New Penn Financial

The Good

• Offers very low mortgage rates
• A wide variety of products on offer
• Diverse customer outreach
• Efficient and experienced team

New Penn Financial is considered as one of the leading Money lending institutions in the US. It has diverse customer outreach which is backed by a very customer-centric, reliable and responsive money lending approach.

New Penn Financial also offers some of the most competitive mortgage rates on its wide range of products and programs. These rates are applied to fixed-rate loans, jumbo loans, home improvement loans, real estate loans, Adjustable Rate mortgage loans, and FHA mortgages.

New Penn International was founded in 2008 and is currently licensed to operate in more than 48 states plus Washington, D.C. New Penn Financial has its headquarters in Plymouth Meeting, Pennsylvania and has physical branch offices in California, Colorado, Delaware, Florida, George, Louisiana, Maryland, Minnesota, Missouri, and New York.  If you like meeting a broker in person and having that more high-touch experience, New Penn is poised do to this well.

The Bad

• Complicated loan registration process
• Highly dragged customer service process
• No timely follow-ups on customer related queries

New Penn is what you might call “old school.”  Customer reviews indicate that New Penn may be less flexible than other lenders in their underwriting process.  The process of securing a loan is usually somewhat tedious with any lender, but the lack of investment in technology might make this more pronounced with New Penn. There is a specific list of requirements which every loan applicant must meet in order to be eligible for a loan. This can be the Minimum Credit Score, financial background, current situation, and the down payment options preferred. In cases when the applicant faces financial difficulties in situations such as loss of employment, New Penn Financial is very stringent and plays hardball when it comes to flexibility of down payment. People with lower credit scores are most affected and will find it harder to negotiate with the company.

And while the website looks fine, you can’t actually do anything except sign up for a call.  There’s no ability to fill out a form and get your actual rate or to be pre-approved.

The Summary

New Penn Financial offers a wide range of products and all at very competitive Mortgage rates unmatched in the industry.

Some of the products where they do a large amount of volume include home improvement loans, real estate loans, adjustable rate mortgage loans, FHA mortgages, etc. If you are particularly internet savvy, the need to work over the phone and email might be frustrating.  However, for those that prefer this or don’t mind it, it could be worthwhile in order to save a few points on your rate.