Purchasing a house may seem complicated and even intimidating at times, but with the correct knowledge, expert guidance, and professional support, it can become a much simpler process. As a result, we’ve created an easy-to-follow guide to walk you through the process of obtaining rapid and secure home loans with New American Funding and will let you know about New American Funding Reviews.
You don’t need to know everything before beginning your home loan application; your New American Funding Loan Consultant will walk you through the process, outlining your alternatives and making recommendations. This article will help you comprehend all of the steps involved in acquiring one via New American Funding and New American Funding Reviews. Let’s begin!
What is New American Funding & What are New American Funding Reviews?
New American Funding is one of the few national mortgage lenders with a family-owned business. Sure, there are other mom-and-pop lenders in areas around the country who can make the same claim, but according to the most recent loan origination volume statistics provided under the Home Mortgage Disclosure Act, New American Funding has evolved into a top 20 national lender.
New American Funding, founded in 2003 in Orange County, California by Rick and Patty Arvielo, has grown to be a $29 billion lender with a national presence and a focus on supporting the underprivileged.
By providing a comprehensive product suite, reasonable pricing, and a guarantee to ensure a prompt and efficient closing, New American Funding helps customers of all backgrounds to achieve the American dream of homeownership.
A Quick Look at New American Funding:
In 2020, Hispanic clients accounted for over 18 percent of New American Funding’s home purchase loan volume, while Black borrowers accounted for over 12.4 percent (compared with national numbers of 11.9 percent and 6.7 percent, respectively).
Also Read: Apply for Better Mortgage Loan
What are the different types of mortgage loans offered?
New American Funding is a nonbank lender that offers a wide range of loan options, including
- Buy, refinancing, and other options
- FHA and VA mortgages via government-backed lending
- Cash-out refinancing loans
- Fixed-rate loans, and
- Adjustable-rate term loans
In certain situations, the lender also provides jumbo loans. Borrowers can phone or fill out a contact form on their official website to learn more about applying for a jumbo loan.
Reverse mortgages are also available via New American Funding, which is not typically available through traditional mortgage lenders. The lender also offers programs for first-time home buyers and assists customers in locating state and municipal down payment assistance programs.
Funding from the United States of America HELOC
New American Funding offers a home equity line of credit or HELOC. Homeowners can use these second mortgages to tap existing home equity without having to refinance or sell their houses. You can also use this second mortgage for a variety of purposes, including home upgrades, education, and debt consolidation. The New American Funding website contains some broad information regarding HELOCs, but you’ll need to contact the lender for more particular information.
New American Funding application process
The New American Funding My Loan Login and Sign-Up Process are as easy as its loan application process.
To open your New Funding My Loans account, you can follow the below-mentioned steps:
- Go to the official website of New American Funding.
- Click on “Apply Now”.
- Choose from “Refinance” or “Purchase” options.
- You will be redirected to another page where you will be asked some questions about your loan type, personal information, property information, and loan details.
- Enter the required information and click ‘Continue’.
- And you are done. You can now enjoy all of the online features offered by the company.
And to start your application process, you can follow the steps below:
- You can start your loan application in person, over the phone, or online.
- You can upload the documents online, and there is also the option of using an electronic signature.
- According to the company, the average closing time is fewer than 35 days, and there is no fee for an interest rate lock.
- You can start a prequalification online, but you’ll need to contact the company before getting a pre-qual letter.
According to Frank Fuentes, national vice president of multicultural community lending, having the flexibility to employ human underwriting allows the company to look at each borrower’s financial position more fully rather than depending entirely on automated models.
Pros of applying for a loan with New American Funding
- You will get instant help from agents that are multilingual in English and Spanish.
- On weekdays, from 8 a.m. to 9 p.m. Central time, and on Saturdays, from 10 a.m. to 2 p.m. Central time, the customer support is fully accessible.
How to lower the cost of your mortgage?
Borrowers should think about how lender fees and mortgage rates interact. While this isn’t always the case, paying upfront fees might help you save money on your mortgage. To cut their reported interest rate and make it more appealing, some lenders may demand larger upfront costs. Some lenders just demand larger costs upfront.
- To lower your mortgage rate, you can purchase discount points, which are a charge paid along with your closing fees.
- You should also consider how long you want to live in your house and how much money you have to put toward closing expenses when you sign the loan papers to decide whether to pay greater upfront fees.
Also follow our guide to get a Pre-approved Loan through MyInstantOffer
Transparency in mortgage rates at New American Funding
If you want to learn more about interest rates,
- Go to the menu and choose “Mortgage Rates,” where you’ll see rates and APRs for four typical loans.
- The tiny print can be seen by drilling down on “View Disclosures.”
New American Funding was offering two discount points and exploring a 60 percent loan-to-value on conventional loans to sweeten its claimed fixed mortgage rates, according to the disclosures. When looking for rates online, it’s a good idea to check for signals like these so you don’t become disappointed when you’re charged a higher rate.
Conclusion: The New American Funding provides easy and effective loaning solutions to its users. You can avail of them and enjoy the various benefits that the company offers along with them. Hope you liked our New American Funding Reviews and loan application guide. Follow us to know more.
