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New American Funding

New American Funding
Overall Satisfaction Rating 4.14/5
  • 5 stars
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Based on 7 ratings

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New American Funding is a California-based mortgage lender with branches in 32 states. The company serves 49 states and offers nine types of mortgages, including FHA, VA, conventional, adjustable-rate, 30-year fixed-rate, 15-year fixed-rate, buydowns, reverse mortgages and I CAN loans. It promises competitive interest rates.

BOTTOM LINE

New American Funding provides nine types of mortgages to homeowners with a wide range of credit scores. It has regional branches in 32 states.

PROS

  • Accepts FICO Scores as low as 620
  • Nine types of mortgages
  • Online payment option

CONS

  • Select fees
  • Branches in just 32 states

Top New American Funding Reviews We Found

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Rated with 5 stars
Verified Reviewer

Our lender was incredibly responsive to our calls and questions. They provided lots of information but were also accommodating when we need to provide different information. They always worked in our best interests and fought to get us a great rate under 3%.

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Rated with 5 stars
Verified Reviewer

I absolutely love New American Funding. This is my first mortgage with them, but I love how everything is in-house. Makes the whole process easier to do. Their customer service is top-notch. Would absolutely recommend them to family and friends.

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What is New American Funding?

Based in Orange County, California, New American Funding is a family- and minority-owned direct mortgage lender. It offers nine different types of loans, including:

  • 30-year fixed-rate mortgages
  • 15-year fixed-rate mortgages
  • Conventional loans
  • FHA loans
  • VA loans
  • ARM loans
  • Buydowns
  • I CAN mortgages
  • Reverse mortgages

Through the website, borrowers can apply for loans, determine a budget, calculate payments or educate themselves on home financing through the New American Funding blog. Though it is a family-owned company, New American Funding’s reach is wide, covering most of the U.S. and servicing over $46 billion in loans.

How does New American Funding work?

Borrowers can apply for a loan by clicking “Request Quote” on the company’s webpage. After entering some basic information, customers receive an email with an invitation to create an application. After your application is received, you will be contacted by a loan specialist who will tell you what your borrowing options are.

New American Funding will not run a credit check until a loan specialist speaks directly with you. Customers can have FICO Scores as low as 620, depending on the loan. Customers with scores lower than 620 may still qualify for FHA loans in some specific cases. Applicants with questions can call to speak with a live customer care representative.

New American Funding rates

Though mortgage rates can change daily, New American Funding mortgage rates range from 2.606% to 3.487% at the time of publishing. The highest APR is for an FHA fixed-rate mortgage at 3.487%. The lowest rate, 2.606% APR, is for a 15-year fixed-rate loan.

Veterans and members of the armed forces can select a VA mortgage at 3.094%. A 30-year fixed-rate mortgage has an APR of 3.180%.

New American Funding fees

Some of New American Funding’s fees for a mortgage include:

  • Origination fee: New American Funding customers should plan on paying an origination fee, which averages 1% of the total amount of the loan. With charges ranging from zero to 4%, New American Funding offers a relatively low origination fee.
  • Assumption fee: The company charges a $250 assumption fee.
  • Recast fee: Borrowers who want to adjust their monthly payment must pay a $300 recast fee.
  • Extra document fee: Customers who need additional copies of documents pay $10 to $20 per document.
  • Reconveyance fee: Reconveyance fees are part of every loan; rates vary from state to state.

Additionally, there are some payment-related fees associated with New American Funding loans. For example, customers who pay by phone are charged $7.50. Wire payments cost $15. There is a $25 fee on returned checks, and late fees for mortgage payments are different for every loan and outlined in each contract.

Closing costs can vary greatly from state to state, but New American Funding encourages its customers to plan on paying $1,230 to $2,100 in closing costs. This figure does not include title fees, insurance, escrow, points paid to the lender, realty transfer tax or impounds because these prices vary according to the conditions of each loan and the location of the property.

New American Funding FAQ

Who owns New American Funding?
New American Funding is a family-owned company founded by Orange County husband and wife Rick and Patty Arvielo. Rick Arvielo acts as CEO and Patty Arvielo is the president of the company.
Where is New American Funding?
New American Funding’s headquarters are in Orange County, California. It has regional branches in 32 states.
What kind of loans does New American Funding offer?
New American Funding offers nine different types of loans. Borrowers can choose from a 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, conventional loan, FHA loan, VA loan, ARM loan, buydown loan, I CAN mortgage and reverse mortgage.
Can I pay my New American Funding mortgage online?
Yes, by clicking the “My Loan” tab, New American Funding borrowers can pay online as soon as they set up a Customer Care Net account. Customers can also pay via the New American Funding app.

Is New American Funding legit?

New American Funding is a legitimate company that offers low fees and fair rates compared with national averages. It promises the attention to customer care borrowers expect from a family-owned business. The company also offers options for those with bad credit. Request a quote online for more information.

New American Funding Reviews

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How do I know I can trust these reviews about New American Funding?
How do I know I can trust these reviews about New American Funding?
  • 3,050,121 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: March 4, 2021

Our lender was incredibly responsive to our calls and questions. They provided lots of information but were also accommodating when we need to provide different information. They always worked in our best interests and fought to get us a great rate under 3%.

Be the first one to find this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Sept. 4, 2020

I absolutely love New American Funding. This is my first mortgage with them, but I love how everything is in-house. Makes the whole process easier to do. Their customer service is top-notch. Would absolutely recommend them to family and friends.

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    Rated with 5 stars
    Verified Reviewer
    Original review: March 13, 2020

    I received outstanding personal service whenever I had a question. They got back to me right away. It was a painless process! The rate was very competitive and they very friendly the whole way. I actually refinanced an existing loan to lower my rate by 1.375%.

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 27, 2017

    I would unrecommend this company to anyone, not because I think they're totally incompetent, because even the worst worker has a success now and again, but because my own, personal experience was an absolute nightmare. There were just so many mistakes made, from beginning to end with this company that I could not in good conscience let them off without at least this reviewing slap on the wrist. Okay, where to begin? For those who have the patience to read this entire rant, I will try to remember all the horrible, nail-pulling, face-palming, shoulder-shrugging moments I can.

    I was told we could close in 30 days, and that the first payment would be something like 30-45 days out. Didn't happen. After 90 days, they finally said, "We need to back off for an additional 30 days and let the 'lock' on interest rate expire." Say what? Being 60 days past the originally 'promised' closing time frame, who asks for a 30-day extension before being able to go back to square one and start over? 95% of the communications were held by email, with a couple of phone calls thrown in for good measure. Unfortunately, they'd go a week without communicating back. In some situations, this might not be a problem. But, when you're told that the loan is in the processor's hands (the second step, after the original salesperson has left the picture), it seems to me, you'd expect to hear from the processor.

    I mean, how long does it take to make sure a document is a) in place, b) filled out correctly, c) meets company guidelines, and d) is ready to go to underwriting? So, when going a week and not hearing from the processor as the days trickle by in the 'promised' 30-day closing timeframe, I began to get really frantic. (Yes, I admit, I am notoriously impatient, but if a closing is going to take until the end of August, don't promise the end of July). One delay was laid at the feet of the Title Company. Apparently they felt there was a glitch in the title which might cause a problem in underwriting the title insurance. Okay, if there's a problem, tell me what you need us to do to fix it. Without going into personal details, it was a very minor problem which was easily fixable. However, it took three weeks of hemming and hawing to get this company and their chosen title company to provide a solution (which was on me to fix).

    Who takes three weeks to identify a solution when closing is supposed to be between 4-5 weeks from start date? After the delay, the solution they provided was wrong. Go figure. They (NAF) sent incomplete documentations, so the wifey and I spent a half day running from courthouse to tax office and back again to file documents that were, in the end, incorrect. Can you say SNAFU? There was also a hang-up with my credit report. This outfit pulled my credit report three times in a three-day period. Who does that? Then, as a result, my credit score got shanked. What was really funny, I pulled my report and it was routinely 40-50 points higher than the company was telling me. Really? So, turns out, my wife pays off her credit cards to a zero balance every month. But, according to this company, the credit bureau told them to tell us to leave exactly a $50 balance on the credit card.

    So, I had to send my wife shopping, use her credit card, then after the charge hit, make a payment to leave EXACTLY a $50 balance on the card!! There goes another week. Really? Totally disgusted and exasperated. Do I hate them? No. They're just human, and I read reviews prior to electing to go with them. And, it seems they've closed a lot of loans for people who were very happy with the service. I'm just not one of them. It seems there were just a pile of circumstances (on both sides) and personal communications habits (on their side) that conspired to make this a nightmarish event. So, what did I do? While waiting for the additional 30 days to elapse, I contacted Quicken Loans, got closed in just a tad over 30 days, and had the best experience anyone could ever have refinancing their home. If you've read this far, know that I suggest Quicken for all your financing needs (if they offer the type of financing you need).

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    Rated with 4 stars
    Verified Reviewer
    Original review: Nov. 15, 2016

    They made it easy for people with a low to medium income can and will have different options as well as seeing what people can do to make it better. I think they have options for everyone. I think the resources are top to none because of how you know how to use them. They are everywhere which will make it something easier for everyone. To me I do not think they can make it something easier because of how they explain every detail to you. Also how they make it for people to understands as well. I thought it is the one area where they can make it change, where you can understand what people are saying. I want to be treated with respect.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 14, 2016

    They have several options that are affordable and user friendly. They offer great customer service and are a great help. I would recommend them to anybody looking to refinance. Their rates are very competitive. The resources are very competitive and user friendly. The customer service is more than friendly and acceptable and will answer all your questions. The site is very user friendly. I'd almost say even a elementary school kid can figure out how to use it. I would recommend and the service is awesome. I would compare the customer service to Disney World, They are just the best at "Hello sir/ma'am how can we help you today?" They really do a great job at helping and dealing with customers.

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    Rated with 4 stars
    Verified Reviewer
    Original review: Nov. 4, 2016

    Very good options of refinancing that's why I picked it compared to all the other companies. It is very helpful to others because it fits everyone - they have a plan for everyone. There are a lot of different resources for everyone to choose from and I can promise you they will have a plan just right for you. I very much recommend it and give them 5 stars at that. This company and website among all other things is very easy to use in my opinion and I would say most people would be able to use this at ease - it's not complicated. I recommend the customer service here. It is really great. I never had any problems with it. They are very helpful.

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    New American Funding Company Information

    Company Name:
    New American Funding
    Website:
    www.newamericanfunding.com