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New American Funding | 2024 Review

New American Funding is a recognized mortgage lender known for its wide range of home loan products and personalized service. By offering online-first solutions with a human touch, the company aims to provide a modern yet personalized home loan experience.

Who is New American Funding Best for?

New American Funding is best suited for first-time or repeat borrowers searching for mortgage, refinance, or home equity loans who appreciate a blend of technology and personal service.

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New American Funding, NMLS ID #6606

Pros and Cons

+   Dedicate loan officers available via phone

+   Efficient online process

+   'A' BBB Rating

-   Not an online marketplace; access to rates exclusively from New American Funding

-   Limited face-to-face support

What Loans Does New American Funding Offer?

New American Funding offers a comprehensive suite of home loan products:

  • Standard mortgage options with fixed or adjustable rates
  • FHA, jumbo, and VA loans
  • Cash-out HELOCs
  • Mortgage refinancing

What is the Application Process Like with New American Funding?

  1. Pre-Approval
    • Complete an online pre-approval form with basic financial information for an initial assessment
  2. Documentation
    • Provide necessary documents (proof of income, employment verification) and upload them through the online portal
  3. Loan Processing
    • Loan officers review your application and underwriters evaluate your financial profile
  4. Approval and Closing
    • If approved, you’ll receive an estimate, finalize terms and sign closing documents

What Do I Need to Apply Online?

When applying for a mortgage with AmeriSave online, you can expect to receive expert support from start to finish. The application process is quick and simple. You will need this information on hand:

  • Personal Identification (Government-issued ID, Social Security number)
  • Financial Information (recent pay stubs, bank statements, tax returns)
  • Employment Details (employer contact, employment history)
  • Consent for a credit check

Credible Highlights

  • Expert Curation – Personalized loan options to fit diverse financial needs
  • Efficient Communication – A mix of online tools and direct contact ensures a streamlined process
  • Easy-to-Use Platform – An intuitive online platform for application tracking and document management

The Bottom Line

New American Funding stands out for its wide range of loan products and dedication to personalized service, making the platform a strong contender for those seeking a reliable and customer-focused mortgage and home equity lender.

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New American Funding, NMLS ID #6606

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Frequently Asked Questions (FAQ)

A mortgage loan is used to purchase a home or real estate property. It involves an agreement where the borrower repays the loan over a set term, typically 15 to 30 years. The loan is secured by the property, which means the lender holds it as collateral until the mortgage is fully paid off. The borrower repays the loan through monthly payments, which include both principal (the loan amount) and interest.
Securing a mortgage loan typically takes between 30 to 45 days from start to finish. The process includes pre-approval, application submission, underwriting, appraisal, and closing. If you need to secure a mortgage loan as fast as possible, online lenders are a great option. Online lenders can process and approve loans in as little as 15 to 30 days, thanks to streamlined digital applications and quicker approval processes.
Your credit score plays a key role in determining both your mortgage eligibility and the interest rate you'll receive, accounting for roughly 34% to 40% of the decision-making process. Generally, higher credit scores result in more favorable terms and lower interest rates. If your credit score is on the lower side (around 620 or less), there are still plenty of options available. Many online lenders offer more flexible credit requirements, and applying with a co-signer who has a strong credit score can also improve your chances of securing better loan terms.
To improve your chances of getting approved for a mortgage loan, focus on raising your credit score by making timely payments and reducing any unpaid balances on your card(s). Lenders also prefer a lower debt-to-income (DTI) ratio, typically below 43%, as it shows financial stability. Saving for a larger down payment and maintaining stable employment can further strengthen your application. To speed up the approval process, ensure that all documents you submit are accurate and up to date.
To secure the lowest mortgage rates, it's important to maintain a high credit score and keep your debt-to-income (DTI) ratio low, as these factors demonstrate financial responsibility to lenders. Lenders also assess your income, employment history, and the size of your down payment when determining your eligibility. If your financial profile is lacking in one or more areas, applying with a co-signer who will share responsibility for the loan can help boost your chances of approval and possibly lead to better terms.
Pre-approval is a process where you self-report your financial details, such as income and debt, to get an estimate of how much you might qualify for without a hard credit check. It provides a personalized loan estimate and potential interest rate, helping you compare offers from different lenders and determine what you can afford. Pre-approval is a great first step before fully applying for a mortgage, as it allows you to shop around and better understand your options without impacting your credit score.
When applying for a mortgage loan, lenders will use the following documents to assess your financial health and determine your eligibility for a mortgage loan: PROOF OF INCOME (pay stubs, tax returns W-2s or 1099s) • EMPLOYMENT VERIFICATION (a letter or workplace contact) • BANK STATEMENTS (savings and/or checking account balances and other assets) • CREDIT INFORMATION (lender will conduct a credit report check) • DEBT INFORMATION (current debts and/or other outstanding loans) • PROOF OF IDENTITY (driver's license or passport and your Social Security number).
Start by researching online and reading reviews to check the lender's reputation. Then, shop around by getting preapproved with multiple lenders to compare rates. (Preapproval should not impact your credit score, it's simply a preliminary loan and rate estimate). Don't hesitate to ask questions about the loan process and fees. Local real estate agents can also provide recommendations based on their personal experience with mortgage lenders.
If you're facing challenges with your mortgage payments, there are options to explore. Many homeowners refinance their mortgage to modify their loan terms or secure a lower rate if the market has changed (though there's typically a 6 month waiting period from after you close to when you can refinance). Additionally, you can contact your lender to discuss assistance programs like forbearance and loan modification.
You should consider refinancing your mortgage when it can help you achieve a financial goal, such as lowering your monthly payments, reducing your interest rate, switching from an adjustable-rate to a fixed-rate loan, or accessing your home’s equity. It's generally worth considering refinancing if current interest rates are significantly lower than your existing rate (around 0.5% to 1% or more) or if your credit score or financial situation has improved since you took out the loan. You should always factor in the closing costs associated with refinancing before signing any paperwork to ensure it’s a cost-effective move.