Newrez (Formerly Caliber Home Loans) Mortgage Review 2026
Newrez (formerly Caliber Home Loans) may be a good choice for consumers looking for a variety of loan types and an easy-to-use website or app to manage their mortgage products.
See how we reached our verdict below.
- Variety of loan options
- Available in all 50 states, plus Washington, D.C.; Guam; Puerto Rico; and the U.S. Virgin Islands
- User-friendly app and website for managing mortgage products
- Doesn’t disclose rates, qualification requirements or other key information about its loans
- Doesn’t offer home equity lines of credit (HELOCs)
- Large number of poor customer reviews
Newrez mortgage overview
- Areas of service: Newrez is licensed in all 50 states, as well as the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.
- Digital service: Newrez specializes in digital loans.
- Headquarters: 601 Office Center Drive, Suite 100, Fort Washington, PA 19034
- Website: Newrez.com
Newrez rates and fees
Rates
Newrez doesn’t publish its rates. However, based on Home Mortgage Disclosure Act (HMDA) data, the average rate for a Newrez loan in 2024 was 6.96%. Its average rate spread that year was 0.74%, which is the difference between the average prime offer rate (APOR) and the average annual percentage rate (APR) Newrez offered to mortgage customers in that year. The higher the average rate spread, the more expensive the loan. Newrez’s rate spread is midrange compared to the average rate spreads of similar mortgage lenders, which range from -0.12% to 3.84%, with an average of 0.74%.
In 2023, Newrez’s average interest rate was 6.46% with a spread rate of 0.45%.
Fees
Newrez lists some of its fees online, including late fees and appraisal fees, but it doesn’t provide total loan costs or origination fees. Based on HMDA data, however, we know Newrez charged average origination fees of $3,775 in 2024, which is just above the average of other, similar lenders we evaluated, whose average origination fees range from $795 to $6,745. Newrez’s average total loan cost was $7,725, which is just above average compared to the average total loan cost of other similar lenders, which range from $2,368 to $13,763.
The Newrez Home Rewards program offers eligible homebuyers in qualifying areas a credit at closing equal to 0.5% of the home’s sales price. It offers sellers a 1% reduction in commission fees if they use an agent in the Newzip network.
What types of mortgage loans does Newrez offer?
Newrez offers a variety of home loans, including:
Newrez offers a variety of conventional loans, including fixed-rate and adjustable-rate mortgages (ARMs), rate-and-term refinances and cash-out refinances. Unfortunately, it doesn’t provide upfront information on the requirements for these loans.
Conventional loan qualification requirements
- Not specified
Newrez offers FHA loans, insured by the Federal Housing Administration (FHA), which have less stringent qualification requirements than conventional loans.
FHA loan qualification requirements
- Maximum 43% debt-to-income (DTI) ratio
- Minimum 3.5% down payment
- Steady income
- Proof of employment history
- No derogatory credit event in previous two to three years
Newrez offers mortgages backed by the U.S. Department of Veterans Affairs, known as VA loans, to eligible servicemembers and veterans and their spouses. These loans have less stringent qualification requirements than conventional loans and come with significant benefits, including no down payment and lower interest rates and closing costs.
VA loan qualification requirements
- Typically no down payment required
- Must meet military service requirements or be a qualifying spouse
- No private mortgage insurance required
Newrez offers USDA loans, which are mortgages backed by the U.S. Department of Agriculture (USDA). USDA home loans can help to make homeownership more affordable for homebuyers in rural areas with zero-down-payment options for eligible borrowers, lower credit scores accepted and no cash reserves required.
USDA loan qualification requirements
- Minimum credit score not specified
- No down payment required for qualified applicants
- House must be in a designated rural area; check the USDA eligibility map to see if your area qualifies
- Must meet income requirements based on your county
- Upfront and monthly guarantee fee required instead of mortgage insurance
Newrez offers home equity loans, which allow homeowners to borrow cash, using their home’s equity as collateral.
Home equity loan qualification requirements
- Not specified
Newrez offers jumbo loans, which are mortgages with loan amounts that exceed the current conforming loan limit ($832,750 in 2026 for most counties across the United States). These frequently come with higher interest rates and more strict qualification requirements Newrez offers loans of up to $3.5 million, including those for people with damaged credit or alternative income sources.
Jumbo loan qualification requirements
- Not specified
Newrez offers four Non-QM loan products, each with separate requirements. For example, their SmartEdge (full document) loans require a minimum 640 credit score, maximum 90% LTV ratio for primary residences and a maximum 50% DTI ratio. Other products have their own specific down payments, required assets and other terms.
Newrez mortgage qualifications
| Credit score minimum | Conventional: Not specifiedFHA: Not specifiedVA: Not specifiedUSDA: Not specified |
| Down payment minimum | Conventional: Not specifiedFHA: 3.5%VA: 0%USDA: 0% |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional: Not specifiedFHA: 43%VA: Not specifiedUSDA: Not specified |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Newrez doesn’t disclose how it decides whether to accept or reject loan applications. However, 2024 HMDA data shows that Newrez-approved applicants had an average loan-to-value (LTV) ratio of 77.7% that year. About 30% had a DTI higher than 43%.
Overall, Newrez accepted 65% of loan applications, leaving 35% rejected. This is on the higher end of average compared to other large-volume lenders, which typically have denial rates from the low-teens to mid-30s.
How to apply for a Newrez mortgage
1. Choose your loan type
Newrez provides general overviews for each of the types of loans it offers, but publishes few specifics on eligibility requirements or rates. Your best bet is to call customer service if you have questions about Newrez’s loan offerings before applying.
2. Get prequalified
You can apply for prequalification through Newrez by calling 888-556-9979, or you can start the process online. This will give you a general estimate of the size of mortgage you’ll likely qualify for and the accompanying rates.
3. Submit a loan application
To start a loan application, the steps are the same as for prequalification. You must fill out a form online or call 888-556-9979. For home equity loans, however, the number to call is 833-919-3485. If you prefer to connect with a specific advisor, you can search for Newrez loan advisors online by state or location of the property in which you’re interested.
Find out more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with Newrez?
Yes, it’s safe to get prequalified and preapproved with Newrez. Preapproval (an additional step when you find a property you want to purchase) will require a hard credit inquiry. But it will likely have only a minimal impact on your credit score, especially if you generally have a strong credit history.
Newrez’s customer service experience
Those interested in securing a loan through Newrez can start the process online by answering a few questions. You can also fill out a form online for a representative to contact you, or reach out directly via phone.
- Phone: 888-556-9979
If you prefer to connect with someone in your area or near a property you’re interested in, you can search online for Newrez loan advisers across the country. Newrez doesn’t offer an online chat function (only a chatbot), nor are hours listed for when representatives are available. No email address for support is listed, either, though there is an online form you can fill out for more info.
How does Newrez compare to other lenders?
 |  |  |
|
| LendingTree’s rating |
Expert review from LendingTree.
Back to our Newrez summary |
Expert review from LendingTree.
Read our Newrez vs. Pennymac comparison |
Expert review from LendingTree.
Read our Newrez vs. AmeriSave comparison |
| Minimum credit score | 500 | 580 to 620 | 500 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3.5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 0.74% | 0.81% | 2.63% |
| Loan products and programs |
|
|
|
| Better for: | Those who want to secure and manage a mortgage or home equity loan online. | Buyers looking for an easy way to secure and manage traditional or government-backed loans. | Prospective homebuyers with a credit score less than 620. |
Newrez vs. Pennymac
Newrez and Pennymac both offer a variety of mortgage products.
Pennymac’s rate spread is a bit higher than that of Newrez (0.81% vs. 0.74%, respectively), making Pennymac loans more expensive on average than Newrez loans. However, Pennymac receives largely positive reviews from customers, whereas Newrez receives largely negative ones.
Read more in our full Pennymac mortgage review.
Newrez vs. AmeriSave
Newrez and AmeriSave are both online lenders that offer a variety of mortgage products. However, AmeriSave offers HELOCs and USDA loans, which Newrez doesn’t.
AmeriSave’s rate spread is significantly higher than Newrez’s (2.63% vs. 0.74%, respectively), making Newrez loans more affordable on average.
Read more in our full AmeriSave mortgage review.
How LendingTree rated Newrez Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Newrez’s scorecard:
❌ Publishes rates online
✅ Offers standard mortgage products
⭕ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
Newrez only provides general information about its products online. Rates and qualification requirements aren’t disclosed. You can get prequalified and start the application process online.
Yes, Newrez is a legitimate lender. They have been in business for 29 years and have an A+ rating with the Better Business Bureau (BBB). Their customer satisfaction rating on the BBB website, however, is very low — 1.45 out of 5 stars, with more than 870 customer reviews. Complaints include allegations of mishandling of payments, misrepresentation of loan terms and poor customer service.
You can view more info about Newrez’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
All home loans affect your credit score to some degree, but not significantly; taking out a mortgage typically reduces a credit score by less than 20 points on average. Also, scores typically return to their previous level within a year.
Customer satisfaction among Newrez borrowers has increased significantly since 2024. As of this writing, it has more than 4 stars on Trustpilot, with more than 2,800 reviews, earning the lender an “excellent” rating.
Overall, customers say the company’s app and website are simple to use and find the company’s customer service friendly and effective. Some, however, note issues with payment options.
There have, however, been more than 700 complaints filed against Newrez in the past year with the Consumer Financial Protection Bureau (CFPB). Reviewers report frustrating communication issues and trouble during the payment process.
View mortgage loan offers from up to 5 lenders in minutes