New American Funding Reviews

Unclear guidance on what was required for closing.

My initial interaction with Todd was positive. He made the effort to provide information and answer questions. Although, I feel once he had my business, the communication was lacking. I was still being asked for financial information to finalize my loan with less than 24 hours before I was scheduled to close on a property. This caused frustration that could have been avoided had the process and communication behind the scenes in Todd's office been more organized.

Better communication between everyone. Not a back and forth thing. One person says one thing, another says another. Didn’t seem like everyone was on the same page with things

Personality was wonderful! Business wise somethings were not followed through or taken lightly in my opinion. Three major examples: (1)Initially I was told I qualified for Conventional and FHA. However most sellers were not accepting FHA offers so we were not able to put in an offer on one particular home (the one we actually purchased) because the seller was not accepting FHA offers. The other home I am sure the FHA offer was on the bottom of the stack of offers. The house we really wanted went under contract with someone that had a conventional loan. Thankfully, the contract with the home fell through and the house came back on the market, after a month. The difference was now, I was told by Teala that I do qualify for the full conventional loan. I don’t understand why that was not the case upfront especially in the tough housing market. I needed every chance and opportunity to be competitive as a buyer in the sellers market. By chance the house we wanted came back on the market however I am not sure we would have found another similar home if the home sold to the other buyer. (2) I was told it would be a good idea to pay off one of my student loans and one of my credit cards. Don’t get me wrong there is nothing wrong with paying off debts. I followed the advice and when I told Teala that I paid off both as advised, her reply was “oh you didn’t have to do that”. I was floored because it was clear that it did not change the underwriting or give me an advantage on the home loan (especially when those loans didn’t show paid until after the closing). I basically paid out more money than I needed to before a closing only because I followed her advice. (3)Towards the closing phase, I was told by Teala that I would know prior to closing the amount of the closing cost from the attorneys office. The attorneys office even sent an email to inform that I should send the closing cost via wire transfer 24-48 hrs prior to the close. I became nervous because I did not get a final amount to expect to pay other than the estimated closing cost. On closing day there was a lapse in detail regarding the final cost to close. I was told by Teala that the attorneys office would provide the final amount 3 days prior to closing however the Attorneys office was not able to do so because the final documents were not sent in time to from the funding company. As a result I was told by Teala to “just add an additional $1,000 on top of the estimated closing amount”. I wanted everything done and in order prior to closing yet I did the final walk through as well as scrambled to move additional funds, wire the money etc the day of closing in order to make sure that I had the appropriate funds to close as well as to make sure I was on time for the appointed closing time. I felt rushed, nervous and unsettled. I feel that the ball was dropped somewhere. I believe the stress of that day was preventable and could have been handled differently. Finally, Teala expressed to come to her and not my realtor with concerns regarding the loan. The issue I felt with that statement is that my realtor is my go to person since she coordinates everything as my agent. Navigating the home buying process is my realtors line of work, she has helped many home buyers get to the closing table and close on a their home. I only went to my realtor to get general information on next steps, what to expect on each phase, general time frames etc. since the home buying/closing phase was unfamiliar and novice territory to try to navigate on my own. I especially went to her because at that point what I was told by Teala did not necessarily match what was required or necessary for me to do. Overall, I am glad everything worked out in the end. Teala did a generally decent and good job on the front end. She is easy to talk. But I would like to see the same drive on the closing end as well . More importantly I would have preferred factual reassurance, advice and instructions.

Oh it was memorable for sure. I know they worked their butts off for us 24 hrs a day and made it happen. They were on it no matter what time it was. That was cool and greatly appreciated. I think more communication of what was happening, not just sign here. Maybe there too many hands in the pot? They needed docs I already sent. Overall it was good. Wish we could have ran numbers after I fixed my credit to get a lower interest rate. Next time. I know what's up now. Pay bills on time! Lol

Get rid of Misty

Quicker communication and response times. Being notified of interest rates and other options earlier. Only received notification a few hours prior to have to make decisions when trying to lock in interest rates.

Having the incorrect tax costs/monthly payment amount up until the day before closing was not something I was expecting