Newrez offers a wide variety of conforming and non-QM home loans to help all sorts of home buyers. Learn more about Newrez mortgage rates and loan options here.
Lending flexibility 5.0 Customer service 4.5 Ease of application 3.0 Online experience 4.3 Minimum down payment 3% Minimum credit score 580 Loan Products OfferedConventional mortgages
FHA, VA, and USDA mortgages
Jumbo mortgages
Non-QM loans
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Founded in 2008, Newrez is a nationwide mortgage lender licensed in all 50 states and Washington D.C.
It offers traditional loan products such as conventional and government-backed loans, as well as flexible non-qualified mortgages (non-QM loans) for borrowers with unique circumstances.
Since Newrez only has branches in select states, it uses technology to streamline and simplify the loan application process for remote borrowers.
A lower mortgage rate can boost your home buying power, help you get more house for your money, and reduce your mortgage payments.
In 2021, average Newrez mortgage rates for a 30-year fixed loan were on par with or slightly lower than some major competitors. However, mortgage rates can vary a lot from one homeowner to the next.
| NewRez Mortgage | Rocket Mortgage | Wells Fargo | Freedom Mortgage | |
| Avg 30-Yr Interest Rate, 2021 1 | 3.06% | 3.00% | 3.14% | 2.66% |
| Median Total Loan Costs, 2021 1 | $4,490 | $4,670 | $3,600 | $3,880 |
| Median Origination Fee, 2021 1 | $1,430 | $2,430 | $1,330 | $0 |
Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
Newrez doesn’t advertise current interest rates on its website. To get a mortgage quote, you’ll need to complete a loan request and speak with a mortgage loan advisor.
Newrez LLC, originally called New Penn Financial, is a direct mortgage lender that offers a variety of flexible home loan solutions to make homeownership a reality for its customers.
Plenty of banks, credit unions, and mortgage companies offer home loans. But not every mortgage servicer has solutions for every buyer. What’s unique about Newrez is that along with conventional and government-backed loans, it has other, specialized products to accommodate borrowers.
Newrez’s non-qualified mortgage (non-QM) loans are designed to help people with outside-the-box applications, such as:
Non-QM loans can help these individuals get approved using alternative documentation to verify income. And these programs may have flexible credit guidelines as well.
Newrez also offers manufactured home loans and loans for real estate investors.
When shopping for a home loan, visiting a lender’s website for rate information is often the first step in the process. But since Newrez doesn’t openly advertise its rates online, you can only get this information by placing a phone call to a Newrez loan officer.
Even though the focus of its website is to provide you with a phone number to contact a company rep, Newrez does offer some helpful information to potential customers, including articles and guides.
Its mortgage calculator allows you to forecast your potential mortgage payments, and it adjusts for assumptions, such as homeowners insurance and property taxes in your target area.
While there is no noticeable online option for loan preapproval or prequalification, borrowers can submit their mortgage applications through the website.
Once you’ve started an online application, a Newrez loan advisor will be in touch to discuss your mortgage options.
Newrez received a 786/1,000 in J.D. Power’s 2021 Mortgage Origination Satisfaction Study. And unfortunately, its limited customer reviews don’t paint the best first impression.
Newrez receives a ranking of 1.9 out of 5 on Trustpilot (based on 17 reviews) and scores a 3-star rating on LendingTree.
On the bright side, Newrez did not receive any customer complaints to the Consumer Financial Protection Bureau in 2021, according to the CFPB database.
| CFPB Complaints, 2021 4 | Complaints Per 1,000 Mortgages, 2021 5 | J.D. Power Satisfaction Score, 2021 6 | |
| Newrez Mortgage | 0 | 0.00 | 786/1,000 |
| Rocket Mortgage | 376 | 0.24 | 876/1,000 |
| Wells Fargo | 488 | 0.58 | 832/1,000 |
| Freedom Mortgage | 262 | 0.35 | 829/1,000 |
Customers who had a positive lending experience were mostly satisfied with their interest rates and loan fees. Others complained about poor customer service, costly late fees, and sluggish responsiveness.
Of course, the experience will be different for every applicant depending on the type of loan they need, their location, and the loan officer they’re paired with. So if you like the rate and fees Newrez can offer you, it’s worth taking a closer look to see what you make of its customer service for yourself.
Newrez has a comprehensive range of loan types for new purchases and refinances, with options for first-time home buyers, repeat buyers, and those looking for low-down-payment loans.
Here’s a list of mortgage options available at Newrez:
In addition to its selection of home purchase loans, homeowners who are in the market for a mortgage refinance may find what they’re looking for with Newrez’s rate-and-term refinance loans.
Refinancing involves applying for a new loan to replace an existing one. It can reduce your mortgage rate and monthly payment and modify other terms of your original loan.
Unfortunately, Newrez doesn’t offer home equity loans or home equity lines of credit (HELOCs). A cash-out refinance is the only option if you’re interested in pulling cash from your equity.
Headquartered in Fort Washington, Pennsylvania, Newrez has over 100 branch locations with licenses in all 50 states and Washington D.C.
If you live outside a branch area, you can apply online, upload documents to the lender’s secured portal, and receive your documents and closing package electronically for e-signing.
Newrez is worth considering if you’re mostly interested in a lower interest rate and competitive loan underwriting fees. It may also be a good match if you have unique circumstances and require alternative document verification.
This flexibility can help you qualify for a loan if you’re a self-employed borrower, have credit blemishes, or if you need a manufactured or investor loan.
But while Newrez offers multiple loan options, the customer experience may be a bit lacking based on online reviews.
Regardless of your circumstances, you should compare at least three to five mortgage quotes before choosing a lender for your new home loan or refinance. Mortgage interest rates can vary a lot by provider and by borrower, so you won’t know who can offer you the best deal until you’ve seen personalized loan estimates.
The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories: