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When compared to Rocket Mortgage, New American Funding offers lower advertised interest rates, more loan choices and greater underwriting flexibility for borrowers of all types.
Our verdict: We pick New American Funding
New American Funding gets our vote on three important criteria: interest rates, loan selection and customer service. For starters, New American Funding’s advertised interest rates are lower than Rocket Mortgage’s. While a fraction of a percent doesn’t seem like much, it could save you thousands in interest over the long term. New American Funding also edges out Rocket Mortgage for its bigger loan selection. In particular, we like its Nonqualifying (Non-QM) loan, which accepts alternative documentation — an option that could work well for self-employed people.
Overview: New American Funding vs. Rocket Mortgage
New American Funding gets high praise from customers, earning a 4.91- out of 5-star rating on Zillow from over 8,600 customers as of January 2022. Reviewers report attentive service from their loan officers, who kept them up to date during the entire process. Other reviewers mention being happy with fast closing times and lower-than-expected rates. While complaints are less common, a few customers mentioned paperwork mix-ups and delays in hearing back from loan officers at the initial stages of the loan application process. To its credit, New American Funding appears to respond to these complaints quickly. Compared to other lenders, its service levels appear to be higher than average.
Rocket Mortgage customer reviews
Rocket Mortgage, previously known as Quicken Loans, gets a 4.48- out of a 5-star rating on Zillow from over 7880 reviewers as of January 2022. Most reviewers mention attentive, personalized service they received from their loan officers, along with fast closing and no paperwork delays. Borrowers also appreciated Rocket Mortgage’s MyQL to track their loan’s progress. However, some customers report being unhappy about unauthorized credit inquiries during the application process. Some also say that loan advisors were pushy when trying to close a loan. Overall, Rocket Mortgage appears to offer higher-than-average service levels but has a fairly large number of complaints.
Compare your mortgage options
New American Funding and Rocket Mortgage are both highly rated lenders that are popular with thousands of Americans. However, if you’d prefer a fully digital mortgage that doesn’t require you to work with a loan officer and has no origination fees, consider Better or Beeline. Or, if you’re looking for a specialized loan that neither New American Funding or Rocket Mortgage offers, we suggest Draper & Kramer Mortgage or North American Savings Bank. Both these lenders offer a wide range of loan products and also have excellent customer reviews. Find your perfect mortgage by comparing these lenders and lender marketplaces. Select See rates to get a personalized quote.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Kat Aoki is a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
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