A loan officer will reach out to discuss your loan options and help you complete an application. Once you’ve completed the form, you’ll create an account using a valid email address. You’ll input some preliminary information into the form, like your income, estimated credit score and down payment amount. You can start the application process by requesting a rate quote directly from the company’s website. Many of our reviewers found the application process straightforward, and we gave it an excellent score since buyers can apply online and upload all their documents seamlessly. With New American Funding, one Texas reviewer praised, “ knowledge of the financial markets was vital to helping us with the timing for locking our interest rate.” New American Funding average home purchase rate vs. Remember that there’s no guarantee rates will decrease, so it’s important to keep up with interest rate changes should you decide to get an ARM. For example, if mortgage rates are at 10-year highs, you may consider an ARM to take advantage of a low introductory rate for a few years.Īfter the introductory period ends, rates could come down and you may consider keeping the ARM or refinancing to a fixed-rate mortgage. However, an ARM (adjustable-rate mortgage) could make sense in some cases. Many borrowers choose a fixed-rate mortgage because they prefer to keep their monthly payments the same. A fixed interest rate won’t change over the loan term an adjustable rate will. New American Funding offers mortgages with either fixed or adjustable rates. Borrowers with excellent credit (800 and higher) and low DTI ratios (ideally less than 36%) usually get the best interest rates available. Interest rates can vary depending on many factors, including a borrower’s credit score and debt-to-income (DTI) ratio. A year earlier, it was 0.07% lower than the national average. While many reviewers shared that the rates were good and on par to other lenders’ rates, our data shows that New American Funding was 0.05% higher than the national average in 2021. However, for the most accurate rates based on your individual situation, you should contact New American Funding for a customized quote. We scored New American Funding’s rates as good because the starting rates for conventional, FHA and VA loans are available on its website and updated daily.
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