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New American Funding vs. Rocket Mortgage

New American Funding gets our vote based on interest rates, loan options and customer service.

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

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Get rates See rates
Name New American Funding
(NMLS #6606)
Rocket Mortgage
(NMLS #3030)
At a quick glance
  • Consider this lender if you’re self-employed.
  • Choose another lender if you live in Hawaii.
  • Consider this lender for its competitive rates.
  • Choose another lender if you need a home equity loan or HELOC.
Loan products offered Conventional, Jumbo, FHA, VA, USDA, HELOC, Reverse, Refinance Conventional, Jumbo, FHA, VA, Refinance
State availability Not available in: HI Available in all states
Min. credit score 620 620
BBB Rating A+ A+
Trustpilot Rating Great Great
Pros
  • Manual underwriting
  • Online flexibility
  • Free calculators and tools
  • Fast service
  • More flexibility
  • Prepayment is OK
Cons
  • Not available to New York or Hawaii residents
  • Undisclosed fees
  • No online preapproval or automatic quote
  • Application fee
  • Some loans aren’t available
  • No physical locations
More info Read Review Read Review

New American Funding customer reviews

New American Funding gets high praise from customers, earning a 4.91- out of 5-star rating on Zillow from nearly 8,600 customers as of December 2021. 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 December 2021. 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.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
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