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4 User Reviews

Since 2008, NewRez has done business as a mortgage lender and broker in the majority of states across the US. NewRez is unique because it offers a variety of home loan products to homebuyers looking to fund their personal residence and in addition offers specialty products that cater towards investors, commercial builders, realtors, and developers.

Jump down to the NewRez customer reviews below if you want to see what people have said about their experience with NewRez.

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The Good

  • Variety of Loans
  • Commercial Lending Options
  • Refinancing Options

Variety of Loans

WIth NewRez, you can expect to choose from the following lending options as a potential homebuyer:

  • Fixed-rate loan
  • Adjustable-rate loan
  • FHA loan
  • VA loan
  • USDA loan
  • Investor loan

Not all lenders offer FHA, VA, and USDA loans, making NewRez a great option if you are finding it difficult to receive funding for a home with a conventional loan.

Something unique about NewRez is its investor loan. NewRez offers a loan that is specifically structured for those who are interested in purchasing an investment property. If you are a real-estate investor, NewRez is one of the few mortgage lenders that offers competitively priced mortgages specifically designed for investment properties.

Commercial Lending Options

NewRez is unique because it has a wide selection of loan options for homebuyers, but it also has several lending options that reach beyond just a single family purchase. Builders, realtors, and developers have specialty loan options that cater to them.

NewRez offers joint venture loans which helps builders, realtors, and developers fund their commercial projects. Not only can it provide the right mortgage projects for these sorts of projects, but it also brings its expertise needed to bring the project to life. If you work with NewRez to fund one of your projects, you can be assured that you’ll get the following:

  • Marketing support
  • Expertise in compliance regulations
  • A professional management team
  • Advanced technology for project support

These products and services are rarely offered by a consumer-based mortgage company, making NewRez stand apart from the competition. Take advantage of this program if you fall into the criteria mentioned above.

Refinancing Options

NewRez has great refinancing options that can help current or future homeowners save a lot of money on interest payments, monthly payments, or PMI. It offers traditional refinancing and also cash-out refinancing options; however, certain qualifications and requirements may limit your options.

Here are a few examples of how refinancing with NewRezcan save you money:

  • Cash-out refinance — If you have a home value of $250,000 with a mortgage balance of $150,000 remaining, you can refinance for a new loan of $200,000 leaving you with $50,000 cash that you can use for whatever you’d like. People often do this to pay off student loan or credit card debt.
  • Eliminate PMI refinance — If you have a $400,000 loan and you originally put down 4%, you can refinance your loan to $357,236 which gets you 20% down, eliminating your PMI and saving you over $400 a month in monthly payments.
  • Traditional refinance — If you have a 30-year loan for $250,000 at 5.2%, you can refinance to a 15-year loan for $250,000 at 5.2% and will save around $90,000 in just your interest payment alone by refinancing your loan term.
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The Bad

  • No Free Pre-Approval Service

No Free Pre-Approval Service

NewRez offers a pre-approval service to help borrowers enter the home buying market. Most Mortgage lenders offer a free pre-approval service, saving potential homeowners a few hundred bucks, but it is unclear if NewRez offers this as a free service like other lenders or not.

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The Bottom Line

NewRez is a great mortgage lender for traditional homebuyers who are looking to secure a mortgage for their own home. In addition, NewRez's special mortgage products and services cater to property investors, realtors, builders, and developers, making it a great option for those that are looking to get funding and expertise for a commercial piece of property.

Speak with one a company representatives to see if NewRez is able to do business in your state.

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Star Rating

2.0

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4 Reviews

Review Breakdown

5 grade

25%

4 grade

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3 grade

0%

2 grade

0%

1 grade

75%

Sentiment Criteria

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Amber Herrin, IL

Run!!! This company doesn't even deserve 1 star. I refinanced through NewRez in April 2020. I received a letter on November 11, 2020 my taxes were delinquent. I made several calls to NewRez stating my taxes had to be paid by Dec 9, 2020 or my properly would be sold. Online I finally see they paid my taxes Dec 11, 2020, 2 days after the due date, so my property was sold. I called the county tax office and they never received the payment. Called Newrez and instead of finding out what happened to the payment, they withdrew another $2500 from my escrow to send to the tax office. My account showed they paid the taxes 3 times, but when I called the county they had no record of payment. Finally on March 30, 2021 the county finally received my payment (4 and 1/2 months after I informed them it was late and 7 months after the actual due date). Since, they "paid" $7500 out of my escrow account, newrez proceeded to send me an escrow analysis that my escrow was short and my payment would be going up $300. When you call customer service or email them you are told you will receive a response. Customer service can not provide you any answer. They can either submit a complaint or send your inquiry to another department. I have made over 60 inquiries in 5 months and received 1 response. The response didn't even address my issue. This is negligence and they have been committing theft.

1 week ago

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Melvinia Dorsey ,

This loan company purchased my loan from . I had my loan refinanced through New Rez who already held my loan and they totally gave me false numbers. When i went to pay my first payment they claim they estimated my pay off to be too little. I had 4,800 dollars in my old escrow before closing not to mention they collected 12/months of escrow in advance towards my new loan. When my first payment was due after refinancing with them my Nationwide homeowners insurance called me saying my insurance was about to be cancelled due to lack of payment. I also got a bill from the tax office for an additional 78.00. I thought this was strange since i had money in my old escrow and i prepaid 12 months for the new loan. I called multiple times and emailed but no one called me back. I submitted a complaint to the consumer financial protection agency to evaluate. Trust me, I reviewed everything with a fine tooth comb questioning everything only for them to screw me over. I have paid several months into my new loan escrow and as of today my escrow was showing a neg 586.00. How could this be. Do not use this company unless you want a headache. I do not trust them at all. I have never experienced anything like this ever and i have owned previous property and i have refinanced many times before and have never experienced anything like this.....Waiting for resolution.

1 month ago

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David Cole ,

HiLARIOUS THAT THEIR SITE SAYS BEAR WITH THEM DUE TO COVID—Longer wait times— BUT WHEN OUR HOME SOLD —NEVER A LATE PAYMENT— but the close was delayed due to COVID-/ so they received the $170,000 payoff 9 hrs late- and reported it as late to credit bureaus ruining my son’s credit. Seriously? FORGET CUSTOMER SERVICE—THEY DO!!!! We tried calling, writing, posted on their website —they reply saying— “ email us at [email protected] so we can address issue “. That’s code for “THEY COULD NOT CARE ANY LESS AND will Say so when you email - !” I’d like to hear how many customers actually had any customer service issues resolved......it’s like BILL GATES SAID: “Your most unhappy customers are your greatest source of learning." - Of course some people never learn.......NEWREZ certainly has demonstrated they do not value customer Satisfaction. I Would never refer them to anyone! Run, don’t walk!!!

2 months ago

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Michael Gallegos San Antonio, TX

Honest staff, upfront with all information, great cash out with a great payment

1 year ago

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