This article will discuss the New American Funding review and all you need to know about the lending company.
New American Funding is a mortgage lender that offers individuals access to their diverse options of loan facilities.
What is New American Funding?
New American Funding is a popularly recognized and known mortgage lender that offers numerous loan options to those looking to obtain these types of loans.
Who Owns New American Funding?
Rick and Patty Arvielo are the owners and co-founders of New American Funding, a mortgage lending company. They both decided to enter the lending industry and founded the company in 2003.
What Does New American Funding Do?
New American Funding is one of the top-rated mortgage lending establishments popularly known and respected in the home loan industry.
The lending company is fully focused on assisting various individuals and families in getting access to various loan facilities.
New American Funding Closing Cost
New American Funding normally involves some cost when it comes to closing a specific loan application by an individual.
The closing cost is estimated to fall between 2% and 5% of the initial purchase price. However, one can get more information on these costs from their website.
New American Funding Credit Score Requirements
The credit score for accessing and obtaining various loan options with New American Funding mainly depends on the loan option you intend to obtain from the company.
The credit score for conventional loans is 620, with FHA loans, VA loans, and USDA loans requiring an individual to have a credit score of 580.
New American Funding Rates
New American Funding normally lists its rates for various offered loan options on its official website, but these rates are subject to changes, as they remain updated daily.
Also, an individual’s credit score affects the rate at which a specific loan is offered; a lower score increases the rate at which the loan is offered. Below are some of the products offered and their present rate.
- 30 Years Fixed – 5.64%
- 15 Years Fixed – 4.74%
- 5/1 ARM – 5.31%
- 30 Years Fixed Mortgage Refinance – 5.64%
- 15 Years Fixed Mortgage Refinance – 4.85%
- 7/1 ARM Refinance – 5.52%
- 15 Years Jumbo Fixed Mortgage Refinance – 3.06%
What Type of Lender is New American Funding?
New American Funding is a non-bank lender which offers a wide range of loan options, including purchase, refinance, and many others.
The lending company also allows individuals to select from either a fixed or an adjustable-rate on the loan they want to obtain.
Is American Finance Lenders Legitimate?
Yes, The New American Funding is a good and trusted lending establishment that is a great option for families and individuals looking to obtain mortgage loans.
The lending company is well respected and has an accreditation with the Better Business Bureau, which was accredited in 2004.
What you Should Know About New American Funding Lawsuit
The New American Funding does not have any current issue, which has resulted in a lawsuit against the lending company.
Customers are assured of getting the best services with access to several loan options. The lending company is recognized for supporting individuals and families with access to mortgage loans.
However, the Better Business Bureau is responsible for solving any dispute clients may have with the company as they are accredited.
Is New American Funding a Private Company?
Yes, New American Funding is a privately owned mortgage lending company founded by husband and wife Rick and Patty Arvielo in 2003.
They mainly specialize in offering access to mortgage loans to individuals seeking to obtain these types of loans.
Does New American Funding Have Overlays?
No, New American Funding does not have any overlays in issuing lending services and facilities to individuals and families needing them.
The lending establishment is known as a direct lender, which offers numerous loan options, and through its team of experts, ensures the process of application and closing of these loans go easily and smoothly.
Is New American Funding Easy to Get Approved?
Yes, getting your loans approved with New American Funding is easy, but you must meet their minimum required credit score of 580.
However, this credit score could differ depending on the kind of loan you choose to obtain. You must ensure you have the required credit score to access the specific loan you want, and this would make the application and closing process very fast and easy for you.
What Type of Loans Does New American Funding Offer?
New American Funding is a popular lending company that offers individuals and families access to many loan options. They offer many loan options, which include:
- Fixed Rates
- Home Equity Line of Credit (HELOC)
- Investment Property
- Reverse Mortgages
How Long Does New American Funding Take?
New American Funding is a direct lender that focuses on allowing individuals and families to obtain various loan options.
The lending company does not waste time in concluding various loan applications as an individual could get their loan approved in 14 days or less.
New American Funding is an excellent mortgage lending company that individuals and families can consider for their mortgage loans.
The company is very direct, and one can easily access their products once they meet the required credit score.
We hope this article will provide you with useful information on the company and its activities. Kindly visit our comment section for your views and opinions.
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