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New American Funding Review

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Reviews 39

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Sarah Pritzker
Sarah Pritzker
May. 03, 20214 min read

New American Funding summary

New American Funding is an independent, family-owned lender headquartered in Orange County, California. Since its founding in 2003, it has issued more than $22 billion worth of home loans to buyers from around the country.

Pros

  • Offers full suite of mortgage products
  • Physical locations in 31 states
  • Bilingual customer support in English and Spanish

Cons

  • Not available in New York State
  • No rates without entering contact details
  • Must speak to loan officer to get the link to online application
New American Fundingat a glance
4.0

Editorial score

Customer Service and Support

Bilingual customer support

5.0

Variety of Loan Types

Purchase, Refinance, FHA, VA, Home Improvement

4.0

Variety of Products

15-30 years fixed, 5-10 years adjustable Suitable for First-time buyers

3.0

Online Experience

Very friendly and useful website but no rates without providing personal information

4.0

Geographical Availability

Available in 49 states

4.0

New American Funding New American Funding Visit New American

Overview

New American Funding operates 200+ physical locations in 31 states and offers its online service to the rest (except for New York and Hawaii). It offers a large suite of mortgage products, including conventional fixed-rate and adjustable home loans, as well as government-backed FHA and VA loans.

Suitable For?

New American Funding caters to all types of borrowers, but where it really stands out is with its assistance to first-time buyers and the Latino community. Its agents speak English and Spanish. More broadly, it is also active in addressing challenges Hispanic people face in achieving home ownership. New American has programs to help first time buyers and works with state down-payment assistance programs in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Missouri, Nevada, Texas, Utah, Washington, and Wisconsin.

Loan Features

Loan types include:

New American Funding offers: conventional fixed-rate, adjustable-rate, and jumbo loans; government-backed FHA, VA, and HARP loans; special home-improvement and interest-only loans; and cash-out refinances and reverse mortgages.

Features include:

  • Option of paying only interest each month for a fixed introductory term of up to 5-10 years. This gives the borrower the flexibility of being able to pay toward the principal loan amount at a time of their choosing rather than being obligated to pay a fixed monthly amount. 

  • Cash-out refinance and reverse mortgage both offer ways to tap into home equity to get cash. A reverse mortgage is a special government-backed program for borrowers aged 62 or older. A cash-out refi involves retiring your existing mortgage and taking out a new one for an amount larger than you currently owe. The excess between your old loan’s outstanding balance and new balance is paid to the borrower in cash.

The Application Process

Interested borrowers can begin a loan application by requesting an online quote or contacting New American Funding by phone, email, or at one of its locations. Borrowers can get prequalified online but must be approved by a loan agent to get access to the online application. Home loans close in an average time of less than 30 days.

New American Funding’s process involves 5 steps:

  • Pre-approval, in which the borrower provides documentation on income, assets, expenses, and credit. A loan officer then decides if the borrower can be approved for a specific loan amount.

  • An official offer is sent to the borrower, detailing purchase price, down payment, loan amount, deposit, and terms and conditions.

  • The borrower hands over a deposit or opening escrow.

  • The application moves to the underwriter, who reviews the file and decides whether to give a final stamp approval.

  • New American wires the funds.

Rates and Terms – The Bare Basics 

Loan amounts range from small mortgages to super jumbo loans. The minimum down payment varies depending on type of loan. Government-backed programs such as FHA and VA loans offer lower down payments, as well as loans for first-time home buyers who recieve special assistance.

Borrowers must:

  • Be aged 18 or more.

  • Be U.S. citizens or permanent residents.

  • Have good credit for a conventional loan, or fair credit for some government-backed loans.

Repayment Terms

New American doesn’t reveal any rates on its website. To find out what rate you prequalify for, borrowers may request a rate online or speak to a loan agent in person, by phone, or by email.

Loan lengths vary from 15-30 years for fixed-rate loans, to 5-10 years for adjustable-rate mortgages.

Help & Support

The Better Business Bureau gives New American Funding an A+ rating for the overwhelmingly positive feedback it has received from customers. 

Loan agents can be contacted by the following methods:

  • Toll-free number

  • Email

  • At any of the 200+ branches in 31 states

Summary

New American Funding offers a full suite of conventional and government-backed mortgages, with extra support for:

  • First-time buyers

  • Minorities

  • Retirees

  • High-net worth buyers. 

It started out as a family business and has stayed true to its roots, maintaining its independence and prioritizing a high level of customer service. Customers can apply for and manage their loans online, by phone, or in person, for maximum convenience and flexibility.

New American Funding New American Funding Visit New American

Physical Address

Broker Solutions, Inc. DBA New American Funding

14511 Myford Road, Suite 100 

Tustin, CA 92780

New American Funding New American Funding View Rates

Sarah Pritzker
Written bySarah Pritzker

Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

New American Funding
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Trustpilot reviews

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GreatReviews 39
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  • author
    Sabrina van der Ree
    Sep 23, 2021
    DO NOT go with this company

    DO NOT go with this company. Communication was severely lacking and documents were asked for multiple times when they were previously given. If you do go with this company, make sure you talk through all the process before hand as you’ll be in the dark the whole time.

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  • author
    Gary Sparr
    Sep 18, 2021
    I think the excellent reviews are…

    I think the excellent reviews are bogus. I tried to do a cash out refi. Extremely poor communications along the way. Loan officer did not pay attention to my loan. Processor always took 2 weeks to respond to my questions. The underwriter wanted info, twice, about my HOA. I font have one. Condo docs were requested for my single family home. I felt like I was dealing with rude people who just started a mortgage company a few weeks earlier. Stay away!

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  • author
    Pete Crabtree
    Aug 12, 2021
    Refinance went south

    Applied for a 15 year refinance in July 2021, was given a quote of 2.49%. My credit score is around 825 and FICO 850. 2.49% is not a bad quote but I was seeing other quotes of 1.85% and others under 2.0%. I was told that if I signed, and rates went DOWN, then MY rate would also go down. It would never go up. Well I signed, and rates continued to go down. I was solicited by other lenders offering me 1.75%. I reached out to New American Funding to make sure I was getting 1.75% and they said no. Best they could do was 2.49%. They could go to 2.25% if I wanted to pay them $1000+ in points. Since I had spent several hours getting my documents together, I asked New American Funding to please at least give me the 2.25% rate at no cost in points. They said no. The paperwork I signed said they would come down, the sales agent said they could come down, however, they refused to come down. I ended up cancelling the application with New American Funding and went with a competitor who gave me exactly 1.75% (had to pay $675 in points) but worth it. (Edit 8/12/21): Closed and got my 1.75% rate (15 year fixed) with "Better Mortgage". It was a very simple process and they kept their word.

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  • author
    Gracy
    Jun 04, 2021
    Super decent to work with

    Super decent to work with. I had a great experience on a getting approved for a mortgage loan that is rather big. I will say also a big thanks to my loan officer Erick and Celine who went beyond lengths to get us properly informed. We enjoyed working with credit experts support @ Royalfinancialrescuecom who also did great in fixing credit issues ahead of pulls.

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  • author
    Bulus Argon
    May 26, 2021
    Chloe was amazing and deserves a raise

    Chloe was amazing and deserves a raise. I signed up with royal financial rescue based on her recommendation in a bid to boost my credit rating. Before now I didn’t know how to use my rent payment and phone bill records to gain credit points. RFR helped my by using rentalkharma and I gained 93 points within a month of credit repair with them..Got approved quickly by Movement mortgage and I’m ready for my second home. Support @ Royalfinancialrescue com is a team worth recommending, Happy with NAF !

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  • author
    D Beittel
    Mar 05, 2021
    While the sales person selling the loan…

    While the sales person selling the loan was pleasant, professional, on time and courteous the department processing the loans is so backed up that a preliminary loan cannot be received within 24 hours. Really? someone needs to take responsibility for the processing department and get them help or manage it more professionally.

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  • author
    Tammy
    Feb 01, 2021
    We are very happy with our decision to…

    We are very happy with our decision to refinance with New American. Their customer service and expertise was top notch along with their rates. We worked with Daniel Lopez & he was amazing to work with.

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  • author
    Viviane VanHoolandt
    Feb 01, 2021
    Clear to close in a snap!

    Extremely satisfied with New American Funding. I have already referred other potential borrowers to them because of their professionalism and knowledge of the lending industry. I am self employed which brings a different set of circumstance to the table, New America made the process smooth, expedient and pleasant, Sam Berro and Diana Speranza are the BEST!!!!

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  • author
    Andrew Campbell
    Jan 30, 2021
    Excellent Company, Great Rates

    This is the third time I’ve refinanced with NAF. I’ve returned each time because of the excellent customer service, professionalism, and great rates. I worked with Eric this time around and he was great. Always there to answer questions and keep me on track. I’m very impressed with this company and the customer service they provide. I highly recommend them for any loan needs.

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  • author
    Eileen C
    Jan 26, 2021
    Very fast and efficient

    Very fast and efficient. Every person involved was kind, friendly, and thorough. There were no "hickups" and no problems.

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  • author
    Ann Marie Paulino
    Jan 25, 2021
    Excellent service

    Excellent service . Everything was smooth and agent was very helpful Thank you

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  • author
    Joshua
    Jan 25, 2021
    Highly recommended!

    I don't normally take the time to fill these out but the service that I received from New American Funding was exceptional! The take away, is I now have a lower interest rate & it was painless process with great communication from New American Funding!

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  • author
    Donald Nolen
    Jan 24, 2021
    My process took exactly 3 months to complete

    My process took 3 months to complete. I was learning a lot about the loan process and when New American Funding gets the ball rolling and do all the necessary paperwork, things happen and happen quickly. I am appreciative of the whole team who guided me through this process and would recommend to do business with them. Special shout out to Devin and his team for making this possible, thank you guys.

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  • author
    Nataya
    Jan 24, 2021
    We have had a wonderful experience with New American Funding!

    We have had a wonderful experience with New American Funding. The process from beginning to end was very pleasant and transparent. We never had to wonder what was going on with our loan because we were kept up to date every step of the way. If I had a question, it was very easy to get in contact with our rep and get the questions answered. Just remember, the sooner you get your documents in, the quicker your loan process will go. From beginning to closing, the process took us 2 months. We did a couple of things we had to clear up on our end, which caused a little delay in our loan. I highly recommend New American Funding!

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  • author
    Nam Dor
    Jan 24, 2021
    Refinanced with the best experience

    I just closed my refinance and the process has been very smooth. Zachary has been very prompt with his responses to my questions as well as keeping me in the loop with the whole progress. I also like that fact that I will be making direct payment to New American Funding rather than to a third party which usually happens with other lenders. I also would like to give a shout out to Erika Flores, my processing agent, who has been very courteous and allowing me to have a very smooth closing experience.

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  • author
    Christian Johnson
    Jan 23, 2021
    Job well done.

    Miguel and his team did an excellent job in communicating the process of applying for a loan via the internet. I was a little apprehensive at first, but Miguel and his team gave me confidence with their professionalism. End the end New American Funding did what they said they would do. Job well done.

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  • author
    Yesenia Figueroa
    Jan 23, 2021
    I definitely recommend this company

    I definitely recommend this company. Kevin was great to work with. The whole process was well communicated, easy and quick. Was great working with this company.

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  • author
    Galdino Pena
    Jan 23, 2021
    Great job!!

    Steve and Jose did a great job quick and easy !! Thank you guys for your easy steps in getting me the best rates! Very happy😊

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  • author
    Jonathan Stovall
    Jan 22, 2021
    Mark is the best to work with

    Mark is the best to work with! When all lenders shot me down with my VA Home loan, he found a way! Thanks Mark! Your the Man!

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  • author
    Steven Roberts
    Jan 20, 2021
    Very pleased with overall experience

    Very pleased with overall experience as well as the product I purchased. The NAF Loan Officer (Zo Cruz) was very knowledgable and responsive. Great job!! Steven J. Roberts

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  • author
    Laurie Criddle
    Jan 19, 2021
    I have refinanced twice with this…

    I have refinanced twice with this company! they are the BEST!!!

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  • author
    Jano Tarrence Johnson
    Jan 19, 2021
    Great company to get a mortgage

    Great company to get a mortgage

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  • author
    Larry Clark
    Jan 18, 2021
    If you want a smooth transaction always…

    If you want a smooth transaction always use New American Funding especially Steve Lascano and David Castillo, they are the best in the business ..period.

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  • author
    Aiyasawmy Dorairajan
    Jan 18, 2021
    I had an amazing experience working…

    I had an amazing experience working with Chris Winston out of Fort Worth. He really got things going swiftly and efficiently. He got us an incredible rate and made himself available outside normal “business hours” just to keep things moving. Tracey Tran was our loan processor out of California, and she was great as well. The underwriting process was somewhat tedious with a lot of back and forth, which was possibly also due to some of our unique financial situation. Also, they work on west coast time, which at times was somewhat of a small challenging as we got down to closing date. But, they always worked into the evening to get things done. They were very professional, got us an AMAZING rate, and we closed in 30 days (despite being Christmas and Nee Years holidays!). So I think that’s pretty amazing. I would 100% use them again. Wish them the best.

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  • author
    AAguirre
    Jan 17, 2021
    We are on our 4th REFI with NAF and…

    We are on our 4th REFI with NAF and have worked with Brittani Tran for all 4. She is the best! Always prompt, reliable, patient, and personal. And KUDOS to the whole NAF team for their EXCELLANT work in making this complex and stressful process easy and convenient. A+++

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  • author
    Carol M
    Jan 17, 2021
    Justin and his Team made a complex task…

    Justin and his Team made a complex task easy and stress free for my husband and myself. We would highly recommend New American Funding. And Justin’s British accents is always a plus!

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  • author
    Cris Guillermo
    Jan 17, 2021
    Monique Sanchez is the best!

    Monique Sanchez has been there to assist me in my quest for the best refinance rate.She is prompt in returning my calls and emails and guided me throughout the process. This is not my first time to refinance and she has been there to help me get the best outcome, every time! I will definitely recommend her to all my friends. We closed the loan in about three weeks! She is the best!

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  • author
    Lisa Pederson-Gaddy
    Jan 17, 2021
    We had a great experience with NAF

    We had a great experience with NAF. Melissa Glenn was wonderful to work with. Sweet, kind and knowledgeable. She seemed genuinely excited for us with our home purchase. I'm so glad we chose to work with NAF.

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  • author
    AW
    Jan 17, 2021
    The refi went smooth

    The refi went smooth. I was kept informed on the progress . My loan processor John was great and loan officer Clayton was also great at keeping me informed.

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  • author
    Lisa Rigney Caputo
    Jan 14, 2021
    Easy refi with New American Funding for 3rd time in 4 years…

    Luke Bade at New American Funding was great to deal with for our 3rd refi over the past 4 years. Very easy to work with and helpful. Joanna Adriano was a great help in processing our docs. Thank you so much!

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  • author
    Pat Morrone
    Jan 13, 2021
    Excellent service and professional

    Excellent service and professional! A++

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  • author
    Christopher M. Page
    Jan 11, 2021
    GREAT COMMUNICATION

    Rapid response time, quick rate lock and seamless closure. I cannot imagine a better mortgage borrowing experience, and we will continue to work with NA. Great work.

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  • author
    Rusty Crowe
    Dec 03, 2020
    The Albuquerque branch (Inez Garcia)…

    The Albuquerque branch (Inez Garcia) did not communicate with me the buyers realtor or the buyer at all. I would call, text and email with no response at all. Every so often, she would respond saying things are looking good. She promised an on time closing with no problems. Now it's a week after closing was supposed to happen and still promised a closing. Now the week after closing, all of these problems arose suddenly. Then the day of the so called closing, the company denied the loan totally. Not a good experience at all. They really did a number for the buyer, seller and the 2 realtors involved.

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  • author
    Damon Foster
    Nov 06, 2020
    Ali & Jessica

    Ali, Jessica, and the rest of the team were incredibly patient and understanding while I resolved a previously unknown CAIVRS issue. Thank you!

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  • author
    Jill
    Nov 06, 2020
    THE BEST!

    The whole process was a breeze! My loan officer, Elizabeth Vasquez, was THE BEST EVER!!! All paperwork was done online until closing. Everything was explained thoroughly. Super easy and done in a flash! Highly recommended New American Funding, and of course, Elizabeth.

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  • author
    Cindy
    Nov 06, 2020
    New American Funding has carried my…

    New American Funding has carried my mortgage for 2 years and now my refinance. They are very helpful, responsive and provide great service. My refinance rate is the best I’ve seen.

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  • author
    Theresa Wayne
    Nov 06, 2020
    New American Funding and Ali Farhat…

    New American Funding and Ali Farhat were amazing. The whole process was on line and Ali was generous with his time in explaining the whole process and then each step to completion. He was so very patient.

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  • author
    Derek DuRoss
    Nov 05, 2020
    New American Funding and Scott Sheedy are AMAZING!!!

    Scott Sheedy and NAF have proven how great they are three different times now. I highly recommend Scott and NAF as they have always been customer focused, excellent communicators, and work with a true sense of urgency. Stop looking now and go with NAF. Excellent company that have made us very happy customers!!

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  • author
    Kimberly Smith-Stewart
    Aug 09, 2019
    LIARS AND SCAMMERS!!!!!

    LIARS AND SCAMMERS!!!!!! New American Funding was chosen for me after another company I was initially mortgaged with sold my interest to New American. I went through a terrible divorce and lost my business and credit in the process. All that remained was my home. I called New American and they suggested I do a modification, since I was two payments behind. Over the phone they seemed like they wanted to help me keep my home and were willing to assist me any way possible. They sent me the paperwork to fill out which was grueling and by this time I found out that I had breast cancer and I decided to move back to NJ to be with my family and friends and rent my home for a year and then return to permanently live in GA after my treatment was over. New American Funding sent me a letter stating that I was approved for the modification and to sign the documents and send everything back to them with signatures and certifications requested. I let them know on numerous occasions to send all of my correspondence and mail to my POB in NJ because I would be in NJ. Several associates took the address information and added the info to my file. I immediately sent the documents back and spoke with someone over the phone to confirm they received the documents and that all was good to go. They assured me everything was fine and when to start making the new payment. almost three months go by and I think all is well so I call to make a payment over the phone for my new payment and was left on hold and then transfered to another department for collections. They told me they could not accept payment because the modification was denied. I was like WHAT THE HELL IS GOING ON? Then my neighbor tells me she sees the mailman ring the doorbell for a signature for a mail item. My tenant has not informed me or my property manager about any mail, they just keep dropping it off at post office, letting them know the address was incorrect. In addition, I change my address with the post office so that all mail would come to NJ before I moved. I asked my neighbor to pick up envelope and send it to me. Once I received it it was a letter stating that my modification had been denied because they weren't able to reach me by mail about the fact that one signature was missing from the paperwork and they were going to start foreclosure proceedings unless I paid all arrears to make account current. When I called them, I ask them why my case worker didn't reach out to me by phone and why didn't ANYONE have the courtesy or common sense to call me and leave a message. I mentioned the conversation I had with the employee that told me they received the paperwork and it was good to go but they didn't seem to care about playing back that recorded conversation. Now I am forced into bankruptcy to save my home and then ultimately forced into selling it because New American Funding was forcing me through the trustee to pay the arrears which now amounted to 22,000 to keep my house or they could still push for foreclosure or worse auction. I even spokw with one employee that told me they could easily mail me the page missing the signature and this whole thing could be easily rectified. He told me, he would have a supervisor call me back that evening and everything would be ok. I NEVER got a return call. Now I am forced to sell my home, the home I loved and wanted to return to after my chemo was over. I am now living with friends, trying to rebuild my life and dignity. New American could have made a major positive impact in my life but instead they added to my stress and did everything within their power to steal my home from me. Even when my house was finally sold, they gave the incorrect payoff amount to the attorneys and they requested an additional $500 or they would hold onto the deed. They did that for spite because I told them I was going to write a horrible review about their company a week earlier. STAY AWAY FROM THIS COMPANY, THEY ARE NOT TO BE TRUSTED. THEY NEVER INTENDED TO GIVE ME THE MODIFICATION AND EVEN MY BANKRUPTCY ATTORNEY STATED WHAT THEY DID WAS TERRIBLE BUSINESS PRACTICES AND WOULDN'T HOLD UP IN COURT..Truly they don't deserve any stars but i couldn't start the review with one.

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