New American Funding Home Equity Loan Review 2025
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Our Take
5.0
New American Funding stands out for its high borrowing limit of 90% CLTV and a wide variety of term lengths. However, rates aren’t posted online, and you’ll have to get an appraisal and pay closing costs.
Pros
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Offers four term lengths, up to 30 years.
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High borrowing limit.
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Fast average closing time (20 days).
Cons
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Appraisal required.
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Borrowers must pay closing costs.
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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. Borrowers can choose from four term lengths : 10, 15, 20 or 30 years. Home equity loans are available for second homes. The lender tells us it closes most loans in 20 days, which is faster than average.
» MORE: Best home equity loan lenders
🤔 Reasons why New American Funding’s home equity loan gives us pause
Home equity loan borrowers will 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.
📎 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.
🛒 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, CrossCountry 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.
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.
Borrow from your home’s equity
NerdWallet’s home equity loan star ratings are independently researched and developed by the editorial team based on the following factors: maximum combined loan-to-value ratio, closing costs, whether an appraisal is required, the number of repayment term options, length of the longest available term, rate transparency, average time to close, availability for second homes, number of ways to apply and number of customer service touchpoints. A recent regulatory action against a lender may affect its home equity loan star rating.
