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New American Funding Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.8 / 5 (Excellent)
15 Customer Comments & Reviews - see all comments
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Founded in 1999, New American Funding is a California-based, family-owned Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer for loans and refinance. Some of the loans and mortgages they offer include fixed rate, VA, FHA, ARM, jumbo, home improvement, USDA, and interest-only home loans.
 
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How is New American Funding rated?

Breakdown

4.8/5
Loan Variety
5.0/5
Ease of Process
4.5/5
Customer Service and Reputation
5.0/5
Discounts and fees

Overall Rating: 4.8 / 5 (Excellent)

New American Funding is a great option for consumers looking to refinance their mortgage. The company has multiple refinancing options available for all types of homeowners, including people interested in government-insured mortgages like FHA, and VA loans. Finally, New American Funding has a great reputation among its former customers, with many praising its excellent customer service.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Cash-in
Loan Programs
FHA
VA
Conventional
Maximum Loan Size
0
Fixed Year Terms
I CAN Mortgage (Customized loan terms)
30 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
5/5 ARM
15/15 ARM
10/1 ARM
7/1 ARM
5/1 ARM

Loan Variety - 4.8 / 5

New American Funding provides several types of mortgage refinance options, including rate and term refinances, which lower the interest rate and/or loan term, cash-in refinances, which allows borrowers to reduce the loan amount owed, and cash-out refinance, which allows homeowners to borrow against their home's equity. New American Funding does not offer a standalone HELOC, but the company does offer a concurrent (second lien) HELOC. The company is also an approved mortgage lender for FHA and VA mortgage programs sponsored by the government. There is no minimum loan amount and the maximum loan amount depending on the county can go as high as $331,760 for an FHA loan and $510,400 for a VA loan. Larger loan amounts may be available in high-cost counties.

To obtain a quote, applicants only need to fill out a short form and request a call from a New American Funding representative.

Application Process

Ease of Process - 5 / 5

You can request a loan quote from New American Funding online by answering about half a dozen questions and providing your contact information. It's a very simple process.

The company does not offer a lot of information on loan eligibility requirements, but that's because they offer a wide range of loan types and each type may have different requirements. For example, FHA and VA mortgages have federally set minimum requirements that are ideal for people with lower credit scores, higher loan-to-value ratios, and higher debt-to-income ratios. Other mortgages that are not backed by the government may have more stringent requirements. Since obtaining a quote from New American Funding is so easy, consumers are encouraged to submit their information to see which programs are available to them under their specific circumstances.

New American Funding Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
6606
Nationwide Mortgage Regulatory Actions
1
NMLS Collection Date
2020-10-22
CFPB Total Mortgage Complaints
0
CFPB Collection Date
2020-10-22
Total VA Loans Written (Q1 2017)
832 loans
Total VA Loan Amount (Q1 2017)
$236,792,484

Online Reviews

Trustpilot Trustscore
3.2
BBB Rating
A+
BBB Positive Reviews
61
BBB Negative Reviews
1
BBB Neutral Reviews
17
Date Collected
2020-10-22

Customer Service and Reputation - 4.5 / 5

New American Funding is accredited and rated A+ by the Better Business Bureau. Customer reviews posted on this profile are mostly positive, with many customers praising the company's customer service. Consumers on Trustpilot award the company 3.2 out to 5 stars. New American Funding provides an extensive blog, mortgage and real estate market news, a mortgage glossary, and other educational resources for customers seeking to refinance their homes. You can contact the company via email or call its customer service department weekdays between 8:00 am and 5:00 pm Pacific Time.

Contact & Additional Information

Homepage URL
https://www.newamericanfunding.com/
Company Phone
(800) 450-2010
Headquarters Address
14511 Myford Road, Suite 100, Tustin, CA, 92780
Year Founded
2003

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15 Customer Comments & Reviews

Loading Reviews ...
C
Christian
4/12/2021
Working with Khalil Jaafar's was the best experience ever! Thank you so much!

Doug B
4/12/2021
Best I've ever worked with. Alex Blome was a true partner throughout the entire process. His responsiveness and attention to detail made it a smooth and trouble free experience for us. Five stars!

Mike M
4/7/2021
We negotiated a very good interest rate on our mortgage refinance. Great experience with our mortgage loan consultant.

R
Randy W
4/4/2021
Josh Wallace and the New American team were extremely easy to work with throughout the process. Very thorough with their explanations, and timely, meaningful communications were outstanding.

cweav74
4/3/2021
Very smooth and quick process on my refinance. Very helpful and easy to work with.

cbbe99
4/1/2021
Good communication. Organized. Stayed on schedule. Closed on time. The whole team is 5 STARS.

B
Brooke
4/1/2021
I am now a first time home buyer thanks to New American! Best rates I could find, fantastic service and streamline process. We had no bumps along the way. Everything went smoothly from start to finish. I highly recommend reaching out to one of their loan officers for information on buying or refinancing a home.

B
Brandy
3/31/2021
Marc Flexen was very helpful and made the process easy and pleasant. Thank you!

Marinela D
3/29/2021
I worked with an excellent loan officer, Matt Meram, who was extremely knowledgeable and helpful, so I had a very pleasant experience. I was helped to get a very good interest rate, and I felt taken care of during the whole process. Overall excellent service!

M
Michael A
3/28/2021
The representative ( Jonathan Marloe) was extremely professional and knowledgeable throughout the loan process and I would recommend American Funding for future funding.

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