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An ARM is a loan with an interest rate that may change. Instead of remaining the same for the life of the loan, the interest rate of an ARM may be fixed initially but will change at regular intervals after the fixed rate period ends. The type of ARM you have dictates how often your interest rate, and therefore your payment, can change as well as what index the change will be based on. Different ARM’s also offer different limits on the amount your interest rate can increase or decrease under different circumstances. The primary benefit of an ARM is that it usually offers a lower initial interest rate than a fixed-rate loan. One disadvantage to an ARM is that an increase in interest rates may cause your monthly principal and interest payments to be higher. It's a trade-off: you get a lower initial interest rate with an ARM in exchange for assuming more risk over the long run.

Different Adjustable Rate Mortgages (ARM’s) have different adjustment periods. There are ARM’s with an initial interest rate that will be fixed for the first 5, 7, or 10 years. After the end of that fixed rate period, the interest rate will adjust annually for the remaining term of the loan. Your ARM adjustment period is established when you apply for your loan and can be found in your ARM note and other loan documents that you received.

The interest rate on an ARM is made up of two parts: the index and the margin. The index is a measure of interest rates generally, and the margin is an extra amount that the lender adds. Your payments will be affected by any caps, or limits, on how high or low your interest rate can go. If the index rate moves up or down, so does your interest rate in most circumstances. This will affect your monthly payment. However, not all ARM’s adjust downward. Be sure to read the information for the loan you are considering. The margin plus the index equals the interest rate. Lenders base ARM rates on a variety of indexes. The most common indexes are the rates on 1-year constant-maturity Treasury (CMT) securities, the United States Treasury Securities (TRBS), and the London Interbank Offered Rate (LIBOR). You should ask what index will be used, how it has fluctuated in the past, and where it is published--you can find a lot of this information in major newspapers and on the Internet.

Please contact our Lending Department at (800) 450-2010 to find the right loan for your financial goals.

An interest rate cap is a limit on the amount your interest rate can increase or decrease. Interest rate caps come in two versions: periodic adjustment caps, which limit the interest-rate increase or decrease from one adjustment period to the next, and lifetime caps, which limit the interest-rate increase or decrease over the life of the loan. Any interest rate caps will be outlined in your ARM note.

The frequency with which your interest rate may change is called the ARM adjustment period. The most common ARM adjustment periods are every 6 months or every 12 months. The frequency of ARM adjustments is established at the time of application and the terms will be outlined in your ARM note. Some of the most common ARM products provide an initial interest rate that will be fixed for 1, 3, 5, 7 or 10 years, and then adjust annually thereafter for the life of the loan.

There are two situations in which your interest rate can go up when the index goes down. If your initial interest rate was a discounted rate, it will increase by at least the amount of the margin on the first adjustment date, no matter where the index is moving. Alternatively, if the prior interest rate adjustments were limited by a periodic change cap or life-of-loan cap, the next change may be to a higher rate even if the index goes down. The following example illustrates how this can occur: The initial interest rate on your loan was discounted to 6.00% from the fully indexed rate of 7.50% (5.50% index plus a 2.00% margin). If, on the first rate change the index has decreased from 5.50% to 5.25%, your interest rate will still increase because the new interest rate is now calculated by using the fully indexed rate (no more discount), which is 5.25% index plus 2.00% margin, which equals 7.25%. Thus the index can actually go down (e.g. from 5.50% to 5.25%), but the interest rate that determines your payment goes up (from 6.00% to 7.25%).

Not all loans are assumable. Contact Customer Care at (800) 893-5304 to determine if your loan is assumable and what the requirements are for assumption.

Many mortgages have the option to set up Monthly Automatic Payments through the New American Funding website. The easiest way to tell if you are able to arrange for this service is by logging onto your account. Select the Make a Payment tile at the top of the screen, and if you see the Enroll in Autopay link, you can set up the Monthly Automatic Payments online. Complete the enrollment form to Enroll in Autopay

Once you log into our website, click on Account Management and then select Document Center. Under Delivery Preferences you will need to click on Paperless Statements, agree to the terms and conditions and click Let's do This!. If you select this option, you will no longer receive a statement in the mail.

Each of your statements will be available online for twelve months.

No

Yes, Simply log into your account, click on Account Management and then select Document Center. You can select Mail under Delivery Preferences, agree to the terms and conditions and click Let's do this! to stop receiving your statements electronically and start receiving your statements in the mail.

Yes, it will.

No, we provide you with this service for free.

Yes, they will create their own username and password and view the loan in the same way as the primary borrower.

Please call our Lending Department at (800) 450-2010

For general questions and information between the hours of 8:00 am to 9:00 pm CT, Monday – Friday and Saturday 10:00 am to 2:00 pm CT, you can reach our Customer Care Department toll-free at (800) 893-5304. After normal business hours you can still access information concerning your account on our automated phone system, which is available to help you access your loan information 24 hours a day, 7 days a week.

You may contact our Customer Care Department by calling 800-893-5304 and discuss your concerns with one of our Customer Care Specialists. You can also submit your request in writing to: New American Funding, Attn: Complaint Department, P.O. Box 170581, Austin, TX 78717-0031. We will send an acknowledgment within five (5) business days of receiving your request. Generally, we will respond to you in writing within thirty (30) days (not including weekends and federal holidays) and we will do one of the following: • Correct the error and confirm the correction in writing or provide you with the information that you requested; • After investigating the error or dispute, send you a written notice explaining why we have found that no error has occurred or that there is no basis for your dispute; • Ask for additional information that will assist in our investigation; or • Inform you in writing that it will take an additional fifteen (15) days (not including weekends and federal holidays) to investigate and respond to your notice of error, dispute or request for information

You can also address this issue with the credit bureau. Submit a statement explaining the item on your credit report to the major credit reporting agencies (listed below). This statement does not remove the item from your credit report, but it will provide an explanation of the situation for future creditors who may view your report. Equifax PO Box 740256 Atlanta, GA 30374 Experian PO Box 4500 Allen, TX 75013 TransUnion PO Box 2000 Chester, PA 19022

We report your payment to the credit bureaus after the end of each month. In this example, your March payment was reported late after the end of March, in early April. In the same way, the status of your April payment will be reported in early May.

If your payment is due on the first of the month and we receive your payment before the end of the month, then it will not be reported as 30 days late. However, if your payment is due on the first of the month and we don't receive it until the following month, it may be reported as a 30-day late payment.

We are required to analyze your escrow account at least one time a year. If the analysis shows an overage in your escrow account, it is because we collected more than we needed over the past year to pay your escrow bills. When this happens, we are required to send the excess funds back to you in the form of a refund check. When we are calculating your escrow amounts for the upcoming year, we start by adding up the annual total of the last bills received and divide that by 12 to get the amount of the monthly installments. Therefore, if your tax and/or insurance bills are higher than previously calculated, you may experience an increase to your monthly payment even though we provided a refund check for the amount of excess funds that were collected in the previous year.

Yes. Mortgage companies are required to follow the standards established in the Real Estate Settlement Procedures Act (RESPA) and applicable state law. RESPA and some states set limits on the amount which can be collected by a mortgage company to pay for escrow items, such as property taxes and insurance. RESPA and most states allow mortgage companies to collect and maintain a 2-month minimum balance. If you would like more information about your state’s allowed escrow minimum, please check with your local state government.

You can contact our Customer Care Department at (800) 893-5304 for information about our fees.

Yes, a fee may be charged for a payment that is made with the assistance of a Customer Care Specialist. However, there is no fee for making your payment through our website or our automated phone system.

You can set your notification preferences by logging into our website, going to Account Management/Account Settings, selecting Alerts and Notifications, and clicking on the Select Notifications button. Once selected, click on Save Settings.

No, you will need to contact our Customer Care Department at (800) 893-5304.

Yes. You can view your payment history online by logging into your account and click on My Loan/Payment History.

Once you are logged into our website, you can click on My Loan/Manage Loan Information and then click the EDIT button. On that screen you can update your mailing address, email or phone numbers online.

The stock market and other financial indicators determine what your interest rate will be. Changes in the financial markets regularly cause interest rates to go up or down.

Once you log into our website, click on the drop down box located on the top right-hand side of the Home Page. You can click on Add a Loan to add additional loans.

If you know your User ID but you have forgotten your Password, you can click on "Forgot Password" and enter in your Username, Social Security Number and Email Address. Once you have entered the requested information, you will need to click on the Recover button. Check your email for a temporary password and log into your account using your username and temporary password. If you have forgotten your User ID click on “Forgot Username” and enter your Social Security Number and Email Address and click the Recover button; You will need to check your email address for your User ID. If you have difficulties with either option please contact Customer Care at (800) 893-5304 for assistance.

You can save the Welcome page as a Favorite. However, once you have logged in, you cannot save the website welcome page as a Favorite.

¿Necesita algo en nuestra pagina de Internet explicado en Español? Nosotros hablamos Español. Por favor llame al servicio al cliente al 800-893-5304, y seleccione dos para Español, para hablar con un representante en su idioma.

If you would like to change insurance providers, you or your new insurance agent must provide a copy of the new policy and your written authorization accepting the new insurance company. You must make contact with the former insurance company and cancel coverage, when the new policy begins. If you have an escrow account please send in the refund from your old policy to minimize the shortage. Please provide your new insurance agent with your New American Funding mortgage loan number and the following loss payee/mortgagee clause: Broker Solutions, Inc., d/b/a New American Funding ISAOA/ATIMA, P.O. Box 5071, Troy, MI 48007-5071 Fax #: 248-781-9295 Website: www.NAFTeam@pfic.com

Important information about required insurance is available in our Guides and Forms or click the Download link.

Lender-placed insurance is insurance coverage that we obtain (at your expense) if we do not have proof that you have adequate insurance coverage in place to protect our interest in your property. Because the coverage goes into force without an inspection of your home, the policy is often more expensive than an insurance policy that you could obtain yourself. Further, lender-place policies may provide less coverage than an insurance policy that you could obtain yourself.

Important information about required insurance is available in the Download link.

The terms of your loan agreement require evidence of continuous adequate insurance coverage. Therefore, we must have proof of your insurance coverage or we may have to obtain a lender-placed insurance policy on your property at your expense. More information on adequate insurance coverage and the kind of documentation that you must provide can be found in down load below.

"Loss payee" is used on your insurance policy to refer to the lender servicing your loan.

For loans insured by the Federal Housing Administration (FHA), mortgage insurance is required on all loans, regardless of the down payment amount. This type of insurance is different than other types of insurance purchased by a borrower, and should not be confused with credit life, property or casualty homeowners, flood, windstorm or earthquake insurance. You cannot file a claim against the policy, and generally cannot cancel it. More information on FHA Mortgage Insurance can be found in our guide download below.

Private Mortgage Insurance, often called “PMI”, applies to borrowers who make less than a 20% down payment on their home. The insurance protects the lender in the unfortunate event that the borrower is not able to repay the loan. This type of insurance is different from other insurance purchased by a borrower and should not be confused with credit life, property or casualty homeowners, flood, windstorm or earthquake insurance. PMI can generally be cancelled once a loan has been paid down to a certain amount if the requirements for cancellation are satisfied. More information on Private Mortgage Insurance can be found in our guide download below.

When an insurance claim check (also called a “loss draft”) is paid for damage to a home, there are several steps that have to be taken. You can find more information at:

New American Funding is listed on the check because we are the loss payee on the insurance policy. We are required to be the loss payee on the insurance policy by the loan owner which has a secured interest in the property. Our responsibility is to ensure the property is repaired in the event of damage and restored to its original or higher value.

Depending on your loan and the amount of the insurance claim, New American Funding may be required to disburse funds from your insurance claim check in increments under the guidelines required by the owner of our loan to make certain the property is fully restored to its original or higher value.

Paying online is free of charge and available 24/7 at www.newamericanfunding.com/myloan. Payments submitted after 10:00 PM Central Time will be processed the next business day. You can also make a payment through our automated phone system or via check all at no cost or you. One of our Customer Care Specialist's can take a payment over the phone (a fee may apply). We also accept payments via Western Union.

Go to www.westernunion.com click Pay Bills and follow the prompts.

Payments are posted Monday through Friday, except for federal holidays. Online payments are also posted to your loan Monday through Friday. If your grace period ends on a Saturday or Sunday, the grace period is extended to the end of the next business day. Please be aware that any partial payments that you make are not applied to your mortgage, but instead are held in a separate suspense account. If you pay the balance of a partial payment, the funds will then be applied to your mortgage. If you have any questions about your payment, contact our Customer Care Department at (800) 893-5304.

It's very easy to change the account from which we withdraw your payment. Just log into our website, click on the Payment Sources tile, select Add Account, update the account information, and save your changes. You can add, change or delete your bank accounts and you may also set a default bank account. You can also speak to one of our Customer Care Specialists at (800) 893-5304 for help in changing your bank account information.

It's very easy to change the account that you use to make your Monthly Automatic Payments. Just log into our website, click on Modify Payments on the Your Autopay Details tile, and enter Auto Draft Payment Information. When prompted, enter the routing number and account number of the new account, agree to the terms and conditions, and click the Update button to save your Enrollment Preferences.

You will receive a confirmation number when the system has finished making your payment. It will be displayed on the screen, and can be printed out if desired. Additionally, a confirmation email will be sent to you. If you do not see this displayed, you can verify if the transaction was saved by contacting our Customer Care Department at (800) 893-5304. The automated phone system will allow you to confirm payment. You can also sign up to receive email notification when payments are made. Set your notification preferences by logging into our website, click on Account Management/Account Settings. and Alert Notifications. More information is available in the Guide to Account Alerts below.

If your loan is more than 30 days past due, you will be required to pay the Total Amount Due that is shown on your monthly mortgage statement. However, if your loan is not past due, you can elect to have your payment applied to principal or escrow instead of applying it to your monthly payment.

If you are using standard mail services, mail your payment to: New American Funding P.O. Box 650076 Dallas, TX 75265-0076 If you are using overnight delivery services, mail your payments to: New American Funding 11001 Lakeline Blvd, Bldg. 1, Ste. 325 Austin, TX 78717 Attn: Cashiering If we receive your payment after 5:00 PM CT daily, on weekends, or on a holiday, we will not process it until the next business day.

If you are not delinquent on your loan and the payment is a full payment, we apply your payment the day we receive it, unless it is received after 5:00 PM CT or on a weekend or holiday in which case, it will be applied the next business day.

In most cases, you will save no money by making your monthly mortgage payment early. Your fixed rate mortgage payment has been calculated to determine equal monthly payments to pay off the loan by the end of a defined term, typically 30, 20 or 15 years. The schedule of payments is called an Amortization Schedule. The amount of interest due each month is based on the mortgage monthly interest rate and the outstanding loan balance on the last day of the prior month. Since mortgage payments are made in arrears, unlike rent payments, there is no benefit by paying early. You can calculate the interest to be paid on your next monthly mortgage payment by multiplying the monthly interest rate times the outstanding mortgage balance at month-end. The monthly interest rate is the annual interest rate divided by 12. Once this interest for a monthly payment is determined, that is the amount of interest that will be charged. It does not matter on which day the payment is received. However, you can reduce the amount of interest that will be charged on your loan by paying more than the regularly scheduled mortgage payment each month, as any amount paid above the scheduled payment goes to reduce principal, which reduces the amount of interest due on the next scheduled payment. Doing this consistently diverts more of your monthly payment to principal and can lead to paying off your mortgage early.

We process all checks electronically, but your bank may or may not do the same. Your payment may be deducted from your account immediately or it may take a little longer depending on how your bank processes your payment.

After you submit your payment and before it is processed, it is considered a "pending" payment. Online payments can only be canceled while they are still pending. To cancel your pending payment, log into our website and select Scheduled Payments. Click on (x) to delete and Cancel Payment.

A payoff statement is a calculation of the amount you would have to pay in order to pay off your loan in full at any specific time. This amount will include some or all of the following figures: • principal balance • interest due (in arrears) • outstanding fees on the account • mortgage insurance premiums (in arrears) • fees, if applicable This total will be the complete amount due in order to pay the loan in full by the date specified in the payoff statement. If you pay off your loan after the date specified in the payoff statement, or a payment is made from your escrow (impound) account before your loan is paid off, the total amount required to pay off your loan may change.

You will need to call the Customer Care Department at (800) 893-5304 and following the automated prompts.

Yes. The payoff of your loan can be delayed for any number of reasons. If you continue to make your scheduled monthly payments, you will protect your credit from being adversely affected by a late payment even if your payoff is delayed.

Your payoff total consists of more than just the principal balance. You are charged interest against your principal balance until the date of payoff. Also, your monthly interest is paid in arrears, which means that when you pay for a payment due July 1, you are paying for the interest charged from the dates of June 1 through June 30. Your loan may be current, but you may still owe interest for the prior month. In addition, there may be outstanding late fees or other charges on your account, and in most counties there is a fee for recording the lien release. Other amounts you may be charged as part of your payoff total include mortgage insurance premiums and or amounts needed to cover a negative balance in your escrow account.

Supplemental taxes are special California taxes. Detailed information about California property taxes is available in the download below.

If you live in a "homeowner state," it means that your taxing authority does not send us a copy of your tax bill. If you live in one of these states and have an escrow account, please make a copy of your tax bill for your records, and then mail the original bill to us so that we can pay the bill from your escrow account. You can mail your tax bills to: New American Funding, Attn: Tax Department, 901 Corporate Center Drive, Pomona, CA 91768. You can also fax it to 800-549-5566, Attn: Tax Department.

Detailed information about California property taxes is available in the Guide to California Property Taxes download below.

You may not need to send your tax bill to us. New American Funding receives the tax bill amounts from the taxing authorities in all states except Pennsylvania and uses this information to pay them when they are due. Pennsylvania residents can mail them to: New American Funding, 901 Corporate Center Drive, Pomona, CA 91768. You can also fax them to: 800-549-5566, Attn: Tax Department.

Yes, unless New American Funding has sent you an offer that indicates otherwise, you will have to pay closing costs.

Please contact our Lending Department at 800-450-2010 or go to our website www.newamericanfunding.com and click on the REFINANCE button to obtain information about the different loans offered through New American Funding.

Please check with your financial or tax advisor to determine what is deductible with the IRS.

Yes. You can view your Year End Statement by logging into our website. Click on Account Management and Document Center. In Document Center, you can view your Year End Statement in the Tax Tab.

We are required to mail your 1098 form to you by January 31st.

We only report interest under the primary borrower's Social Security number because the IRS doesn't require us to report it under more than one Social Security number. However, this does not dictate how you and the other property owners claim the interest on your tax returns. You may want to speak to your financial advisor or tax preparer for information on how multiple borrowers can each claim part of the total interest.

You may have made more monthly payments last year. Also, as your loan amortizes and the principal balance reduces, the amount of interest you pay each year may decrease.