is our choice for a low starting APR, with rates as low as 3.53%; this is substantially lower than the standard rates offered by other lenders.
Borrowers can start their application online and work with a loan officer to set up their HELOC. HELOCs typically take about two to three weeks to close, and you’ll have a 120-month draw period.
Additionally, this lender offers conventional, jumbo and government-backed mortgages for buying or refinancing your home. Loans are available to borrowers in 49 states (not available in Hawaii).
- High maximum credit line amount and combined LTV ratio
- Minimum credit score of 620
- Debt-to-income (DTI) ratios as high as 45%
- Does not provide interest rate or fee information on its website
- Hard credit check
- No rate discounts available
The majority of reviews compliment New American Funding team members for their dedication and hard work. Most reviewers are happy with the lender's services and give favorable ratings. Some of the negative reviews mention being shuffled around when employees have left the company and having to resubmit documents that were given to the previous loan officer.
A ConsumerAffairs reviewer from Florida praised her loan officer, saying her "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."