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.

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83 Customer Reviews for NewDay USA

Average Customer Rating: 2.1
Rating Snapshot:
5 stars: 20 4 stars: 2 3 stars: 0 2 stars: 2 1 stars: 59
Bottom Line: 29% would recommend it to a friend
Showing 1-11 of 83
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  • 3 out 4 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

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  • 4 out 8 people found this review helpful

    Bad reviews are BS

    • Sevierville, TN,
    • Feb 22, 2017

    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

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  • 29 out 29 people found this review helpful

    Did not ask and the surely did not tell!

    • York, PA,
    • Dec 29, 2016

    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

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  • 20 out 20 people found this review helpful

    Business Owners Beware

    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

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  • 36 out 36 people found this review helpful

    Stay away from NewDay USA

    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

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  • 42 out 43 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

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  • 32 out 36 people found this review helpful

    Not a friend of veterans

    I applied for a VA refinance with NewDay and several other lenders. NewDay's fee was $5000 more and interest rate a full percentage point higher than any others. Their ad implies that 100% financing is special, but that is standard for VA loans. They imply you may save $640/month on mortgage payments, but that assumes you will get cash out and pay off other loans and they include those reduced payments in the $640. They are not a friend of veterans.

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

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  • 40 out 43 people found this review helpful

    Free Home Appraisal for Vets - "in your dreams"

    • Auburn, GA,
    • Oct 26, 2016

    My husband is a Vietnam Vet and as such was suppose to be entitled to a "free" home inspection in the qualification process. NOT! NewDay USA charged us $400 to inspect our home. They lie in their advertising on Television about giving Vets "Free Home Inspections". That was one of the reasons we went with NewDay. They are "suppose" to be on Veteran's side in home loans. Not only did they charge us for our home inspection but after they had our loan for 6 or 7 months, they SOLD our loan to Freedom Mortgage. If we had wanted to go with a different mortgage lender we would have looked for somebody else in the first place. We feel betrayed and like suckers for believing NewDay's hype on Television. They're not veteran's friends. They're veteran users. Don't believe anything these people say. After we closed on our loan, we couldn't even get our loan officer to return a phone call. It was like we didn't even exist. NewDay USA turned out to be the worst company we could have picked.

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

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  • 31 out 33 people found this review helpful

    No help

    I am a Vietnam veteran. I turned to NewDay USA for help. What did I get? Rejection! So I had to turn to somebody else.

    I had hoped to get with A veteran org but I guess I'm not Veteran enough. And having to watch NewDay USA's commercials now day after day makes me sick to my stomach. It seems to me that they're only there for certain Veterans, they should add that to their commercial.

    They need t stop making us feel like they're there for all of us, when they're only there for a selected few. Thanks for nothing.

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

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  • 46 out 50 people found this review helpful

    Sounds good, but...

    NewDay talks a big game on TV, but in my experience, the organization is not for vets at all, at least, not all vets. As a Vietnam vet, retired, I approached NewDay about refinancing after seeing the TV ad. I was turned down given my retired status/fixed income. It is clear to me that while NewDay may help "select" vets, helping vets is not its primary concern. On the other hand, Veterans United did in fact, assist me in purchasing a home. To all those who have been shamed by NewDay, turn to Veterans United. They are indeed motivated to assist vets, not just the "select" few.

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

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  • 43 out 46 people found this review helpful

    Not for Veterans!

    • Baltimore, MD,
    • Sep 29, 2016

    My husband and I have been trying ways of keeping our home. Wells Fargo wouldn't give us a modified mortgage because we DIDN'T miss any payments. So when we saw the commercial for NewDay USA, with my husband being a Navy vet, we thought that this would be an answer to our prayers. NOT! After loads of paperwork, and I do mean loads, our home had to come in a certain amount. We were not looking for getting any money out of it, just to lower our monthly payments. Well, our home didn't come at the value that was required to get the loan, though other homes in my area were at that range requirement. The percentage was higher than other lenders, but their sales pitch was to look out for our Vets. No way! Our loan would have been approved if we forked over $25K to bring our home up to the value requirement. Really? Look out for Vets...that is a total farce. So in the meanwhile, we're scraping by. Thank you NewDay USA for NOTHING.

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

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    Comments (1)
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    • Feb 22, 2017

      Jeff W

      It's not NewDay's fault that the appraiser didn't appraise your property where you needed it to be. They are independent of the appraiser.

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