New American Funding Reviews

The WORST application process I have ever experienced related to home finance. I communicated upfront that I was only seeking a home equity loan or line of credit, and I did not want to refinance the primary mortgage. This was acknowledged, but after taking my info and running scenarios, the very first scenario was a refinance of the primary mortgage. Already 1week wasted and now the home equity loan process started to unfold with multiple re-entries of the same information, the same questions having to be answered multiple times, and inflexible underwriting. Almost TWO MONTHS of what should have been a fairly simple application process with a 'yes' or 'no', resulted in a 'no', at OUR cost of $850 for an appraisal that wasn't needed. Then, wait for it... another attempt to have us refinance the primary mortgage. Unbelievable. Never again. Would not recommend.

New American Funding is the most disorganized and misleading financial circus I've ever dealt with. Having owned 4 other houses and dealing with mortgages, I've never had so much trouble in my life. We were promised a 3 wk closing. At one point being told the loan was "in the bag." 2 mos later, we're told that we can't qualify for the loan because "we had not gotten a property appraised when we purchased the house?" We didn't need an appraisal at the original purchase because we paid cash for the house. These people just strung us along, either because they didn't know how to say "no," or they just had nothing better to do with their time?

The entire refinance process was a nightmare. It took over half a (about 7 or 8 months) to refinance with New American Funding. We went through about 6 or 7 loan officers that were "quitting" and we were promised things time and time again that never happened. We were lied to multiple times. The only reason we went through your company was the promise we received when we went through you the first time, free refinance. We will never go through this company again and I would never refer anyone here.

No Stars (had to put 1 star in order for this to post), this ranks as one of the worst experiences of a transaction I have witnessed as an agent. It affected so many people, so many errors on the part of New American Funding's staff. I will never recommend this lender to any client of mine.

I am a young adult that was surfing Credit Karma to just curiously explore some loan options for first time home-owners and started to inquire through New American Funding. I was expecting to just get some results of options or information on my current standing through the credit karma app but instead I received a phone call from them. When I answered, I was forwarded, without question, to Ruth Danielson I honestly was not in the proper location to be on a phone call nor was I looking to buy a house soon so I asked if possible could I reach back out later when I am in a better position to buy a home. Ruth began to question me asking, “Well if you said you’re curious about options for first time homeowners, how do you now say you’re not ready to get that information for another year?”. She then goes on to condescendingly say that if she was in my position and had someone with “her expertise offering help that she would take it. I was not rude to her whatsoever and honestly I was caught off-guard by the phone call in the first place, and then to go on to say that I should be taking her advice when I expressed reaching out later felt patronizing. This being my first experience with any loan officer honestly left a bad taste in my mouth. I just hope this is not the experience other people inquiring for information as first time buyers are experiencing from this company.

Buying a home can be stressful but should be a joyous occasion. Unfortunately, that was not the case for us and was far more stressful and somber of an experience than it needed to be. My wife and I were pressured into a bad situation with a seller, who left the property a mess. Instead of having the professionalism and experience to navigate all parties through a dispute it was unnecessarily prolonged and eventually “the buck was passed” onto mediation which has provided no deadline or timeline of any kind to resolve a dispute, to which money was purposely escrowed to avoid such an issue, or so we were told. We never agreed to such an option nor did we ever discuss mediation as an option. This was a surprise and was blamed on being rushed?!? Once again, another situation forced upon us. I have bought and sold a few properties in my life and never have I experienced anything as disorganized as this. I’m not sure if there is even a plan to bring closure to these issues as the communication is very poor. I will not be using or recommending this company to anyone.

Horrible company to go through for mortgage. I have to have flood insurance as I live on a river. I got a new flood policy for $1,500 that would replace one that was supposed to renew for $4,199. They decided to pay the $4,199 policy even though the new $1,500 policy was in their inbox along with a cancellation form for the $4,199 policy. Their excuse “we got the $1,500 policy on August 2nd and it takes us 48-72 hours to process requests and put them into our system. We paid the $4,199 policy on August 5th so we were unable to accept the $1,500 policy.” AND NO ONE THOUGHT TO CHECK WITH ME ONCE THEY SAW THE $1,500 POLICY IN THEIR INBOX. They could have done a stop pay and reissue but they literally just blatantly IGNORED it. And they told me there was nothing they could do for me. So my mortgage is going to sky rocket because they decided to ignore paperwork. So in turn I get screwed over even though all of this was out of my control and now I am trying to figure out things to sell to pay into my escrow to cover this so I can afford to pay my mortgage. Stay far away from them.

Their communication was terrible and they made major changes without communicating anything to us (more than once, we learned major news from the people selling the house who weren't their clients! So unprofessional). They left everything to the last minute, pushing our signing date back 3 times and nearly messing up the deal at the last minute even after 3 delays. Absolutely miserable experience, would never choose them again. The processer we worked with couldn't answer a single question for us and seemed to have no idea how anything worked. It was beyond awful.