New American Funding — Direct lender mortgage company
My wife and I we considering the purchase of a vacation home in another state, as we travel there for Porsche Club events a couple of times each year.
After hearing the radio advertisements, we decided to contact New American Funding to get pre qualified for a mortgage. Filled out the information that was requested, and I was informed that I qualified, without filing a joint credit application on my income alone, and Fico Scores.
After a discussion with my wife, we decided not to pursue buying a second home or taking on another mortgage, we could stay in quite a few hotels for 200K. We'd put the money we had saved for the down payment to other uses.
After declining the offer, then the hounding began, emails, phone calls, etc. I recieved a letter stating the loan application had been denied, and our credit scores at the time were included in the denial letter from the three credit reporting agencys. We had excellent scores!
I decided to purchase another collector car, athough this time I decided to finance the purchase instead of paying cash for the entire ammount. I was denied because New American Funding has put detramental comments on my credit report.
First off I never signed a contract for a mortgage, only to run a credit check to see if we were pre qualified for a mortgage.
We had excellent scores, after dealing with New American Funding, our scores have dropped 50 to 80 points! If you decide not to purchase a mortgage with New American Funding, they'll trash you're credit.
We don't have any credit card debt, car payments, charge offs or late payments. we pay our bills on time. For the most part we don't finance anything, we pay cash or we don't buy it. The only loan we have is the mortgage on our Las Vegas home, and we've been here 24 years.
One phone call to New American Funding, and our FICO Scores are trashed! I wouldn't do business with these clowns if they were giving away free money!!!