
Newrez Reviews
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About Newrez
Newrez is an online mortgage lender based in Fort Washington, Pennsylvania. The company provides a number of mortgage products, including purchase loans, refinancing, government-backed loans, nonqualified mortgages (non-QMs), assumable loans and home equity loans.
Customers also have the option to work with local realtors through Newrez’s partner company, Newzip, which allows borrowers to qualify for cash back on closing costs.
- Wide variety of loan options
- Fully online application process
- On-time closing guarantee
- No rates published on website
Featured Reviews
What is Newrez?
Newrez is an online mortgage lender and loan servicer available in 49 states. Borrowers have access to a number of mortgage options, including conventional, government-backed, refinancing, renovation, home equity and non-QM loans.
The company also offers programs for buyers and sellers through its partner, Newzip. The program connects customers with local realtors, allowing qualifying buyers to earn cash back toward closing costs.
Newrez application process
Newrez offers home loans through an entirely online application process. You can also call the company directly if you’d rather apply through a loan officer. Interested borrowers will need to provide their personal and financial information, along with the estimated purchase price for new loans or the current loan balance for refinancing.
Newrez application features
Features | Availability |
---|---|
Online application | ✓ |
Mobile document Upload | ✓ |
Physical branches | X |
Minimum rate published on website | X |
Rate lock | ✓ up to 45 days for qualified borrowers |
Pre-qualification (no hard credit pull) | X (prequalification requires hard credit pull) |
Certified approval letter | ✓ |
Newrez Home Rewards
Borrowers who apply with Newrez can also opt in to the Home Rewards program, which connects buyers and sellers with local Newzip real estate agents. Those who use the program can earn cash back toward closing costs — 0.5% on purchases and 1.0% on sales. This offer isn’t available in Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon or Tennessee.
Newrez rates
Like many lenders, Newrez doesn’t publish its rates online. Because rates can fluctuate daily, the best way to see your options is to contact the company for preapproval. Keep in mind that preapproval with Newrez requires a hard credit pull, which could impact your credit score.
While Newrez doesn’t list mortgage rates online, your rate typically depends on the current Federal Reserve rate and your:
- Credit score
- Debt-to-income ratio (DTI)
- Down payment amount
- Loan amount
- Loan term
- Loan type
- Loan-to-value ratio
Newrez loan types
Newrez offers several different types of loans, including:
- Conventional loans: These are available with fixed or adjustable interest rates, giving borrowers flexibility in how they structure their payments.
- Government-backed loans: These include VA loans with no down payment and more flexible DTI requirements, and Federal Housing Administration loans that allow down payments as low as 3.5%.
- Investment property loans: These mortgages are designed for nonowner-occupied homes, including rental or income-generating properties.
- Renovation loans: These are purchase or refinance loans that include extra funds to cover the cost of repairs, remodeling or renovations.
- Assumable mortgages: These let a homebuyer take over the seller’s existing mortgage, typically available only on government-backed loans.
- Home equity options: These include second mortgages that provide a lump-sum payment based on your home equity, or a home equity line of credit that offers a revolving line of credit you repay only as you use it.
- Non-QM loans: These are designed for nontraditional borrowers, such as the self-employed or real estate investors, and include options for loan amounts up to $3 million.
Newrez requirements
Newrez doesn’t list many borrower requirements online, but lenders will generally look at a borrower's income, credit score, DTI and the down payment amount.
Requirements also vary based on the type of loan. For instance, home equity loans with Newrez require a minimum credit score of 660, while the company offers VA loans with credit scores as low as 580. VA loans are also available with no down payment and no requirement to carry private mortgage insurance.
Newrez costs and fees
The costs and fees at Newrez vary depending on your loan. Government-backed loans may have additional costs, such as the VA funding fee, which is calculated as a percentage of your total loan amount.
Other costs and fees associated with purchasing, refinancing or taking out a home equity loan may include:
- Appraisal
- Filing
- Loan origination
- Recording
- Underwriting
Newrez FAQ
How does Newrez work?
Newrez is a direct lender that offers mortgage products to customers in 49 U.S. states, excluding New York. Interested borrowers can complete the application process online or call the company directly to get started.
Is Newrez legit?
Yes, Newrez is a legitimate company that offers borrowers a number of mortgage options. The company guarantees its loans will close on time, and if not, Newrez will pay customers up to $5,000.
Where is Newrez available?
Newrez is available to borrowers in all U.S. states except for New York.
Does Newrez charge prepayment penalties?
Newrez doesn’t charge prepayment penalties on most loans, but some exceptions apply. It’s a good idea to check your loan agreement or ask a loan officer to be sure.
How long does it take to close with Newrez?
Timelines vary by loan type, but Newrez offers a closing guarantee of up to 45 days for qualified borrowers. To stay on track, make sure to submit all requested documents promptly.
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- 4,700,190 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Newrez Company Information
- Company Name:
- Newrez
- Website:
- www.newrez.com
