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A summary of New American Funding
New American Funding is a family-owned, independent lender with its main office in Orange County, California. Since it was started in 2003, it has given out more than $22 billion in home loans to people all over the country.
Overview
New American Funding has 200 or more physical locations in 31 states, and the rest of the states can use its online service (except for New York and Hawaii). It has a wide range of mortgage products, such as fixed-rate and adjustable-rate conventional loans, as well as FHA and VA loans backed by the government.
Whom Does It Fit?
New American Funding helps all kinds of borrowers, but its help for first-time buyers and the Latino community makes it stand out. Its employees can speak both English and Spanish. More generally, it also works to help Hispanic people overcome problems that make it hard for them to buy their own homes. New American has programmes to help first-time buyers and works with state down-payment assistance programmes in Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Missouri, Nevada, Texas, Utah, Washington, and Wisconsin.
Loan Specifics
Some kinds of loans are:
New American Funding offers conventional fixed-rate, adjustable-rate, and jumbo loans, as well as government-backed FHA, VA, and HARP loans, special home-improvement and interest-only loans, cash-out refinances, and reverse mortgages.
Some features are:
You can choose to pay only the interest each month for the first 5 to 10 years. This gives the borrower more freedom because they don’t have to pay the same amount every month. Instead, they can pay toward the loan’s principal whenever they want.
Cash-out refinancing and reverse mortgage are both ways to get cash from the value of your home. A reverse mortgage is a special programme for people 62 or older that is backed by the government. In a cash-out refinance, you pay off your current mortgage and get a new one for a larger amount than you owe. The difference between your old loan’s balance and your new loan’s balance is paid to you in cash.
How to Fill Out an Application
Borrowers who want to apply for a loan can start by getting a quote online or getting in touch with New American Funding by phone, email, or in person. Borrowers can get prequalified online, but they have to get permission from a loan agent before they can use the online application. On average, it takes less than 30 days to close on a home loan.
The process at New American Funding has 5 steps:
Pre-approval, where the borrower shows proof of their income, assets, expenses, and credit score. Then, a loan officer decides whether or not the borrower can get a certain loan amount.
The borrower gets an official offer that lists the purchase price, the down payment, the loan amount, the deposit, and the terms and conditions.
The borrower gives a down payment or opens an escrow account.
The application is sent to the underwriter, who looks over the file and decides whether or not to give a final stamp of approval.
The money is sent by New American.
What you need to know about rates and terms
From small mortgages to very large loans, there are many different loan amounts. Different types of loans have different minimum down payments. FHA and VA loans, which are backed by the government, offer lower down payments and loans for first-time home buyers with extra help.
Lenders must:
- be at least 18 years old.
- Be U.S. citizens or permanent residents.
- For a traditional loan, you need good credit, or at least fair credit for some government-backed loans.
How to pay back
On its website, New American doesn’t show any rates. Borrowers can request a rate online or talk to a loan agent in person, by phone, or by email to find out what rate they are pre-qualified for.
Fixed-rate loans can last from 15 to 30 years, while adjustable-rate mortgages can last from 5 to 10 years.
Help and Aid
The Better Business Bureau gives New American Funding an A+ rating because most of its customers have said good things about it.
You can get in touch with loan agents in the following ways:
- Free phone number
At any of the more than 200 locations in 31 states
Summary
New American Funding offers a full range of conventional and government-backed mortgages, with extra help for:
- The first-time buyers
- Minorities
- Retirees
- buyers with a lot of money.
It began as a family business and has stayed true to its roots by staying independent and putting customer service first. Customers can apply for loans and manage them online, over the phone, or in person. This gives them the most convenience and options.
Address- The company Broker Solutions, Inc. New American Funding, Inc.
14511 Myford Road, Suite 100
Tustin, CA 92780
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