Overview
AmeriSave Mortgage
3%
620
FHA, VA, USDA
25 Days
24 Years
New American Funding
3%
620
FHA, VA, USDA
30 Days
24 Years
Ratings
AmeriSave Mortgage
New American Funding
Pros & Cons
AmeriSave Mortgage
PROS
- Online application process
- Lower than average mortgage rates
- Quick closing time (approximately 25 days or less)
- Down payment assistance available
CONS
- Not licensed to lend in New York
- High origination fee
- No home equity loan options
New American Funding
PROS
- Online mortgage process
- On-time closing guarantee
- Home equity loan options available
- Mortgage payment assistance provided (if necessary)
CONS
- Higher than average mortgage rates
- Not licensed to lend in Hawaii
Reviews
AmeriSave Mortgage
Reviews
New American Funding
Reviews for AmeriSave Mortgage
Helpful Favorable Review
Rikki Anderson
March 16th, 2022
Westerville, OH
DETAILS
Verified Customer
Review Source
Very responsive to my questions and calls during the process. The main issue was that the originator had to go through a lot to get the loan processed correctly and it took many phonecalls to her. She did everything she could but others at the company dropped the ball. Loan Processor even told my personal financial information to my realtor - why? Not ok.
Helpful Critical Review
John
January 14th, 2022
Palm Coast, FL
DETAILS
Verified Customer
Review Source
They have the best rate but the process is very bad and support is very poor. Only the loan officer was the one who could really help us because he gave a damn. I think they need to change the process. Especially the portal and communication process. I am not happy I did it.
Reviews for New American Funding
Helpful Favorable Review
Tara W.
January 31st, 2022
Middletown, DE
DETAILS
The level of detail and attention to applications are unmatched with this company. They really work with you on a one on one basis to determine the requirements you need to meet and how to navigate the mortgage loan process. Truly you will not regret working with this company. The larger banks would never provide this level of service on an individual level.
Helpful Critical Review
Love
November 3rd, 2021
Beltsville, MD
Horrible experience. New American funding caused me more financial harm then I already was in. They lied and mislead me. And now they could care less. I begged them to help me out of this horrible mess they caused me but the final answer I got was, nothing we can do. Now my life is turned upside down while their enjoying life.
The Final Word
AmeriSave Mortgage and New American Funding are comparable companies in the mortgage products and service they offer, as well as the positive customer experience they facilitate. Let’s take a closer look at what each company has to offer:
Mortgage Rates
Mortgage Process
Online Convenience
Loan Types
Home Equity Options
Fees
Mortgage Assistance
State Availability
Customer Reviews
Mortgage Rates
Mortgage rates across online lenders are typically similar, and may vary by small points in interest. Compared to industry averages, AmeriSave’s rates are lower, while New American Funding’s rates are slightly higher.
It is difficult to make specific claims on whether or not a lender offers competitive rates since rates fluctuate daily. In addition, a company’s lowest advertised rates are typically only available to those with excellent credit and financial health.
Mortgage Process
Both companies offer faster than average closing times.
AmeriSave has been able to get more than 50 percent of its customers to close in 25 days or less, which is significantly faster than the industry average of 40 to 65 days.
New American Funding’s average closing time is 35 days.
If you would like to close on your mortgage quickly, AmeriSave Mortgage might be the best choice, although closing times can’t be guaranteed.
Online Convenience
AmeriSave and New American Funding both have entirely online application processes. With either company you can begin your application, upload documents, and track your loan online.
New American Funding, in particular, focuses on using technology to streamline its mortgage process, and even has a mobile app. Through the company's app you can view your mortgage, make payments, and manage your loan. The app is available for both iOS and Android devices.
If you would like a streamlined online mortgage process, New American Funding might be the best choice, even providing a mobile app.
Loan Types
AmeriSave and New American Funding both offer a variety of home loan types:
New American Funding offers greater flexibility with its I CAN Mortgage product, allowing you to customize the length of your loan with future refinance options.
Both AmeriSave and New American Funding offer traditional loan options, but if you would prefer greater flexibility in your mortgage, New American Funding’s I CAN Mortgage could be a good option for you.
Home Equity Options
AmeriSave Mortgage offers refinancing options, but no home equity options. On the other hand, New American Funding offers a home equity line of credit (HELOC), a product that isn’t offered by many other lenders.
If you are looking for an option to access your home equity, New American Funding would be the recommended lender.
Fees
Neither AmeriSave nor New American Funding offer much information on their company websites about fees. However, AmeriSave does charge an origination fee of $500 which is higher than average — the industry average is $300.
Mortgage Assistance
AmeriSave and New American Funding both offer mortgage assistance programs for homebuyers who may need help making payments or would like to lower their initial down payment.
AmeriSave offers a down payment assistance program through Fannie Mae. The government-backed program helps low-income families and first-time homebuyers afford a down payment by providing options to put down as little as 3 percent.
New American Funding offers a variety of solutions to assist homeowners in making their monthly payment, such as refinancing or short sale options.
State Availability
AmeriSave is not available in New York and New American Funding is not available in Hawaii.
Customer Reviews
Both AmeriSave and New American Funding have high customer satisfaction ratings: 75% of AmeriSave reviews are 5-star reviews, and 97% of New American Funding reviews are 5-star reviews.
Reviews for both companies frequently highlight the following:
- Quick and easy application process
- Reliable customer service with personable and professional loan officers
- Competitive rates
Based on customer reviews, either AmeriSave or New American Funding would be a good mortgage lender choice.
Frequently Asked Questions
Is AmeriSave a reputable lender?
AmeriSave is the #1 mortgage company on BestCompany.com with an average 4.5/5 star rating. AmeriSave reviews frequently highlight the company's customer service, including fast response times to questions or concerns, and attentive loan officers who will walk you through the entire application process.
Is New American Funding a reputable lender?
New American Funding is the #2 mortgage company on BestCompany.com with an average 5/5 star rating. The majority of New American Funding reviews are overwhelmingly positive with customers frequently highlighting the company's attentive customer service and smooth mortgage process.
What kind of a lender is AmeriSave?
AmeriSave is a direct mortgage lender, originating and servicing loans in-house.
Is New American Funding a broker or a lender?
New American Funding is a direct mortgage lender backed by Fannie Mae, Freddie Mac, and Ginnie Mae.
What credit score do you need for AmeriSave Mortgage?
For an AmeriSave conventional mortgage, the minimum credit score is approximately 620.
What credit score do you need for New American Funding?
For a New American Funding conventional mortgage, the minimum credit score is approximately 620.
How long does it take AmeriSave to process a loan?
AmeriSave doesn't close an exact closing timeline, but some customers have closed in 25 days or less, which is significantly faster than the industry average of 40 to 65 days.
How long does it take New American Funding to process a loan?
New American Funding's average time to closing is 35 days.
