New American Funding is a mortgage lender offering different mortgage loans, including purchase, refinance, and first-time home buyer loans, with short closing times. They are specialized in providing excellent personalized customer service to help you save money on your mortgage loan.
The Story
Early in 2003, Rick and Patty Arvielo opened a 40-person call center to help people improve their quality of life by owning their own homes. All these years after, New American Funding is still a family-owned business and one of the top 20 mortgage lenders in the U.S.
New American Funding combines the mortgage industry’s talent, technology, and knowledge to keep exceeding customer service expectations, closing loans fasters while helping you save money on your loans.
New American Funding Mortgage Loans Products
New American Funding offers different types of mortgage loans and products, including purchase, refinance, or first-time homebuyer loans. These are the various mortgage loans products offered:
- Purchase Mortgage Loans
- Refinance Mortgage Loans
- Cash-out Refinance Mortgage Loans
- Government-backed Loans: FHA, USDA, and VA Mortgages
- Jumbo Loans
- Reverse Mortgages
- Non-QM Loans
For first-time home buyers, New American Funding offers a program where they will help you to find local assistance programs to pay or save for a down payment as well as through the process.
Their loans are available in fixed-rate and adjustable-rate terms, depending on the type of loan and your needs.
New American Funding Mortgage Rates and Fees
In terms of the mortgage loan cost, you should consider the fees and the mortgage rates offered. Some lenders have higher origination fees than others, and depending on your situation and the type of loan, you will access better mortgage rates. New American Funding’s team will work with you to give you personalized service to ensure you save money in the process of getting your loan approved.
New American Funding Application and Approval Process
New American Funding makes it easy for you to submit your application online, by phone, or in person. Using secure technology, you can upload all the documentation online and use electric signatures to sign all the paperwork.
Once you have submitted your application, the average time for processing it and closing out your loan will be approximately 35 days. This, however, will depend on the complexity of your application, your personal circumstances, and the type of loan you are applying for. You will have visibility throughout the whole process to view the progress and status of your application.
5 Year Rate Protection Pledge
Interest rates fluctuate under normal economic conditions. The Federal Reserve’s interest rate hikes have put more attention on how rates change. Some borrowers may believe interest rates are due for a drop if inflation continues to remain under control.
A lower interest rate helps borrowers get lower monthly loan payments, but what if you already committed to a loan? New American Funding has a useful perk called the 5-Year Rate Protection Pledge. This pledge allows borrowers to refinance their loans without repeat fees if interest rates drop within five years of taking out a loan. You won’t have to feel like you lost out if the Fed lowers rates, and you won’t have to commit to a variable-rate loan to capitalize on interest rate declines. You are still free to take out a variable-rate loan if you desire, but the pledge means a variable-rate loan isn’t the only way to get a lower rate if things change.
NAF Cash
Aspiring homeowners can save money if they buy a home with cash. You can speed through the approval process and save as much as 11% on your purchase. Not everyone has enough money saved up to make an all-cash purchase, but New American Funding has a special program available that can help.
NAF Cash is an affiliated company that buys homes with cash offers. Then, NAF Cash sells you the home at the price they paid, plus a small convenience fee. You can use financing to get a home with NAF Cash, but the company approaches the homeowner and makes the cash offer.
A cash offer helps NAF Cash stand out from other bids and secure homes sooner than others. You can get financing for your home while ending up with a balance that looks like you made an all-cash offer. If you are moving from one home to the other, you have up to 90 days to sell your current home. Since NAF Cash closes on deals sooner, you can also avoid paying hotel rent while waiting to get into your new home.
The buyer must provide a 3% down payment as Earnest Money before NAF Cash purchases the home. If the buyer walks away from the home after NAF Cash purchases it, the company keeps the 3% Earnest Money deposit. You can get a conventional loan with a down payment as low as 3% or a VA loan with a down payment as low as 0%. You must have a 620 credit score or higher to qualify for financing.
New American Funding Mortgage Calculator
Buying a home or refinancing your existing mortgage is a significant decision. These monthly loan payments will make up a large percentage of your budget. Aspiring homeowners can use New American Funding’s mortgage calculator to predict their monthly payments.
The mortgage calculator lets you input your credit score, down payment, property price, zip code, and mortgage rate. Buyers can compare the monthly payments for 15-year and 30-year mortgages to see which one they can afford. You can increase the down payment or lower the interest rate in the calculation to see how much money you can potentially save each month. Mortgage insurance payments will show up in the calculation if your down payment is under 20%.
The refinance calculator has similar inputs, but it lets you compare the difference in monthly payments. It’s possible to see if a refinance will save or cost extra money. Home buyers have more to consider than projections, but having an idea of your monthly payments can help you make a better decision.
Getting Started
New American Funding offers several types of loans. It may be a good idea to browse through the company’s website and see its financial products and rates. You can then start the loan application process by filling out a short form on the website. You can communicate with a representative via phone, email, or in person at your local branch. The company’s customer support number is 1-855-276-3747.
