New American Funding Mortgage Refinance

in Mortgage Refinance from New American Funding · NMLS ID #6606

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New American Funding Mortgage Refinance


in Mortgage Refinance from New American Funding · NMLS ID #6606

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Community Rating Strongly recommended
Loan Amount $85,000 - $3,000,000
Loan Term (Years) 8 - 30 years
Number of Reviews 18

New American Funding Mortgage Refinance Review

New American Funding Mortgage Refinance is offered by New American Funding (NMLS #6606), a direct lender founded in 2003 and based in Tustin, CA. New American Funding Mortgage Refinance is available in 48 states (and Washington, DC).

Key Takeaways
  • 5 different mortgage programs offered. New American Funding Mortgage Refinance refinances FHA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, New American Funding does not offer financing for manufactured homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with New American Funding Mortgage Refinance.
  • Non-standard interest rates available. New American Funding Mortgage Refinance only offers hybrid mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • No origination fee. New American Funding Mortgage Refinance does not charge a fee for processing your loan application.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for New American Funding Mortgage Refinance.
  • Maximum DTI ratio. New American Funding Mortgage Refinance has a maximum debt-to-income ratio of 43%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by you monthly income and multiplying by 100.
New American Funding Mortgage Refinance Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Available in 48 states.
New American Funding Mortgage Refinance FAQ

What range of mortgage balances will New American Funding Mortgage Refinance refinance?

Mortgage refinancing loans start at $85,000 and go up to $3,000,000

What is the maximum loan term for a mortgage refinance via New American Funding Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. New American Funding Mortgage Refinance offers mortgages refinancing with terms ranging from 8 to 30 years.

What is the estimated funding time for a mortgage refinance with New American Funding Mortgage Refinance?

New American Funding Mortgage Refinance will typically approve (or deny) a mortgage refinance application within 72 hours and fund mortgage refinances within 35 days of approval.

Does New American Funding Mortgage Refinance charge a mortgage origination fee?

No, New American Funding Mortgage Refinance does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does New American Funding Mortgage Refinance charge prepayment fees?

No, New American Funding Mortgage Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does New American Funding Mortgage Refinance offer?

New American Funding Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
  • Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does New American Funding Mortgage Refinance allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. New American Funding Mortgage Refinance allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
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  • Headquarters
  •   14511 Myford Road,
    Suite 100
    Tustin, CA 92780
  •   Visit Site

Other Services by New American Funding

Message From New American Funding

How many mortgage lenders have won an award for ethics?

New American Funding has. And doing the right thing has always been right for their business.

As the winners of the 2019 International Torch Award for Ethics from the Better Business Bureau – the first independent mortgage lender to do so – the company was recognized for exemplifying the best practices in leadership, character, and organizational ethics.

With integrity as their cornerstone, the husband and wife team of Rick and Patty Arvielo launched New American Funding in 2003 as a 40-employee refinance call center. From the start, the couple’s special skillsets uniquely complemented each other and the business. Rick’s insatiable entrepreneurial spirit and technical aptitude drove an efficient business model designed around time-saving software. As President of the company, Patty’s provided crucial insights from her extensive mortgage background that ultimately brought the entire loan process in-house.

The dynamic duo soon became unstoppable, rapidly expanding with loan branches across the country. For added efficiency, they brought the entire loan process in-house – origination, processing, underwriting, funding, and servicing – to bring clients and partners a positive, faster lending experience. Today, New American Funding is a top national lender and offers several niche loan products, while developing innovative technology to keep its Loan Originators constantly at the cutting edge of productivity.

Making sure that the underserved are now fully served has always been a top priority the business. Through the New American Dream and Latino Focus initiatives, the company is able to reach out to the Black and Hispanic communities with education and opportunities to help realize the dream of homeownership.

New American Funding’s passion for helping others extends to the community, hosting numerous food, toy, and clothing drives to support those in need. Patty also currently serves on the National Park Foundation™ Board of Directors and continues her mentoring as a member of the Executive Board of Big Brothers and Sisters (BBBS) of Orange County. Together, the Arvielos are active with the WE Charity, which focuses on education, water, health, food and economic opportunity in Asia, Africa, and Latin America, including building much-needed classrooms, providing teacher training and a highly successful immunization program.   Headquartered in Orange County, California, the family-owned business is licensed in 49 states with locations across the U.S. The company offers a variety of home loan options including: Conventional, FHA, Cash Out, Fixed Rate and Adjustable Rate Mortgages, VA, Jumbo, and more. The company is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement, and VA Automatic mortgage lender. NMLS #6606.

Message From Our Editor

Founded in 2003, New American Funding is an independent mortgage lender that serves all U.S. states except Hawaii and New York. Its mission is to provide homeowners and future homeowners with a variety of home financing options at competitive rates. If you're looking for a home financing solution, here's what you need to know about New American Funding.

Loan offerings

New American Funding offers loans for home purchases, mortgage refinancing, and reverse mortgages. Loan amounts range from $1,000 to $15,000,000 and eligible properties can include single-family residences, condos, townhouses, multi-units, and more. Overall, New American Funding covers all the bases when it comes to the loan options it offers. Further, loan consultants are standing by to help customers find the best mortgage option for their situation. The company's loan types include:

Cash out refinance

Refinance your home for more than it's worth and take the excess out in cash.

30-year fixed mortgages

A 30-year loan with a fixed interest rate resulting in even, predictable monthly payments.

15-year fixed mortgages

A 15-year loan with a fixed interest rate resulting in even, predictable monthly payments.

Conventional loans

Traditional loans with fewer requirements than government-backed loans and down payments as low as 3%.

VA loans

Veterans Affairs (VA) loans are backed by the Veterans Affairs department of the U.S. government and offer 100% financing.

ARM mortgages

Adjustable-rate mortgages (ARMs) have an interest rate that adjusts according to the loan terms and the market.

Jumbo loans

Jumbo loans exceed the loan amount limits set by Freddie Mac and Fannie Mae for more expensive homes.

Home improvement loans

Home improvement loans are used for renovating your home or purchasing a fixer-upper.

Reverse mortgages

Reverse mortgage loans are for people 62 and older so they can cash out on their home's equity.

Interest only loans

An interest-only loan allows you to only make payments on the interest for a set period.

ICAN mortgages

These are customizable loans with term options ranging from eight to 30 years.

Mortgage rates

How about the cost of borrowing? New American Funding aims to offer competitive interest rates. However, the rate you'll get depends on the following factors:

  • The state of the economy.
  • Loan type.
  • Credit score.
  • Loan-to-value ratio.
  • Down payment.
  • Interest rate type.
  • Home location.
  • Loan term.

To find out which New Funding Mortgage rates you can get, you will have to apply and speak with a company representative over the phone.

Mortgage Assistance

If, at some time in the future you're struggling to keep up with your New American Funding mortgage, the company offers the following options:

  • Refinance. Get a new loan with terms and costs that better suit your needs.
  • Reinstatement. Pay a lump sum to catch up on your mortgage.
  • Repayment. Pay what you owe through installment payments.
  • Forbearance. Make reduced payments or no payments during a period of financial hardship.
  • Modification. Modify the mortgage to better fit your budget.

The company asks customers to call in to discuss the available options and also recommends downloading its Homeowner Checklist to see the documents that you'll need to provide. If worst comes to worst, it also provides options for leaving your home without going into foreclosure. These include a short sale and a mortgage release. Additionally, in some situations, the company will help you to relocate. Overall, New American Funding is flexible when it comes to managing financial hardships. It's willing to work with borrowers and offers support.

Loan management

Next up is the loan management. How is the experience once you're a customer? New American Funding offers in-house servicing for the loans it originates. Shortly after taking out a loan, you'll receive a welcome letter which explains the amount of your first bill and how you can pay it. Payment options include:

  • Monthly automatic payments are withdrawn from your bank account.
  • One-time payments on the dates you specify.
  • Bi-weekly automatic payments.
  • Payment by mail.
  • Wire transfer.
  • Third-party bill pay service.
  • Payment by phone.

You can manage your account online on by clicking "Manage My Loan." In addition to making payments and viewing the details of your loan, you can get information on property taxes, forms, mortgage insurance, property insurance, escrow accounts, and more. The company will also mail you notices on a regular basis including your monthly billing statement and annual statements. Overall, its servicing is one of its strong points in an industry where many originators hand off the loans to a third-party servicer that the customer may or may not know.

Is New American Funding right for you?

If you're looking for a home loan—whether to purchase a new home, refinance your existing one, or cash out your home's equity—New American Funding is an option to consider. The company offers a thorough line-up of loan products, a good 15-year track record, flexible mortgage assistance options, online loan management, and in-house servicing. However, the online application has room for improvement and it would be nice to have the option of an instant quote. Nevertheless, the company should be on your shortlist of mortgage lenders to send an application as long as they serve your state. However, remember never to take the first quote you get. Compare quotes from at least three lenders and pick the one that provides the best overall value.


  Available in 48 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Property Type
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
APR Starting at 3.765%
Loan Term 8 - 30 years
Loan Amount $85,000 - $3,000,000
Interest Rate Types Offered Hybrid Mortgage
Mortgage Programs
  • FHA
  • VA
  • Conventional Mortgages
  • Jumbo
  • Conforming
Terms 5/1, 7/1, 10/1, 15, 30 years

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