Ally Bank
3.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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New American Funding is a well-established name in the mortgage business, offering an array of loan options for borrowers’ diverse needs. Among the benefits: It can help you put up a cash offer on a home; promises no fees on refinances within five years for existing customers; and provides concierge and insurance services to build on an end-to-end experience for homebuyers.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans
Nationwide availability
All U.S. states except Hawaii and New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
Displays current mortgage rates online
Initiatives that focus on serving minority borrowers, including down payment grants
More than 170 branch locations
Not available in Hawaii or New York
New American Funding’s rates are generally lower than Bankrate’s averages; you’ll find the lender’s latest APRs for various loan programs on its website. Note that these rates assume that a borrower has a credit score of 740, so if your credit score is lower than that, your rate will likely be higher than what’s advertised. The lender doesn’t disclose its fees online, so be sure to ask for a breakdown of your anticipated closing costs.
New American Funding operates in 48 states, providing conventional, government-backed and refinance loans. It’s also equipped to work with borrowers in unique credit or financial circumstances, offering access to non-qualifying (non-QM) loans, plus reverse mortgages and home equity lines of credit (HELOCs).
New American Funding was founded 20 years ago. The lender is Better Business Bureau-accredited with an A+ rating. On Trustpilot, the lender has a 3.7 out of five stars based on more than 250 customer reviews. In addition, J.D. Power rated the lender below average for customer satisfaction in 2023. Once you get your loan, you can use the New American Funding mobile app for payments and to keep track of your home’s value and your level of equity.
Images courtesy of New American Funding as of 4/3/2024. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.
You can apply for a mortgage with New American Funding in person at a branch location, online or by phone at 855-276-3747. Here are some tips to prepare for the process:
Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)
New American Funding offers both rate-and-term and cash-out refinancing options. The lender won’t charge fees on refinances for existing customers if done within five years of the original mortgage.
It’s a fact: If you’re buying a home now, you’re paying a higher interest rate. With New American Funding’s 5-Year Rate Protection Plan, you can still buy now with the ability to refinance, without fees, to a lower rate later, provided you do so within five years.
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.6 stars out of 5
4.6
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing |
Min. credit score required 620 for conventional loans |
Min. credit score required 620 for conventional loans, 600 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 620 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment Undisclosed |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability All U.S. states except Hawaii and New York |
Nationwide availability All U.S. states |
Nationwide availability All U.S. states |
NMLS: 6606
4.0
55 ratings
This lender has 26 recent reviews.
75% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 750 homeowners nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?