Is New American Funding a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by New American Funding to those of other lenders for a comparable set of borrowers. Here is our review of New American Funding nationally:
|Review Item||New American Funding|
|Interest Rate||similar to other lenders (+0.04%)|
|Loan Related Closing Costs||similar to other lenders (+$196)|
|National Rate and Closing Cost Star Rating||(3)|
On average, New American Funding’s interest rates were similar to those of other lenders (+0.04%). Its loan related closing costs were also similar to those of other lenders, with a difference of +$196. Overall, combining interest rates and closing costs we estimate that New American Funding tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit New American Funding, check out its website at: https://www.newamericanfunding.com.
New American Funding’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track New American Funding was most active in:
New American Funding’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, New American Funding originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
|New Purchase Mortgages||Conforming||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||+0.08%||+0.10%||+0.14%||+0.03%||+0.07%|
|Loan Related Closing Cost Difference||+$287||+$257||+$333||+$48||+$348|
|Cost Adjusted Rate Difference||+0.09%||+0.12%||+0.15%||+0.04%||+0.10%|
|National Star Rating|
|Interest Rate Difference||-0.04%||+0.02%||+0.09%||-0.00%||-0.03%|
|Loan Related Closing Cost Difference||+$170||-$161||+$217||+$4||-$176|
|Cost Adjusted Rate Difference||-0.03%||+0.01%||+0.09%||-0.00%||-0.04%|
|Average Star Rating|
As a summary, New American Funding is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for Conforming, FHA, Jumbo and VA purchase mortgages. For refinancing, New American Funding is similar to other lenders for Conforming, FHA, USDA and VA mortgage refinance. It is more expensive than other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about New American Funding:
Registered city and state: TUSTIN, CA, 92780
Regulator: United States Department of Housing and Urban Development (HUD)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for New American Funding’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.