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New American Funding Home Equity Loan Review 2026

Item: New American Funding
Rating: 4.5

Last updated on June 2, 2026

Written by

Abby Badach Doyle

Lead Writer & Content Strategist

Edited by

Johanna Arnone

Managing Editor

Fact Checked

Co-written by

Chris Jennings

Contributing Editor

Written by

Abby Badach Doyle

Lead Writer & Content Strategist

Co-written by

Chris Jennings

Contributing Editor

Edited by

Johanna Arnone

Managing Editor

Fact Checked

Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

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NerdWallet's mortgage content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in home lending. Their work has appeared in The Associated Press, USA Today, The Washington Post, MarketWatch, Newsweek and many other national, regional and local publications. They have been cited in publications including The Wall Street Journal, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Our Take

4.5

Home equity loans

NerdWallet rating

The Nerdy headline:

New American Funding stands out for its high 90% combined loan-to-value (CLTV) borrowing limit and a wide variety of term lengths. However, rates and fees may be on the high side, and you’ll have to pay closing costs. New American Funding sometimes requires an appraisal for its home equity loans as well.

Jump to:Full Review

New American Funding: NMLS#6606

Great for: first-time home buyers | customer service

Max LTV

90%

Min. credit score

600

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

at New American Funding

Pros

Offers five term lengths, up to 30 years.
High borrowing limit.
Large home equity loan lender, by volume.

Cons

Appraisal sometimes required.
Home equity loan APRs are less competitive than other lenders’.
No rates posted online.

Full Review

💲New American Funding home equity loan rates

Home equity loan rates tend to move with the federal funds rate, which is set by the Federal Reserve. In addition to market factors, your home equity loan rate offers will be determined by your financial profile, including your credit score and income.

New American Funding doesn’t post home equity rates online.

👍 Reasons to get a New American Funding home equity loan

New American Funding lets you access more of your home equity than most lenders, offering a high borrowing limit of 90% CLTV. CLTV measures the total debt secured by your home — including the home equity loan balance — divided by your home's appraised value. Lenders use this metric to assess your eligibility and borrowing limit. Borrowers can choose from five term lengths: 5, 10, 15, 20 or 30 years. Home equity loans are available for second homes.

» MORE: Best home equity loan lenders

🤔 Reasons why New American Funding’s home equity loan gives us pause

Home equity loan borrowers sometimes have to get an appraisal, as well as pay closing costs. New American Funding doesn’t post home equity loan rates on its website, so you’ll have to request a quote.

Ask the lender to estimate how long it will take for your home equity loan to close. New American Funding did not answer NerdWallet’s 2026 survey question about its average time to close these loans.

📎 Ways to apply for a New American Funding home equity loan

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 via email.

» MORE: What you need to apply for a mortgage

🛒 Alternatives to a New American Funding home equity loan

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 you like New American Funding’s higher borrowing limit, Rocket Mortgage and Better Mortgage both offer a CLTV up to 90%.

If you’d rather not pay closing costs, U.S. Bank doesn’t charge them for home equity loans.

» MORE: Check out NerdWallet’s review of New American Funding mortgages

A home equity loan isn’t your only option

You can also explore products outside of home equity loans. Alternatives to home equity loans include a HELOC, which you can draw from as needed, or a cash-out refinance, which replaces your existing mortgage with a larger loan.

New American Funding also offers cash-out refinance loans and HELOCs.

» MORE: HELOC, home equity loan, and cash-out refinance, compared

Borrow from your home’s equity

at New American Funding

Find the best lender

Best mortgage lenders Best lenders for first-timers Find the best mortgage rate How much house can I afford?

Methodology

NerdWallet rates home equity loan lenders based on what matters most to borrowers: home equity loan rates and fees, how much of a lender’s business is dedicated to home equity loans, home equity loan market share, product accessibility, loan terms, borrowing limits, closing costs, customer experience and rate transparency.

We review more than 40 lenders and score home equity loan 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, manageable closing costs, flexible repayment terms, 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.

About the authors

Abby Badach Doyle

Lead Writer & Content Strategist

Abby Badach Doyle is a home and mortgages writer for NerdWallet. Her work has been featured in outlets such as The Associated Press and The Washington Post. She is passionate about making homebuying less stressful — especially for first-time buyers. Abby is based in Pittsburgh, a city known for its neighborly spirit.

Published in:

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Chris Jennings

Contributing Editor

Chris Jennings is a NerdWallet editor specializing in home lending topics. He has been writing and editing about mortgages and personal finance since 2016. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. Before joining NerdWallet, he wrote and edited content for a number of respected finance brands, including Bankrate, Forbes Advisor, and GOBankingRates. Born and raised in the Chicago suburbs, Chris now calls Los Angeles home, where he lives with his wife and their dog.

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About the editor

Johanna Arnone

Managing Editor

Johanna Arnone helps lead coverage of homeownership and mortgages at NerdWallet. Previously, she worked for more than a decade in magazine publishing, including six years as the editor of Muse, an award-winning science and tech magazine for young readers. She holds a Bachelor of Arts in English literature and a Master of Fine Arts in writing. Johanna has completed coursework in Boston University’s Financial Planning Certificate program. Email: <a href="mailto:jarnone@nerdwallet.com">jarnone@nerdwallet.com</a>.

See full bio