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NewDay USA
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NewDay USA

 4.7/5 (568 ratings)
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NewDay USA

About NewDay USA

For more than 20 years, NewDay USA has provided VA-guaranteed home loans and refinancing options to residents of 43 states. The company prioritizes relationships with veterans and their families and strives to create a positive financial experience with each customer.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Flexible loan terms
  • Offers refinancing services
  • Connects veterans with veterans

Cons

  • No online applications
  • Not available in all states

Bottom Line

NewDay USA is a trusted mortgage lender for veterans and their families. The company offers FHA loans and VA loans in 43 states. It also provides refinancing options.

Top NewDay USA Reviews

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Rated with 5 stars
Verified

I want to commend New Day for providing a most wonderful refinance experience for me during our process together. Cole ** was extremely helpful and professional. During the proces...

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Rated with 5 stars
Verified

Ms. Tayler Reno ** is the Account Manager who assisted me throughout this process. She was very professional and knowledgeable, I'm completely satisfied with the help she provided...

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What is NewDay USA?

NewDay USA focuses on two primary aspects of the mortgage process: purchasing and refinancing. It works with veterans and their families to make buying a home easy and affordable. NewDay USA offers step-by-step guides to help you understand all your lending and refinancing options.

NewDay USA refinancing

Financing your home can help you lower your mortgage payment, pay off your loan faster or eliminate the need for mortgage insurance.

The VA Streamline Loan is a popular option because it does not require income verification and does not come with appraisal costs, out of pocket costs or private mortgage insurance. With this option, many veterans and their families can save more than $1,800 a year.

The company’s refinance calculator helps estimate your principal or monthly payments. This easy-to-use feature lets you determine how much you can save by refinancing your mortgage.

NewDay USA homebuying

NewDay USA strives to help veterans become homeowners and works to find ways for veterans and their families to afford purchasing a new home.

Veterans can become cash buyer-certified through NewDay USA. This certification confirms that you’re an eligible buyer and lets you shop for new homes without worrying about being underqualified, which saves time in the homebuying process.

The company’s purchase price calculator helps you determine a home price in your budget, down payment amounts, loan terms and interest rates. NewDay USA connects veterans with mortgage experts to further narrow their options.

NewDay USA rates

Mortgage rates change frequently, so it’s a good idea to compare rates between multiple companies before signing any contracts. VA loan rates are not set by the Department of Veterans Affairs or the federal government.

When a veteran, service member or surviving spouse receives a VA-backed loan, they’re charged a one-time VA funding fee that ranges from 1.4% to 3.6%. This keeps the costs of loans low for all borrowers. The fee varies based on the type of loan you require, your payment terms and whether you’ve received a VA loan before.

Veterans can borrow up to $453,100 without the need for a down payment.

NewDay USA FAQ

Is NewDay USA only for veterans?
Yes. NewDay USA provides options for veterans, service members and military families.
What does NewDay USA do?
NewDay USA provides VA Loans and FHA loans for veterans. The company connects veterans with veterans for a personalized mortgage experience.
Who is eligible for a VA loan?
According to the company’s website, you are eligible for a VA loan if you are:
  • An active-duty service member
  • A veteran with an honorable discharge
  • A reservist or National Guard member with an honorable discharge and sufficient time served
  • The surviving spouse of an eligible deceased veteran
  • The spouse of an MIA/POW service member
Can a spouse of a veteran apply for a VA loan?
Yes. A spouse of a veteran can apply for a VA loan if they are:
  • A non-remarried surviving spouse of a veteran or service member who died in service or from a service-related disability
  • A spouse of a service member who is missing in action or a prisoner of war for the last 90 days
  • A surviving spouse of a veteran who was rated totally disabled and was eligible for disability compensation at the time of death from any cause

Is NewDay USA legit?

NewDay USA has a specific audience. The company provides VA loans and FHA loans, but it does not serve all states. For those who are eligible, NewDay USA offers personalized service and multiple options for purchasing or refinancing a home. If you’re a veteran or qualifying spouse, we recommend looking into NewDay USA’s services when comparing mortgage lenders.

NewDay USA Reviews

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1 featured review
How do I know I can trust these reviews about NewDay USA?
How do I know I can trust these reviews about NewDay USA (NMLS # 1043)?
  • 3,429,714 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: April 19, 2021

This is one of the few companies that will pick up the phone before it goes to voicemail. That being said, everyone in the refinance process has a great attitude. They are very patient and answer all your questions very thoroughly. My contact at NewDay is Ben **. He has been very helpful and patient. Everything he has said and everything that New Day advertises is the absolute truth. The procedures that New Day follows are seamless. I have been thru Refinancing before with other lenders and to tell you the truth I often felt like I was being ignored. Ben would religiously call me every week to give me updates.

But, this is a two way street? If as the customer you do not work with New Day and drag your feet you will not have your refinance completed in the 30 day as promised. Ben even had asked for my help because two of my creditors New Day had never dealt with before and New Day couldn't get thru to the right people. I was able to help Ben by getting him contact information that had helped my refinance process. I am totally pleased with the speed and accuracy of New Day and they have lived up to their words. My old finance rate was 5.125% and Ben was able to lock me in at 2.25%. This has given me literally thousands of dollars a year in savings. My wife and I couldn't be happier.

5 people found this review helpful

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: April 5, 2021

    Updated on 04/07/2021: Have not made it two weeks after signing. NewDay USA sold off my account to another Mortgage Company. One of my first questions I raised Will you be selling off my Mortgage? The answer was a resounding No! NewDay was servicing its loans. They have not been selling off loans recently. I received notification yesterday mail that another company out of NJ is taking over... So much for NewDay USA servicing loan. I'm still waiting for signed closing documents, Closing Agent said she could no longer retrieve from System. Was to be provided via a PDF.

    Original Review: When I started process rates were being advertised at 1.98 - 2.00 Percent. I understand there were a lot of applications. By the time my appraisal was completed three weeks passed. Rates went to 2.50 percent before being locked in. Agent did everything to ensure loan was completed. Agent talked me into 30 year where initially I was looking for 15 years. I added about 6.5K to my current mortgage in mostly associated fees. Experienced some electronic glitches with wife's application. Closing was fast in our home. Closing agent missed a form we signed and faxed to New Day USA.

    I have yet to receive copy of closing documentation as agent said she no longer had access to file. New Day USA would forward. I have not seen. I would have rated five stars minor glitches. I can only give four at this time. I hope automatic payments after first payment 5/1/2021 goes smoother. Overall I would recommend New Day USA to refinance veterans' mortgages.

    13 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 26, 2021

    As you know, if you have a VA loan you are being swamped with streamline refinance offers from every lender. Well, I started down the refinance road last October with another major lender but I became so jaded with the process, I withdrew before the loan closed. Why? Well, I don’t like being handed from agent to agent as the process moved along, especially when each of these agents had a little different interpretation of the costs. It was kinda like playing poker when the other player is turning up one new card every other day. I don’t like surprises when I transact a home mortgage - do you? Surprises like...."Oh, yes we need a “drive by” appraisal"...."Oh yes, send us last years income tax records," "Oh yes, you’ll need to bring out-of-pocket cash to closing," etc. when I made it known that I was not happy with these surprises, I was (once again) handed off to the “closer” who tried to hound me into going ahead with their loan.

    I got so frustrated I cancelled the loan process. I took a break over the holidays and because the interest rates are so low, I knew I needed to try again. I kept looking at NewDay’s TV ads and mail brochures and decided to give them a call. Well, I’m glad I did. A NewDay agent (5 star Erica **) called me and told me she would be my agent all the way to closing (ok, now we’re talking!). Erica knew her stuff and answered every question I had straight up. She got me a solid estimate the same afternoon and NO hidden surprises (great job Erica). She called or texted me every few days just to stay in touch and answer any questions.

    The loan process moved a lot faster than the competition’s and I closed in less than a month....unbelievable! NewDay sent a Notary to my home because of COVID concerns and we social distanced/masked and conducted the closing on my back porch.....talk about convenience and concern for customers! Oh yeah, no appraisal, no out-of-pocket costs. I know this is a long review, but hey, I’m an old story teller. If you are waffling and wondering which mortgage company to chose, may I recommend NewDay. I like dealing with professionals who know their subject and give straight answers, don’t you?

    13 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 8, 2021

    As a former US Veteran and combat pilot with 165 fighter jet missions in Vietnam, I decided to take advantage of my VA benefits and on November 9th 2020. I contacted NewDay USA Financial and spoke with Mr. Kyle Timothy ** (Account Executive MLO NMLS # ** Company NMLS # **). After a short time my wife and I were preapproved for a home loan and started the home purchasing process. Throughout the process, I was very impressed with Kyle. His attention to detail, his explanations of the various documents and most importantly his personal phone contact with me on nearly a daily basis, enhanced my confidence in Kyle and the entire NewDay process and company. In short the loan experience thanks to Kyle exceeded my expectations!

    This is not to say there weren’t a few setbacks namely finding out late in the process the water well needed to be tested; Then I had to have the water well retested after failing the first test, which passed the second time after water treatment. Or because of the well issue, having to postpone the home closing date 1 week and receiving the final closing costs late in the day before we closed the following day on December 17th 2020.

    These issues were not directly related to Kyle but to another person working at NewDay. I was very upset to learn of these last minute water test requirements. The required test should have been communicated to me much sooner in the process but was “forgotten” and the final closing costs should have been provided to the Title Company and then communicated to me a week prior to close. Instead I had to “hound dog” and email repeatedly, the person responsible at New Day. Making matters worse and no fault of NewDay, I had to drive 200 miles round trip, to my bank to perform a wire transfer to the title company the day of the close! All because of the lack of attention of one particular NewDay employee in getting the final closing costs sent on a timely manner.

    Notwithstanding I “Vented” my concerns in a most vigorous way over the phone to Kyle and he apologized on behalf of New Day and at length calmed me down. That being said, I want to commend Kyle for his personal and professional assistance to smooth out the above issues and again thanks to Kyle, the rest of the process went very well, we closed ahead of schedule and we will be in our new home for Christmas!

    6 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 24, 2020

    I am a retired U.S. Army veteran with 30 years of honorable service to our country. From the very first call made to New Day USA, until the very last transaction, the words that come to mind are - "Absolutely Amazing, Professional, Dedicated, from the heart, support and service - clearly coupled with the Veteran's and family's needs as their #1 Priority". We have never had a negative experience with any of the former mortgage organizations we have worked in the past. That is a "Kudo" for every single one of them. However, never before have we been involved with a mortgage organization that took absolute pride in answering all our questions on a timely manner and ensuring that our personal involvement, in terms of all the administrative coordination, was kept to a minimum, however, ensuring we were kept extremely well informed on every single administrative transaction they took on our behalf.

    To make matters even more amazing - four weeks later our transaction was completed and our monthly payments significantly reduced. It's moments and experiences of this nature that makes my wife and I feel truly proud of being American citizens who proudly served our country. We truly want to express our most sincere gratitude to Rear Admiral Thomas C. Lynch and his "Platinum Level" staff for the outstanding service being provided to our nation's veterans. I will close by clearly stating that if you are a Veteran and you are looking for a home or considering refinancing your mortgage - Stop Looking - go with NewDay USA. That will be a decision that you will never regret... May God continue to Guide, Bless and Protect our Armed Forces, our American Flag and the United Sates of America!

    11 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    Steven ** and Michelle ** are the best. We've had several home loans in our lifetime and none went as smooth as our Va Loan with New Day. What terrific representation for New Day. They explained everything and helpful with all aspects of our home buying.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Oct. 11, 2021

    To start, we are a repeat customer of NewDay USA. This is the second loan we have had with you. First PHH cancelled our flood insurance without our permission. Now the premium went up $200 to reinstate it. Second, Kevin ** is our representative and he has done a good job. But he told us repeatedly that you would do a wire transfer for the cash out. At the closing we gave the notary a voided check for the account to transfer the funds to. The loan was supposed to fund last Thursday. Thursday evening I checked, no funds. I called and was told that Kevin was out for the week. Also was told that no one else could help me.

    Called back and got a woman and she checked and told me that the funds had been wired. But that our bank wouldn’t show them until Friday. Friday morning FedEx arrived with a check for the funds. We bank at BofA. The closest branch is in metro Detroit, a 2.5 hour drive each way. So we had to deposit the check at our credit union. They put a 10 business day hold on the funds. So we can’t access the funds for almost 2 weeks. Then we have to pay for a wire transfer to get the funds to BofA where we need them. AND where you were supposed to transfer them to in the beginning!!! This is really poor service. How can I recommend New Day positively when you can’t get a wire transfer correctly? To say nothing about you canceling my flood insurance without my permission. I can recommend ND but certainly not in a good way. What are you going to do about this?

    NewDay USA response

    Thank you for your review. We regret that your experience with NewDay USA did not meet your expectation. We will provide this feedback from your experience to the team and use this for training purposes as well. If you have any additional questions please email customerservice@newdayusa.com. Thank you for choosing NewDay USA for your home loan needs, and we look forward to working with you.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 11, 2021

    This was not my first time financing with NewDay and I would recommend this company to every Veteran looking to refinance their home loan. The process was easy and our agent explained every step so that we knew what to expect along the way. NewDay is a blessing. Thank you so much!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 8, 2021

    My overall experience was fantastic. My only issue was when the refi closed. They sent checks to me to forward to the bank; thus making it more money to pay off. I believe if during the refi that it is agreed upon to pay off credit cards or another loan then the money need to be wired to the bank/credit card company.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 8, 2021

    Nice to work with NewDay USA on our refinance. It was a smooth process and the folks knew their business. Their communication throughout the process kept us informed as to where we were in regards to closing and walked us through the paperwork. Highly recommended for your loan or refinance needs.

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    NewDay USA Company Information

    Social media:
    Company Name:
    NewDay USA (NMLS # 1043)
    Year Founded:
    2002
    Address:
    8160 Maple Lawn Blvd, Suite 300
    City:
    Fulton
    State/Province:
    MD
    Postal Code:
    20759
    Country:
    United States
    Website:
    newdayusa.com

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