2023 Award Winner: Best Mortgage Refinance Lender
New American Funding offers some of the lowest mortgage rates of all the lenders we analyzed, earning a top score in the affordability category. This factor is even more important for homeowners looking to refinance, since many choose to do so in order to lower their interest rate. It offers a wide variety of refinancing options, including rate and term, cash-out, and cash-in, as well as home equity lines of credit.
Borrowers can choose from these mortgage products:
- Conventional loans.
- Federal Housing Administration loans.
- Veterans Affairs loans.
- U.S. Department of Agriculture loans.
- 5/1, 7/1 and 10/1 ARMs.
- Jumbo loans.
- Cash-out refinance loans.
- Reverse mortgages.
- Home equity lines of credit, also known as HELOCs.
- Buy-down loans.
Start by clicking the Request Quote button at the top or bottom of any New American Funding webpage and then answering the questions. This process takes just a few minutes and does not affect your credit. Then, you can complete the loan application and connect with a loan officer.
Preapproval offers arrive in 24 to 48 hours if all of your documents are in order.
New American Funding doesn't disclose loan fees, and terms and conditions vary by loan type. Borrowers will need to get a quote to review a loan's estimated annual percentage rate as well as fees.
The lender allows borrowers to purchase discount points, or upfront fees that lower your mortgage interest rate and save money in the long term.
The maximum debt-to-income ratio allowed for mortgages is 45%. You will need proof of income, homeowner's insurance and asset information, such as bank account, 401(k) and other investment statements, if you want to refinance into a fixed-rate loan. Check the New American Funding website or contact the lender for requirements of other loan types.
New American Funding's minimum credit score requirements vary by loan type. The lender's I Can mortgage program, for example, allows FICO scores as low as 580, depending on loan type, and offers repayment terms from eight to 30 years for qualifying primary residences.
New American Funding operates in 48 states and the District of Columbia but not in New York and Hawaii.
New American Funding has an A+ rating with the Better Business Bureau and has been BBB accredited since 2004. The lender has a Trustpilot score of 3.8 out of 5 stars, a great rating, based on about 40 reviews.
The Consumer Financial Protection Bureau received 54 mortgage-related complaints in 2021 about New American Funding parent company Broker Solutions. Top complaints involved applying for or refinancing a mortgage, trouble during the payment process, and closing on a mortgage. The company gave a timely response to all but four complaints and closed each complaint with explanation.
New American Funding received an overall rating from U.S. News of 4.4 stars out of 5. The median score among mortgage lenders is 4.2 stars.
Contact customer service at 800-450-2010, ext. 7100, from 8 a.m. to 5 p.m. Pacific Time, or email customerservice@nafinc.com. The payment mailing address is P.O. Box 650076, Dallas, TX 75265-0076. Borrowers will also find branches in 33 states.
Prospective borrowers can request a quote online and access four different mortgage calculators: monthly payment, home affordability, amortization and refinance. You can apply for a loan online and, if approved, manage it through the lender's mortgage loan portal. Use the online branch locator to find your nearest New American Funding office.
- People who want a lot of home loan options.
- People who want to apply for loans and manage payments online.
- People who want phone or branch support.
