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New American Funding HELOC Review 2026
Last updated on May 7, 2026
Written by
Lead Writer & Content StrategistCo-written by
Contributing EditorWritten by
Lead Writer & Content StrategistCo-written by
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Our Take
4.0
HELOCs
NerdWallet rating
The Nerdy headline:
If you want fast access to your home equity with no annual fee, New American Funding is a solid choice: You can receive funding in as few as five business days. A fixed-rate option keeps payments predictable. However, the lender requires a 100% draw when you close, which is less flexible than other HELOCs we review.
Jump to:Full Review
Great for: High borrowing limit
Max LTV
85%
Min. credit score
640
Loan types and products
Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Pros
- Offers fixed-rate repayment option.
- Closes HELOCS fast (as few as 5 days).
- HELOCs are available for second homes.
Cons
- No HELOC rates posted online.
- Full line amount must be drawn when you close.
- No introductory rate or other discounts.
Compare to Other Lenders
MAX LTV
85%
MAX LTV
85%
MIN. CREDIT SCORE
640
MIN. CREDIT SCORE
670
LOAN TYPES AND PRODUCTS
Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA
LOAN TYPES AND PRODUCTS
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA
Full Review
💲New American Funding HELOC Rates
HELOC rates are determined by two things. The first is the prime rate, which is what banks pay to borrow from one another. The second part is a margin, which the lender calculates based on your financial qualifications (including your credit score, existing debts and income). The prime rate plus your margin equals your HELOC rate offer.
Current prime rate — last changed Dec. 2025 | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high | Projected median prime rate for 2026 |
|---|---|---|---|---|
6.75% | 6.75% | 6.75% | 7.5% | 6.4% |
New American Funding doesn’t post HELOC rates online.
👍 Reasons to get a New American Funding HELOC
New American Funding will appeal to borrowers who want funds fast. You can apply for a HELOC online in five minutes and receive funding in as few as five business days. Its repayment period stretches up to 30 years, which is longer than most.
A fixed-rate repayment option protects you from potential increases in interest rates. New American Funding HELOCs are available for second homes. The lender lets you borrow up to 85% of your home’s value, which is about average.
» MORE: Best HELOC lenders
🤔 Reasons why New American Funding’s HELOC gives us pause
New American Funding requires you to draw 100% of the line amount at closing, with only five years to redraw. Borrowing the full amount in one lump sum is typical for a home equity loan, but most home equity lines of credit provide more flexibility.
The lender tells us borrowers will pay an origination fee, but we couldn’t find the exact amount of its origination fee on the New American Funding website. The lender also doesn’t offer any introductory discounts on HELOC rates like we’ve seen at other lenders.
📎 Ways to apply for a New American Funding HELOC
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | 🚫 |
In person 🏦 | ✅ |
You can contact New American Funding customer service in person, over the phone or by email.
🛒 Alternatives to a New American Funding HELOC
Wondering if another lender or product might be a better fit? It’s worth it to shop around to learn more about your options.
If a fast closing appeals to you, a Citizens Bank HELOC closes in as few as seven days. Figure can close a HELOC in as few as five days for loans of $400,000 or less.
If you don’t want to take out the full line amount at closing, consider a Truist HELOC which doesn’t have an initial draw requirement.
A HELOC isn’t your only option
You can also explore products outside of HELOCs. Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate, or a cash-out refinance, which replaces your existing mortgage with a larger loan.
Borrow from your home’s equity
Methodology
NerdWallet rates home equity line of credit lenders based on what matters most to borrowers: HELOC rates and fees, how much of a lender’s business is dedicated to home equity lines of credit, HELOC market share, product accessibility, borrowing flexibility and features, customer experience and rate transparency.
We review more than 40 lenders and score HELOC lenders using a weighted system that prioritizes affordability, flexibility and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, higher combined loan-to-value (CLTV) limits, flexible draw and repayment terms, fixed-rate options, faster closing times and clear, accessible rate information, along with strong customer support throughout the process.
We use a mix of lender-provided information, publicly available data and our own analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.