Newrez
Is This Your Business?2.9
4.5
Overall Score
Newrez, founded in 2008, 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 reviews below if you want to see what people have said about their experience with this mortgage lender.
Top Ranked Companies
The Good
- Variety of Loan Types
- Mortgage Programs for Non-Owner Occupied Properties
- Commercial Lending Options
- Refinancing Options
- Newrez Reviews
Variety of Loan Types
With Newrez, you can expect to choose from the following lending options as a potential homebuyer:
- Fixed rate loan
- Adjustable rate mortgage (ARM) loan
- FHA loan
- VA loan
- Investor property loan
Something unique about Newrez is its investor property loan product. 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.
Mortgage Programs for Non-Owner Occupied Properties
A specialized Newrez loan program option for 2 to 4 unit properties, low/mid/high-rise condos, and warrantable site condos.
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 to help 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.
Newrez Reviews
Newrez reviews are currently limited, but 77 percent of customer reviews are 4 or 5 stars. Many customers mention how Newrez provided excellent customer service and competitive mortgage rates that can help keep mortgage payments low.
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.
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.
