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Newrez Mortgage Review: Options And Transparency
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The bottom line: Newrez offers several unique mortgage products and most standard loan types, so it’s worth a closer look.
Newrez is an online mortgage lender that could be a good choice for many buyers, especially those who may have trouble financing their home with traditional loans. Newrez offers conventional, VA and FHA loans, as well as several alternative and equity mortgage products for self-employed borrowers, investors and borrowers with less-than-stellar credit. Read the full review to see if Newrez might be right for you.
3.0/5 Circle with letter I. Our ratings are based on a 5-star scale. 5 stars are the best. 4 stars means excellent. 3 stars is good. 2 stars are correct. 1 star is bad. We want your money to work harder for you. Therefore, our rankings are geared toward offerings that offer versatility and lower costs. = Best = Excellent = Good = Fair = Poor
March 2022 Issue By Housingwire
Newrez is an online mortgage lender that could be a good choice for many buyers, especially those who may have trouble financing their home with traditional loans. Newrez offers conventional, VA and FHA loans, as well as several alternative and equity mortgage products for self-employed borrowers, investors and borrowers with less-than-stellar credit.
This mortgage lender is suitable for: Borrowers who want a simplified online process, especially if they are self-employed or have bad credit.
Newrez offers an online mortgage platform while facilitating lenders with personal assistance from a mortgage specialist. For example, borrowers can get a custom interest rate by applying online or by calling Newrez and speaking directly with the borrower.
The Newrez website has an impressive array of educational resources that can help borrowers learn about interest rates, mortgage types, and the application process.
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Newrez offers conventional mortgages in fixed and adjustable rate formats, as well as VA and FHA loans. Adjustable rate mortgages are available in five different terms: 5/1, 10/1, 5/6, 7/6 and 10/6.
If the loan is not terminated by the termination date through Newrez’s fault, the company will pay the borrower his security deposit up to $5,000. Offer only valid for borrowers with a credit score of 700 or higher and homes with at least 30 days from contract signing to closing date.
This is the biggest difference between Newrez and its competitors. The lender offers a line of non-qualified mortgage types (non-QM) known as the Smart Series that help borrowers who don’t qualify for traditional mortgage types get financing.
First, the SmartEdge loan product offers mortgages to borrowers who have recently experienced negative credit events (but still have relatively high credit scores). These loans can be approved for up to 3 million. USD for borrowers with a credit score of 660 or higher and a debt-to-income ratio of up to 50%.
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In addition, the SmartSelf loan is designed for self-employed borrowers who may have difficulty documenting their income through traditional methods. Borrowers with a credit score of at least 660 can qualify for no tax returns using their bank statements.
Finally, a SmartVest loan is a business loan for an investment property, with financing based on the property’s cash flow or the borrower’s equity in other properties.
It should also be noted that in 2022 in September, Newrez launched a 40-year fixed-rate mortgage option with interest-only payments for the first 10 years, available for all three Smart Series loan types. This is designed to help borrowers keep their monthly payments as low as possible in response to rising interest rates and home prices.
Newrez is licensed to service mortgages in all 50 states and Washington, D.C. Many online lenders cannot operate in all countries, so this is a good advantage.
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Many mortgage lenders, especially those that operate primarily online, publish a schedule of their current interest rates. However, Newrez does not publish its current interest rates online – the only way for borrowers to see what the company’s rates are is to fill out an application.
Not only does Newrez’s website not disclose interest rates, it also doesn’t list its upfront fees or average closing costs. Multiple sources suggest that Newrez’s fee structure is in line with the industry average, but transparency in rates and fees would help improve the user experience.
Newrez does not offer USDA loans, which can be especially attractive to rural home buyers. It also doesn’t offer home equity loans or home equity lines of credit (HELOCs), so borrowers who want to take advantage of their home equity but don’t want to refinance their entire mortgage will have to look elsewhere.
To be perfectly clear, it is always important to look for a mortgage. Different lenders can offer very different interest rates to the same borrower. Even a seemingly small difference can save you thousands in the long run.
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Also, it’s important to focus on lenders that offer the types of loans and features you’re looking for.
For these reasons, a guaranteed rate mortgage may be another lender worth considering. Like Newrez, it offers an online mortgage process first and has excellent fast loan processing. But unlike Newrez, it offers USDA and HELOC mortgages.
Bank of America is another good alternative, especially if you may need personal assistance. Bank of America has thousands of branches, many of which are staffed by mortgage professionals, as well as an online-only application option. The bank offers relationship discounts to its current customers and also has some unique mortgage offers, such as a low down payment conventional loan with no PMI.
4.0/5 Circle with letter I. Our ratings are based on a 5-star scale. 5 stars are the best. 4 stars means excellent. 3 stars is good. 2 stars are correct. 1 star is bad. We want your money to work harder for you. Therefore, our rankings are geared toward offerings that offer versatility and lower costs. = Best = Excellent = Good = Fair = Poor
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5.0/5 Circle with letter I. Our ratings are based on a 5-star scale. 5 stars are the best. 4 stars means excellent. 3 stars is good. 2 stars are correct. 1 star is bad. We want your money to work harder for you. Therefore, our rankings are geared toward offerings that offer versatility and lower costs. = Best = Excellent = Good = Fair = Poor
Circle the letter I. 0% VA Loans 3.5% FHA 3% Conventional Loans, Affordable Loan Solution® Mortgages, Freddie Mac Home Possible® Mortgages 5% Other Loans
Circle the letter I. 620 FHA 620 Other Mortgage Products 640 Affordable Loan Solution® 680 Jumbo Loans
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