About New American Funding
New American Funding (NMLS #6606) is a California-based mortgage lender founded in 2003. The company serves 49 states and offers multiple types of mortgages, including FHA, VA, USDA, conventional, jumbo, buydowns, reverse mortgages and I CAN loans. You can start the application process online, but you’ll have to chat with a loan officer to finalize your application.
Overall Satisfaction Rating
- 5 stars
- 4 stars
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- 1 stars
Pros
- High customer satisfaction ratings
- Several FHA loans
- Quick preapproval decisions
Cons
- Application process not 100% online
- No pre-qualification without a credit check
Bottom Line
New American Funding provides multiple mortgage products to homeowners with a wide range of credit scores. The company promises low lender fees and competitive interest rates. You can request a rate quote directly from the company's website
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Moe's professionalism and work ethic is unmatched. He helped us to feel confident during the home buying process by thoroughly explaining anything we had questions on. Very prompt, never having to wait on him and also very patient and understanding to our situation. Moe is very highly recommended by my wife and I. We plan on working with him again in the future.
7th mortgage in my life. This process, primarily driven by electronic documents, signatures, uploads, is fast. Took about 5 weeks to funding. Appraisal appointment slowness added two weeks to the process. All those we worked with were courteous, professional and efficient. Thank you.
I had an amazing experience using New American. Our loan agent Michael ** was the best. Even through a four hour time difference he never failed to respond promptly to any concerns or questions I had. I would recommend to anyone.
Although the pandemic makes the home buying experience NAF walked me thru the process easily, and they locked me in at an incredible interest rate! Ben and his assistant Tonya were quick to answer any questions I had, and make the process as seamless as possible! Thank you New American Funding.
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%.
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.
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%.
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).
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.
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.
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.
New American Funding Company Information
- Company Name:
- New American Funding
- Website:
- www.newamericanfunding.com