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8 User Reviews
LAST UPDATED: October 3rd, 2021

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

3.4

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8 Reviews

Review Breakdown

5 grade

50%

4 grade

13%

3 grade

0%

2 grade

0%

1 grade

38%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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Review Source

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Hillary Bennett Washington, DC

Customer Service was both friendly and helpful, once I got in touch with a representative. I only give four stars because the automated system necessary to reach a representative is time consuming and stressful, maybe one of the worst I have navigated. Their website has also given me issues on a number of occasions, but I was told they are continually working on issues. The company now has an app that makes paying my mortgage simpler. However, I would never have known about the app if had not made a call regarding other concerns.

2 weeks ago

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