Overall
Overall, New American Funding is a lender offering legitimately helpful loan services to families looking to up their homeownership game. So long as you qualify, their borrowing limits and lower fees make them an excellent choice for any homeowner interested in a home equity loan.
Closing Costs
New American Funding typically offers slightly lower than average closing costs for their loans, making them one of the most affordable lenders to work with. However, keep potential origination fees in mind while calculating the total cost.
Loan Variety
Term range variety is no problem with New American Funding. Whether you're looking for a 10, 15, or 30-year term range, they've got what you need.
Borrowing Limits
New American Funding does not post its home equity borrowing limits directly on its site -- to get this information, you'll need to speak with a loan officer. Based on customer reviews, however, it seems clear that their limits offer a range that can easily satisfy the needs of most homeowners considering a home equity loan.
Customer Service
Customer service is where New American Funding really shines. Their entire business was created on the basis of assisting the average family to achieve the dream of homeownership. They also pride themselves on accessibility, offering their services in Spanish as well as English. With plenty of helpful resources on their website including loan calculators and a help hotline, they exceed in this category.
Fair Credit Score Suitability
Minimum Credit Score: 620
Generally speaking, 620 is the lowest credit score that all lenders will require for a home equity loan. So long as you meet this figure and you have enough equity in your property, getting a loan through New American Funding is definitely an option you should keep in mind.
Higher Credit Score Suitability
As New American Funding is a reputable brand that has more than earned its place as one of the top home loan lenders in the country, they are certainly a great choice for homeowners with a high credit score. Their borrowing limits are suitable for most home equity needs and their customer service and low fees offer an incomparable loan experience. Definitely check them out.
