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New American Funding Mortgage Review

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New American Funding was founded in 2003 by a married couple as a small-scale call center that grew into a leading nationwide mortgage lender. It was the 15th-largest lender by volume in 2017, according to the Scotsman Guide, and has since outgrown its Orange County base to reach borrowers across nearly all states in the country (except in Hawaii and New York).

It’s still family-owned after all its growth. New American Funding has extensive mortgage offerings to match the needs of different borrowers, whether regarding qualification standards, down payment requirement or loan value. New American Funding also invests in corporate responsibility, starting a focus committee for Hispanic needs in 2013.

The headquarters is in Tustin, California, holding an A+ rating from the organization.

Background of New American Funding

Rick and Patty Arvielo started New American Funding as a small company near the beginning of the 2000s, and as of early 2019, it has a portfolio of more than $28 billion and a workforce of over 3,000.

By offering diverse mortgage options, the company aims to help first-time homebuyers and other borrowers improve their quality of living; for instance, it offers non-qualifying loans that use alternative means of income verification.

Broadly, New American Funding provides mortgages intended for purchase loans, refinances, and investment properties. Within those categories, its products carry diverse terms, conditions, benefits, and uses — across its conventional, conforming, jumbo, and government-backed home loan offerings.

Technology is a core part of New American Funding’s corporate culture and value proposition. Despite having 193 branches spread across the country, it makes a lot of resources available online.

Borrowers can research each loan type and prevailing mortgage rates for basic options, as well as access helpful materials like worksheets, videos, and checklists. Online visitors can apply for a mortgage or request a quote.

Current New American Funding Mortgage Rates

Today’s Best Home Mortgage Rates
Select your state to get started

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New American Funding Loan Specifics

Borrowers considering New American Funding can choose from a menu of mortgages to find the one that best meets their needs, which includes:

Fixed-rate mortgages

homeowners looking to settle down often turn to a fixed-rate mortgage because of the long-term stability it can provide. The same goes for borrowers who desire a flat monthly payment. With a fixed-rate mortgage, consumers have a single interest rate over the life of the loan, which often carries a 30- or 15-year term, the same terms offered by New American Funding.

While the interest rate may be higher than variable-rate loans, the structure mitigates inflation risk and ensures a consistent payment that borrowers can plan for.

Adjustable-rate mortgages (ARM)

the opposite of a fixed-rate loan is an ARM, which features an interest rate that moves over time. Such mortgages come with an introductory fixed rate. After that period, the rate goes up or down with the prevailing market.

This allows borrowers to take advantage of lower rates when conditions are right but could also open them up to higher-than-usual payments if overall rates trend upwards. Each ARM may have different terms and rebalancing requirements.

For example, a 5/1 ARM has an introductory rate for five years, then rebalances each year after that for the life of the loan. Typically, ARMs are suited best for borrowers who want to pay off a loan quickly, and homeowners who move often or those with growing their family in the near future and may need a bigger home.

Jumbo mortgages

dream homes can be expensive and not all traditional mortgages are designed to finance such purchases. Loans above the conforming limit set by the Federal Housing Finance Agency (FHFA) are called jumbo loans with values above $484,350, and $726,525 located in high-cost areas defined by the FHFA.

Jumbo mortgages can be structured as fixed-rate or adjustable-rate loans. New American Funding offers flexible qualifying standards, including higher debt-to-income ratios, and co-signing of a family member who doesn’t occupy the residence.

FHA mortgages

these loans are insured by the Federal Housing Authority (FHA), which makes homeownership more affordable for consumers or who have more modest financial means. In general, FHA loans are considered by many types of borrowers. FHA loans come with as little as 3.5 percent down payment and carry lower rates (both fixed and adjustable) than conventional loans.

VA mortgages

active and retired members of the U.S. armed forces can get loans backed by the Department of Veterans Affairs (VA), and are also available to certain qualifying widowed spouses. VA loans come with attractive terms, such as no down payments, low-interest rates, no private mortgage insurance premiums, no-prepayment penalties, and reduced fees.

While a bit of paperwork is involved, qualified borrowers should definitely research their options.

USDA mortgages

Originally purposed to promote rural homeownership, mortgages supported by the U.S. Department of Agriculture do so by requiring no down payment and offering less-strict qualifying standards. Many suburbs are covered under this type of loan as well as more rural areas. 

Cash-out refinances

New American Funding allows cast-out refinancing for all of its loan types — except for USDA mortgages. Owners who’ve built up equity in their homes can take out a second mortgage at a lower rate that takes the place of the original loan.

The difference in values is paid out to borrowers, which can help them meet financial goals like paying down debt or pursuing home renovations.

Specialized mortgage products: there are a number of specialized mortgages the lender makes available to borrowers. Nonqualified mortgages, for instance, have alternative means of income verification, which is useful for borrowers who are self-employed or have unique financial circumstances.

A Home Improvement FHA 203K loan can be used to finance home upgrades, while a reverse mortgage can allow seniors to access their home equity to meet lifestyle and care needs. New American Funding also offers interest-only mortgages and loans with customizable terms.

New American Funding Mortgage Customer Experience

Online customers can take advantage of several resources from New American Funding. Borrowers can start their loan process online by requesting a quote, completing a mortgage application, and/or getting preapproved. Customers can manage their mortgages through a web portal and contact customer service or mortgage professionals as well. 

The company’s website has a number of materials that borrowers can take advantage of when shopping for a mortgage. Customers can use borrower assistance forms and homeowners’ checklists to navigate the lending process. 

Guides on property taxes, mortgage insurance, and escrow accounts, plus a mortgage glossary and affordability calculators, round out the lender’s library of resources. Additionally, the Consumer Financial Protection Bureau’s (CFPB) complaint database doesn’t show any recorded cases with New American Funding.

New American Funding Lender Reputation

An Equal Opportunity Lender, New American Funding began in 2003 in Orange County, California, where it still has its headquarters. Its NMLS identification number is #6606. As of early 2019, the company has been subject to one NMLS regulatory action, which occurred in 2009.

Its Tustin headquarters has an A+ rating from the BBB and has been accredited the bureau since 2004.

New American Funding

Customers can research New American Funding mortgage rates online for basic fixed- and adjustable-rate options; however, the lender does not publish its qualifying standards. It does, however, list the general factors that influence its lending decision, including credit score, loan-to-value ratio, down payment amount, home location, loan term, and loan type.

Credit score can play a deciding role, so consult the table below on how a credit score can impact how likely a lender is to make the loan.

Credit Score   Category Likelihood of Approval
760 or higher  Excellent  Very likely
700-759   Good Likely
621-699   Fair Somewhat likely
0-620   Poor Somewhat unlikely
None N/A Unlikely


New American Funding Phone Number and Additional Details

  • Homepage URL: www.newamericanfunding.com
  • Company phone: 800-450-2010
  • Headquarters: 14511 Myford Road, Suite 100 Tustin, CA 92780

 

The post New American Funding Mortgage Review appeared first on Good Financial Cents®.



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Finance

Best NRE FD Rates 2020 : All You Need To Know

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Non-Resident External or NRE Account can be a Savings, Recurring or Fixed Deposit Account where NRIs can deposit their foreign currencies which gets remitted to an Indian Account. An NRE account is held in Indian Rupees and is completely tax-free. In this article, we will discuss how you can select the best NRE FD and give you the best NRE FD rates in different banks in India.

NRIs cannot open a regular account that is designed for Indian Residents as per the guidelines by Foreign Exchange Management Act (FEMA) and this can attract huge penalties if breached. Also, no interest is earned if the account is closed within a year.

Benefits of an NRE FD Account

An NRE FD Account holder has the following benefits –

  • Both principal and interest earned are tax-free in India
  • Principal and interest earned are freely repatriable to account holder’s country of residence
  • High-Interest Rate
  • Can be opened jointly with other Non-Resident Indian(s)
  • Offers flexible tenures that may range from 1 year to 10 years

Best NRE FD Rates

Below is a table that compares NRE Account FD Rates across all the banks along with the tenures mentioned.

Name of the Bank Tenure
1 year 2 years 3 years 5 years
SBI 5.70% 5.70% 5.70% 5.70%
HDFC BANK 6.15% 6.15% 6.25% 6.15%
ICICI BANK 5.80% 5.80% 6.00% 6.00%
PNB 5.80% 5.80% 5.80% 5.80%
AXIS BANK 6.55% 6.65% 6.50% 6.50%
CANARA BANK 5.85% 5.85% 5.80% 5.80%
KOTAK MAHINDRA BANK 5.90% 5.90% 5.90% 5.50%
BANK OF BARODA 5.90% 5.90% 5.90% 6.15%
BANK OF INDIA 6.30% 6.25% 6.25% 6.25%
IDBI BANK 5.95% 5.85% 5.90% 6.10%
UNION BANK OF INDIA 6.75% 6.40% 6.40% 6.45%
FEDERAL BANK 6.15% 6.15% 6.25% 6.25%
INDUSIND BANK 6.65% 6.75% 6.75% 6.65%
YES BANK 7.25% 7.25% 7.25% 7.25%
CENTRAL BANK OF INDIA 5.70% 5.70% 5.70% 5.70%
INDIAN BANK 5.90% 5.80% 5.80% 5.80%
HSBC BANK 4.50% 5.00% 5.25% NA
CITIBANK 4.25% 4.25% 4.25% 4.50%
INDIAN OVERSEAS BANK 6.25% 6.30% 6.20% 6.20%
PUNJAB AND SIND BANK 5.85% 5.85% 5.85% 5.85%
UCO BANK 6.10% 6.10% 6.10% 6.05%
UNITED BANK OF INDIA 6.50% 6.25% 6.25% 6.00%
ORIENTAL BANK OF COMMERCE 6.25% 6.25% 6.25% 6.25%
DBS BANK 5.75% 5.75% 5.75% 5.75%

* IndusInd Bank provides this interest rate for 61 months and above. 

Small Finance Bank FD Rates

Our government has licensed some companies to operate as financial institutions, small finance banks for example. Though not a scheduled commercial bank, these institutes are very niche in operations Fixed deposit is one of the services offered by Small Finance Banks. Down below are some small finance banks that provide the best interest rates for an NRE FD Account.

Small Finance Bank Tenure/ FD Interest Rates
1 year 2 years 3 years 5 years
AU Small Finance Bank 7.00% 7.50% 7.77% 7.50%
ESAF Small Finance Bank 8.00% 7.75% 7.30% 7.30%
Equitas Small Finance Bank Limited 7.75% 7.45% 7.55% 6.75%
Suryodaya Small Finance Bank 8.00% 8.00% 8.25% 9.00%

Conclusion

We see that it is very tough to choose from, especially when each is better on its own. But there are certain factors you must keep in mind while going forward such as interest rate and a trustworthy long-term relationship with the bank. Also, you must check if the account can be operated from the country you live in right now. Some major banks have branches in countries like the USA, UK, and the Middle East.

The post Best NRE FD Rates 2020 : All You Need To Know appeared first on Compare & Apply Loans & Credit Cards in India- Paisabazaar.com.



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Coronavirus Stimulus Check 2020 [how much you’ll get & who qualifies]

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(The following is a transcription from a video I recorded. Please excuse any typos or errors.)

Quick little update for you.

The Senate and the White House reached an agreement on this big stimulus bill, the Trump coronavirus stimulus check for 2020.

Let me share with you who will be eligible, how much you will get, what the qualifications are, and when you can expect to receive the stimulus check from the U.S. government.

And so if you haven’t heard about this, it’s pretty cool because you’re probably going to be getting a nice fat check from the government.

Here are the details that you need to know.

It is expected to be up to $1,200 per adult and $500 per child, which is pretty fun.

These amounts are based off of your 2018 tax returns if you haven’t filed 2019 tax returns yet.

Taking Your Income Level Into Consideration

And according to this article from the Los Angeles Times, the amount received will decline gradually beginning with individuals who make $75,000 a year or married couples who make $150,000 total each year.

Individuals making $99,000, or above or couples making $198,000, or above would receive no check.

Which looks like this:

And here is another helpful breakdown of how big your stimulus check will likely be:

When will you get your check?

Stimulus Check Timeframe

The fun thing about is they’re expected to be shipping within the next few weeks.

So that’s really cool. And you don’t normally see the government move this fast on things, but the stock market’s been doing fantastic the last two days as a result of the expectation of this thing coming through.

While I’m not really excited about the long term effects of the government giving away all this money, I know a lot of people who will be excited to get a little bit of cash in their pocket.

So that’s the latest update for the Trump coronavirus stimulus check for 2020!

Let us know in the comments below what you plan to do with this Trump stimulus check that you will hopefully be receiving soon!



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The Best Interest Rates for April 2020

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Finding the best interest rates is a lot easier today than it was even a few years ago. Here at Dough Roller, we track rates on everything from checking and savings accounts to mortgages to CDs. It occurred to me, however, that there was no one single page on the site where you could find the top rate for each type of account. So we created this page, updated monthly, to track the highest (or lowest) rates available.


Deal of the Day: CIT Bank has a 1.80% APY on their Money Market Account. $100 minimum deposit required and all deposits are FDIC insured up to the $250,000 per depositor maximum.

We focus on those financial institutions that have low fees, great rates, and are typically available anywhere in the U.S. You can find local banks and credit unions that offer comparable rates, but their availability is limited geographically.

Best Interest Rates for November 2019

November 2019 Interest Rates Update: There were a few rate changes over the past month:

  • Betterment Everyday™ Cash Reserve account is at 2.04% APY.
  • Wealthfront Brokerage Cash Account Rate is at 2.07% APY.
  • First Security Bank’s Kasasa Cash account is at 2.51% APY on balances up to $50k; their Kasasa Saver account is at 1.31% APY on balances up to $50k.
  • First Foundation Bank’s Online Savings Account offers 2.40% APY with $1k minimum deposit of new money.
  • BrioDirect is offering a High-Yield Savings account at 2.30% APY with $25 minimum deposit.
  • Vio Bank’s High Yield Online Savings account is at 2.27% APY with $100 minimum opening deposit.
  • Fitness Bank is offering a 2.75% APY savings account rate for balances over $100 when step requirements are met.
  • Prime Alliance Bank is offering a 60-month CD at 2.48% APY and a 48-month CD at 2.38% APY, both with $500 minimum deposit.
  • First National Bank of America is offering a 12-month CD at 2.35% APY and a 60-month CD at 2.55% APY, both with $1k minimum deposit.

The average 30-year fixed mortgage rate comes in at 3.78%.

With that said, here are some of the best interest rates we’ve found for November 2019:

Best Bank Account Rates

Best Interest Rates Pin 2Savings Accounts: The top savings account rate goes to Vio Bank at 2.27% APY ($100 minimum deposit) (see table below). Several banks come in a close second, including UFB Direct at 2.15% APY , Popular Direct at 2.15% APY ($5k minimum), CIT Savings Account at 2.10% APY ($100 monthly deposit or $25k minimum balance) and BMO Harris Bank Money Market Account at 2.05% APY ($5k minimum). These represent some of the highest rates on a nationally available savings account.

Here’s a comparison table we update daily with current competitive rates:

Best CD Rates: The rates on certificates of deposit vary based on the term. The longer the term, the higher the rate. Keep in mind that penalties may apply if you close the CD before the end of the term. For a 1-year CD, the best rate we could find is from First National Bank of America at 2.35% APY ($1k minimum).

Checking Accounts: Most checking accounts do not pay interest. For online banks, however, you’ll find plenty of options where you can earn some interest on your funds. There are two things to keep in mind. First, many banks offer higher interest rates only if you keep a lot of money in your checking account. Second, the rates are lower than a savings account or CD.

Some top paying checking accounts that we like include FNBO Direct, which currently pays 0.65% APY. For those with at least $15,000 in checking, you can earn 0.60% APY from Ally Bank. I list Ally second because most people don’t keep that much cash in checking, but it’s an option for those who do. These rates are unchanged from previous months.

Bonus: I also keep a running list of popular checking account promotions you can check out.

Mortgage Rates

Mortgages: Listing the “best” mortgage rate is really impossible. Rates change throughout the day, vary by state, and are highly dependent on a number of factors including your credit score, debt-to-income ratio, and down payment. That being said, the average rate for a 30-year fixed rate mortgage is up this month to 3.78% according to Freddie Mac (from 3.64% last month). The average rate on a 15-year fixed mortgage is up to 3.19% (from 3.16% a month ago).

You can find competitive mortgage and refinance rates at LendingTree or on the table below:

Related: Compare mortgage rates online

Best Credit Card Interest Rates

Credit Cards: The longest 0% introductory period stands at 15 months on both purchases and balance transfers. You can find a current list of the best 0% credit card offers here.

If you find better rates on any of the above financial products, please let us know in the comments below.

Note that the above rates were as of October 31, 2019. Rates are subject to change, so please confirm the rates directly with the financial institution.Find the best interest rates on bank accounts, mortgages, and credit cards as of %%currentdate%%. Includes rates on savings and checking accounts, and CDs.

The post The Best Interest Rates for April 2020 appeared first on The Dough Roller.



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