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NewRez Mortgage Review 2021

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Newrez LLC is a mortgage lender based in Fort Washington, Pa. The company was founded in 2008 as New Penn Financial, but rebranded to its current name in 2019. Newrez is licensed to lend in all 50 states, and offers both purchase and refinance loans.

Who is this lender for?
  • People buying their first home
  • Homeowners looking to refinance at a lower rate
  • Servicemembers and veterans seeking a VA loan
  • Borrowers wanting an FHA loan
  • Real estate investors wanting to finance rental properties

7/10 LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt   = 0 pts

  1.   Application online
  2.   Product info online
  3.   Rates listed online
  4.   Helpful articles about mortgages/homebuying
  5.   Standard product offerings (FHA/VA/Conventional/USDA)
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability
  9.   Licensed in at least 35 states
  10.   After-hours and weekend access to loan officers

Newrez pros and cons

Pros

  Available in all states. Newrez is licensed to lend in all 50 states, so you’ll be eligible no matter where you live in the U.S.

  Offers online prequalification. Newrez lets potential new customers fill out an online form to get prequalified for a loan. This gives you an idea how big a loan you’ll be able to get to tailor your house-hunting.

  Loan officers available after-hours and on weekends. The company says you’ll be able to speak to your loan officer anytime, even outside of normal business hours.

  Wide range of loan options. You’ll find all of the standard loan products here, from classic fixed-rate loans to adjustable-rate loans, VA loans, FHA loans and loans for investors.

Cons

  No mortgage rates available online. The Newrez website has an information page for rates, but doesn’t publish actual rates on it.

  Home equity loans not available. Newrez doesn’t advertise offerings for home equity loans or home equity lines of credit (HELOCS).

  Challenging to locate a loan officer near you. The site gives you the opportunity to search for loan officers by name, but not by location.

Newrez borrowing requirements

Minimum credit score 
  • 620 for most loans
Minimum down payment 
  • 3% Conventional
  • 3.5% FHA
  • 0% USDA and VA
Available loan terms 
  • 10-, 15-, 20-, 25- and 30-year terms
Available loan types 
  • Fixed-rate
  • Adjustable-rate
  • FHA
  • VA
  • USDA
  • Jumbo
  • Non-QM

Newrez mortgage rates and fees

Newrez doesn’t publish current mortgage rates online. The company also doesn’t disclose the fees it charges when originating a loan. However, Newrez does publish a fee schedule for loans it services. These charges include:

  • Appraisal fee: $95 to $1,000
  • Inspection fee: $0 to $50
  • Recording fee: $0 to $1,000
  • Recasting fee: $0 to $300
  • Title search fee: $125 to $150
  • Payoff fee: $0 to $30

Newrez mortgage products

Purchase

Newrez offers both conventional fixed-rate and adjustable-rate mortgages (ARMs) with the option to finance with as little as 3% down. The lender also offers loans backed by the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA) and the U.S. Department of Veterans Affairs (VA), which also offer low- to no-down-payment options.

Refinance

Existing homeowners can refinance with Newrez, allowing them to change their loan terms and potentially lower their mortgage rate, which may also lower their monthly payments.

Newrez offers traditional and cash-out refinancing, so homeowners can gain access to the equity they’ve built. The money can be used to consolidate high-interest debt, make home improvements or repairs, or pay for other large expenses.

Home equity

Newrez doesn’t offer home equity products.

Special programs

Newrez offers Fannie Mae’s HomeReady® and Freddie Mac’s Home Possible® loans, which serve credit-worthy, low-income borrowers with down payments as low as 3%. Newrez also offers non-QM financing for self-employed borrowers, as well as loans for investment properties, second homes and new-home construction.

How does Newrez compare to other lenders?

Newrez PenFed Rocket Mortgage
Minimum credit score 
  • 620
  • 620
  • 580
Minimum down payment 
  • 0% (USDA and VA)
  • 0% (USDA and VA)
  • 0% (VA)
Loan products and types 
  • Fixed-rate
  • Adjustable-rate
  • FHA
  • VA
  • USDA
  • Jumbo
  • Fixed-rate
  • Adjustable-rate
  • VA
  • Jumbo
  • Fixed-rate
  • Adjustable-rate
  • FHA
  • VA
  • Jumbo
Special programs offered 
  • First-time homebuyer programs
  • Non-QM loans for self-employed, investors
  • First-time homebuyer programs
  • Lender credits
  • Custom loan terms through the YOURgage® program
 

Today's Mortgage Rates

  • 2.53%
  • 2.07%
  • 2.58%
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