About NewDay USA

By helping you purchase a new home, refinance up to 100% of the value of your home, obtaining the cash you need in as little as 30 days, and handling every step of the application process, NewDay USA claims to be “America’s mortgage company.” In addition, NewDay USA claims to be your partner in achieving your financial goals, not just during the lending process, but into the future as well.

It’s no secret that obtaining a home loan of any kind can entail a long, frustrating process, so if you’re in the market for one, you’re probably looking for any kind of advantage you can get. With this in mind, does NewDay USA make the home loan process any easier, and can their products really help save you money?

How NewDay USA Works

Whether you’re looking to consolidate your debt, lower your monthly payments, update your home, purchase a new home, or even to just have a little extra money on hand, NewDay USA is a mortgage company that claims to help you get the money you need as quickly as possible. This includes standard mortgages, home equity loans, and more.

While NewDay USA loans are available for everyone, the company primarily focuses on active military, veterans, and their spouses. As a result, their VA loans can help you obtain 100% of your home’s value—putting thousands more in your pocket—compared with the 80% or 90% that most other lenders are capable of providing. And overall, they offer two different programs:

The NewDay USA Loan Process

In order to begin the loan approval process, you can fill out NewDay USA’s online form, or you can contact one of their loan officers directly via phone. Once the process is underway, you’ll be assigned a dedicated loan officer, who the company claims will be with you every step of the way, from your first phone call to closing at your kitchen table. In fact, NewDay USA claims that you’ll even be provided with your loan officer’s personal cell phone number.

While most banks will only lend you up to 80% or 90% of your home’s value (known as a “cash out”), if you’re a veteran, are actively serving in the military, or are a spouse of a member of the military, NewDay USA may be able to lend you up to 100% of your home’s value. Then, after your application has been submitted, NewDay USA claims that your loan will be handled by in-house underwriters and loan processers, which can save you time and hassle, and could even result in a “yes” when others have said no. Because of this, NewDay USA claims that your mortgage can be closed in as little as 30 days, and that your loan documentation package can be sent via express mail, allowing you to sign all your paperwork in the comfort of your own living room.

The NewDay 100 VA Loan

If you’re a veteran, NewDay tells us their 100 VA Loan can help you refinance up to 100% of the value of your home, compared with the 80% or 90% that most other lenders are capable of providing. According to the company, this means you can have the money you need to consolidate high rate credit card debt, pay for your child’s education, lower your monthly payments, and more.

In fact, NewDay tells us that their 100 VA Loan helps the average customer lower their payments by $460 per month or $7,680 per year.

The NewDay $0 Down Home Loan

NewDay USA’s $0 Down Home Loan gives veterans the opportunity to purchase a home with no down payment, no appraisal fee, and no points.

Important note: According to the NewDay USA website, appraisal fees may only be covered up to $500, and they’ll only cover the fee once you’ve submitted “a fully documented loan application, meet all loan program guidelines, and submit a signed Intent to Proceed statement.” In addition, keep in mind that you might still be a assessed third-party fee, like title company charges, recordation fees, and more.

NewDay USA Pricing

What you’ll pay for your NewDay USA loan can vary widely, and is based on a number of factors such as military service, loan amount, credit score, property details, how much equity you have in your home, and more. However, your loan’s interest may be tax deductible, which is something you should discuss with your tax professional.

With this in mind, in order to gain a better understanding about what your loan will cost or how long it will take you to pay off, you’ll need to contact NewDay USA customer service at 800-405-4187.

What Do Other Consumers Have to Say About NewDay USA?

Although the NewDay USA URL was originally registered November 2011, the company doesn’t have many online customer reviews. However, among those available, some of the most common complaints reference very long closing times (2+ months) and high loan fees (one customer claimed $40K).

See Also: American Advisors Group Reviews

On the other hand, NewDay Financial, LLC based out of Fulton, MD, holds an A+ rating with the BBB, despite having 47 closed complaints over the past 3 years. Many of these complaints are varied and cover everything from pulling unauthorized credit reports and excessive junk mail, to large out of pocket expenses in order to obtain loans (e.g. appraisals, inspections, etc.).

Should You Choose NewDay USA for Your Mortgage or Home Equity Loan?

Considering all of this information, should you choose NewDay USA for your next home loan? Perhaps, but keep the following in mind:

Focus on Military

First, although NewDay USA claims to provide loans for the general population, their primary focus appears to be on active military, veterans, and their spouses. As such, their flagship product, known as the NewDay 100—which can provide you with a loan equal to 100% of your home’s value—is only available to these individuals. As such, if you’re not in the military, you’ll definitely want to shop around.

Closing Times

Also, it’s important to note that NewDay USA’s advertised 30-day closing time is the absolute minimum you can expect. While all loans are subject to credit approval, acceptable collateral, and available equity, and not all loan products are available in all states, based on online customer reviews, it appears that most loans will take longer than this.

Money You’ll Receive

Remember that any cash outs you receive will be less any existing mortgage payoffs. In other words, if your home is valued at $300K and you owe $250K, in a best case scenario, you’ll only be eligible for a $50K loan. And this is before considering any out of pocket expenses required in order to close your loan.

Finally, keep in mind that consolidating your debts may increase the length of time needed to repay them, and your total finance charges may be higher over the life of the loan.

Bottom line

While NewDay USA appears to offer some unique products for members of the military and their spouses, if you’re a civilian, you’ll definitely want to shop around to find the best home loan product.

Want to Learn Expert Tips for Online Safety?

Join over 3 million HighYa readers who receive weekly how-to guides, tips & reviews and get a FREE COPY of our Complete Online Safety e-book. Enter your email below to get started!

43 Customer Reviews for NewDay USA

Average Customer Rating: 2.1
Rating Snapshot:
5 star: 11 4 star: 1 3 star: 0 2 star: 1 1 star:  30
Bottom Line: 33% would recommend it to a friend
Showing 1-11 of 43
Sort reviews by:

  • Refi

    • Minneapolis, MN,
    • Sep 21, 2017
    • Verified Reviewer

    I was very pleased with the service I received no from my NewDay representative (Jesse). He was very professional, thorough and helpful answering all of my questions. I would recommend this lender to any Veterans looking to refi or start the mortgage process. Thanks Jesse and NewDay! Well done!

    Bottom Line: Yes, I would recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 1 out 1 people found this review helpful

    Very impressed with speed, simplicity and courtesies during loan process

    • Lima, Ohio,
    • Jul 6, 2017
    • Verified Reviewer

    I was very impressed with the NewDay approach to refinance my loan with a VA loan. Kyle Stolte was very upfront on all aspects of the loan process. Very hi-tech loan processing paperwork was done via the internet, very simple. Kyle walked me through the process. Everything that was done as they said it would be. I would be more than happy to tell my Veteran friends, do not hesitate if they have a need for extra funds, just give them a call, they quickly responded and got the ball rolling in the first 24 hours of my call. My final synopsis very professional, highly reputable loan service!

    Bottom Line: Yes, I would recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 13 out 15 people found this review helpful

    High income requirements

    • St. Johns, AZ,
    • May 12, 2017
    • Verified Reviewer

    You can have perfect credit, you can have a lot of assets like owning two homes free and clear, but if you make less than $1,725 a month, you won't qualify. Every other lender I talk to doesn't have these rigid income requirements.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 10 out 10 people found this review helpful

    Incompetent personnel

    • Ballwin, MO,
    • Apr 21, 2017
    • Verified Reviewer

    In December of 2016, I started a loan approval to purchase a house.

    First, Sasha Malcolmson (the credit person assigned to me) was a complete "out-to-lunch" employee. I sent numerous copies of documents she requested and received no feedback and no phone calls. I left numerous messages to call me, with no return calls.

    Then Teresa Ruck took over, and she was worse than Sasha. She promises that loan qualifications were on the way. On 4/7/2017 I informed Teresa that I put a contract on a house and needed loan commitment, and I have yet to hear from her. On February 5, 2017, I received a preliminary approval letter, which was three days AFTER IT EXPIRED.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (2)
    View all 2 commentsHide comments
    • May 8, 2017

      NewDay USA,

      Thank you for taking my call today to discuss your recent experience with NewDay USA. Making the decision to shop for a new home, in potentially a different part of the country can be a very demanding event. Clear communication and the setting of expectations, regarding timelines, documentation, and next steps are important factors. On behalf of NewDay USA, we regret that your interactions with our company were less than satisfactory. If NewDay can be of further service, please contact us.

      Respectfully,

      R. Pek

    • May 18, 2017

      Heather and Jason Wilson

      We were going to refinance with this company, but we just redid our loan with our existing company. Mike, his last name I can't remember, was processing the paperwork. Total bait and switch with them. My first complaint is he lied to my husband about the cost of the appraisal. It was $750, not $500.

      Also, he told my husband that based off of the square footage of the house, and the cost of similar homes in our neighborhood he led him to believe we should be able to get an extra $27,000. After the appraisal had come through, the total amount went down to about $17,000. Even worse, when we got the final explanation page breaking down all of the charges and fees this company was going to charge us, $10,000 just for closing costs alone.

      My husband called the company we currently have our loan through and ask them what they could do for us if we stayed with them. The company we are currently with decided to keep our interest rate the same because it was not appraised like NewDay wanted. They told us that they would take the same appraisal from the people who did the appraisal for NewDay.

      Based off of the amount the house was appraised at, they were going to raise our monthly mortgage by about $300 a month I believe, but we're going to get $37,000 cash back. They are only charging us a little bit over $2,000 for their closing costs. To add insult to injury, Mike from NewDay was a complete jerk when my husband called to notify him that we decided not to go through with the loan.

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 13 out 13 people found this review helpful

    Waste of time

    • Dallas, Texas,
    • Apr 12, 2017
    • Verified Reviewer

    I gave these people everything they needed to verify what they asked for. 60 days later they come back to me and say they make fact-based decisions. Well, I gave one year of cashed rent checks, one year of water bills, one year of another utility bill, and they deny my loan because they said that they can't prove my residence.

    Do not waste your time with this company. They do not look out for vets; they look out for their bottom line. Do your research and find a real company. All lenders will do VA loans, and they are more of experts than these morons.

    I went with another company and was able to get my VA loan hassle free. I wasted two months with these morons, and screwed my interest rate since rates have increased.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (1)
    View all 1 commentsHide comments
    • Apr 18, 2017

      NewDay USA,

      Thank you for your candor regarding your recent transaction with NewDay. Our understanding is that the VP of Compliance discussed this specific situation with you regarding the primary residence requirement for Veteran Affair loans. We are pleased that you were able to move forward with the transaction with another lender.

      Respectfully, The Customer Service Team.

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 11 out 15 people found this review helpful

    Great company!

    My husband is a disabled veteran and received a preapproval paper in the mail. We were a little hesitant about checking into it, but we gave them a chance. We got a GREAT guy named Jon Riley. He was very helpful and explained everything up front.

    Our process took about two and a half weeks from beginning to end. We have a great rate, paid off our medical and credit card debt, and put money in our savings. It was truly a painless process, nd I couldn't be happier!

    Bottom Line: Yes, I would recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 17 out 22 people found this review helpful

    Bad reviews are BS

    • Sevierville, TN,
    • Feb 22, 2017
    • Verified Reviewer

    I am retired from the military (retired at the age of 37) and was very reluctant to go with this company after reading the numerous negative reviews. I even pulled out of requesting a cash-out refinance after reading the reviews, but Daniel Campanaro called me and convinced me to give them a try (and I'm not easily persuaded).

    The bottom line is this: I am closing tomorrow, paying off four debts and receiving a sum of money as well because of the equity I have in my home. The VA appraiser is being paid by them, and this was all done within 30 days. The fees may be a little high, but they have done what they said, and I was informed about each step. I sent paperwork and answered questions as soon as I was asked, and there have been no real issues.

    These negative reviews are crap in my opinion. I see where some complain because the VA appraiser requested repairs, but this isn't new day's fault, I mean seriously? Then those that didn't qualify, had a tight budget, on fixed income, etc. If you don't meet the qualifications, they can't GIVE you a loan just because you are a veteran. I call BS on most of the complaints I've read. I know everyone's situation is different, but I almost declined these guys because of these reviews. It goes to show you that you have to read between the lines.

    My case wasn't without some things to get through either. I don't ever do reviews unless I get totally screwed, but had to say my piece about these guys. I was very pleasantly surprised. Yeah, they are making money off of me, but that's what businesses do, and I'm happy, so I have nothing negative to say.

    Some folks implied that they were barely making it and thought that with the commercial and them being a veteran that NewDay could work miracles, but that's unrealistic. They aren't a charity. And no, I have no affiliation with them at all, just being truthful about my experience and opinions after reading the negative reviews. Daniel C is a straight-shooter and made this process fairly easy.

    Bottom Line: Yes, I would recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 40 out 41 people found this review helpful

    Did not ask and the surely did not tell!

    • York, PA,
    • Dec 29, 2016
    • Verified Reviewer

    We applied for a VA Refi trying to consolidate other bills. The rep was always there if we had any questions. My husband was a veteran as well as servicing the public up to his retirement as a Baltimore City Firefighter.

    We had passed the credit check and had sent over some personal information that was requested. Like I said the representative was always there to answer any question. When we received the docs from them - disclosures along with the estimated closing sheet - that is where the problem became clear.

    With the paying off of the mortgage also funding our escrow the numbers still seemed way too high. When we called the representative we wanted to know why we had to pay to bring down the rate. The rate we were quoted was 4.75%, that was higher than our credit union which offered 3.25%. But the real problem was the 1.5% to the tune of $4300 extra to buy down the rate so it was not 4.75 but 5.25%. Using Veterans is unforgivable.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 27 out 28 people found this review helpful

    Business Owners Beware

    • Dec 19, 2016
    • Verified Reviewer

    If you are a business owner don't tell them about your business because they will factor in all your business losses and make it look like you make nothing when in fact you bring in close to $200K a year (separate from business) and are sitting on $160K in equity yet somehow the business loss from your Corporation, a separate entity, somehow means that you don't make enough to qualify for a loan that you can more than afford to repay.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 45 out 46 people found this review helpful

    Stay away from NewDay USA

    • Tampa, Fl,
    • Nov 13, 2016
    • Verified Reviewer

    These people have one thing in mind and that is to charge you as much as they can. Their fees are so outrageous that I am quite certain the Government will step in. They are a sales organization and send your loan to a mortgage lender and that is why it takes so long to close.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • 52 out 54 people found this review helpful

    My Experience with NewDay 100

    I was attracted to NewDay 100 by the TV ad featuring Admiral Lynch. That guy is really good at what he does. I was convinced that if at all possible I would do business with NewDay because they truly want to help veterans. I'm not in a big rush to refinance because I have a good interest rate now and my only purpose in refinancing is the lower monthly payments so when I die (I'm almost 90) the house payments would be a little easier for my daughter. I have talked with a number of lenders and have gotten some reasonable offers.

    The first time I tried NewDay 100 was about four or five months ago. At that time they were not licensed to do business in Nevada. Somewhere I heard that they were doing business in Nevada and I call them about a week ago and was able to reach a salesman who told me that now they are able to do business in Nevada. Since I have been shopping mortgages for some months now, I know exactly what I want and don't need to play with a lot of options. I currently have a 3.785% 30-year conventional loan. My credit is an average of about 760. Other lenders have quoted me anywhere between 3.00% and 3.25% with no points.

    I gave that requirement to the NewDay agent on the phone. He wasted about an hour of my time going over each item on my credit report and having me set up an Excel spreadsheet which did nothing. He kept probing for other emergency funds and other accounts in which I had money. I have never had a mortgage lender ask questions in that area. I don't think they should because their collateral is the house. The only thing he would tell me is that they would pay for the appraisal which as I recall was going to be $500.

    Anyhow, that call took place about 2 p.m., he asked me if I would be home at 8 p.m. that evening and he would call me back. I never received any call from him. But about two days later I got is the proposal which ended up in the trash about two minutes later.

    I will never do business with these guys. I don't know if they are running a scam or not, but I know that there is something wrong with their operation. And that operation is not the veteran-friendly operation that Admiral Lynch fronts for. I fear for people with no experience in this area. One thing is to do comparison-shopping. It's easy to get them calling. Don't settle for the first one who calls you.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


Showing 1-11 of 43

Write a Review for NewDay USA!

Share your experience to help others shop smarter & discover great products.

Write a Review