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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136 Consumer Reviews for NewDay USA

Average Consumer Rating: 3.6
Rating Snapshot:
5 star: 80 4 star: 8 3 star: 5 2 star: 5 1 star:  38
Bottom Line: 68% would recommend it to a friend
Showing 1-11 of 136
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  • Editor’s Note: It is our understanding that this company has been asking its customers to leave feedback on HighYa. We assure you that each of these reviews has still been subjected to the same verification & vetting process that all submitted reviews go through. Learn More Here
  • A little nervous

    • Ephraim, WI,
    • Nov 10, 2018
    • Verified Reviewer

    I was a little nervous going into this process as I hadn't done this in a while.

    Joe Rosati took us through this process with ease. He was patient with our dumb questions. Joe answered all our questions and made us feel comfortable with the process.

    Thanks.

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

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  • Thank you

    • Stockbridge, GA,
    • Nov 3, 2018
    • Verified Reviewer

    We want to thank NewDay USA for outstanding service in our new mortgage. Mr. Clay Sweet was our point of contact from the beginning to the day we closed. We do not know how he came about in your company, but do not let him go. He is a fine representative of professionalism in the world. I only wish we had the chance to meet him and thank him for the help he provided.

    Would it be possible to provide his mailing address so we can show our gratitude?

    Thank you.

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

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  • 1 out 1 people found this review helpful

    Unhappy with close process

    • Greenville, SC,
    • Oct 25, 2018
    • Verified Reviewer

    After closing, we were given a series of checks to pay off creditor balances that had already been paid off at least 30 days earlier. In fact, one requirement was that we send a copy of the payoff for our Tempurpedic mattress, which we did. Lo and behold, we received a check to pay off the mattress after we had already done so and provided proof. When we asked Jae White to reissue a check payable to us for accounts that were already paid in full, we were told that they could not do this and it was our responsibility to send the checks to creditors and wait for a refund. This is unacceptable, and I feel it is ridiculous that we have to deal with creditors to wait for refunds when we sent proof the balances were paid, and we were never advised that NewDayUSA were paying off balances that were no longer there at closing.

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

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  • 1 out 1 people found this review helpful

    Great experience

    • Fredericksburg, VA,
    • Oct 23, 2018
    • Verified Reviewer

    From beginning to end, our experience with NewDay was a great one. Our main point of contact, Janet, answered all my questions in a knowledgeable and professional manner. The process took less than 30 days and we are able to continue forward with a lot less stress.

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

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  • 1 out 1 people found this review helpful

    Disappointed

    • Wernersville, PA,
    • Oct 15, 2018
    • Verified Reviewer

    We wasted a lot of valuable time jumping through hoops to get all the information asked for, and in the end, they did not help our situation. We discovered we should have talked to our original mortgage lender from the beginning.

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

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    • Oct 17, 2018

      NewDay U., Customer Service

      Thank you for this feedback. During the loan process, we often discover that additional documents are needed in order to supplement information that is provided. Unfortunately, based on the documentation provided, we were ultimately unable to offer a loan that met our guidelines. We regret that your experience was less than satisfactory.

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  • Happy homeowners!

    • Easthampton, MA,
    • Sep 19, 2018
    • Verified Reviewer

    As a veteran, my wife and I were searching for a home loan that could be reasonable, quick, and less complicated than most other mortgages available to us. I saw the television advertisements by NewDay USA and decided to give them a call. I spoke to a friendly and knowledgeable representative named Destinee Stice who offered their services to us in an easy, understandable way. We followed the step by step requirements and finally after eight months of searching, making offers, and a couple of heartbreaks, we finally found our dream home! The mortgage paperwork was done in a quick and fairly easy time frame. We couldn’t have done it without the help of Destinee and NewDay USA! Our sincerest thanks to Destinee and the team from NewDay USA!

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

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  • Search for refinance

    • Mississippi,
    • Sep 15, 2018
    • Verified Reviewer

    Originally, I applied to NewDay Financial for a VA loan, as I was under the impression that the law had changed somewhat and a veteran who served six years in the USAFR would be eligible. After much ado, I had to revert to FHA for my loan. Mr. Warren Gatewood was my agent and he provided excellent service to me and was able to answer many of my questions along the way.

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

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  • It's a "new day!"

    • Charlotte, NC,
    • Sep 14, 2018
    • Verified Reviewer

    As a veteran and based on my personal experience, I would recommend NewDay Financial Services to any veteran who appreciates being treated with courtesy and being recognized for service to our country.

    My father was a prisoner of war in Germany and my father-in-law’s feet were frozen in the same war in Europe. I served in the Honor Guard in DC.

    The sincere and consistent respect and appreciation for my service from the first phone conversation with our agent, Abraham, continued until his last call of "It’s all done, and you are closing."

    We closed two weeks earlier than expected after a lot of required paperwork, since I am a small business owner. NewDay’s requirements were consistent with what I thought should be required. I felt Abraham was advocating for me and helped to decide on the best refinance for my personal situation. He presented the first day what would be required and followed through just as he said.

    Abraham and the NewDay Financial Services he represents would receive a 10 plus rating in my experiences with banks and loan officers and the loan process.

    Thanks to you, NewDay Financial, it IS a new day!

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

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  • 0 out 1 people found this review helpful

    Three stars

    • Panama City, FL,
    • Sep 14, 2018
    • Verified Reviewer

    It took six months to complete this evolution. The requirement of the VA to have the repair work completed BEFORE the loan could be closed created an ongoing situation of requiring one document after another, even though my retired/part-time employment was fully documented at the start. Additional requirements of inspections, water testing and change of roofing contractor caused delay after delay. While the closing did bring debt relief, the final cash-out was $20,000 less than initially requested (only $5,000 to me), meaning other home repair projects could not be attempted.

    On a brighter note, Mr. Bernard Rocha was the epitome of professionalism and tenacity, trying to explain these requirements to a very frustrated client, and seeing this loan process through to completion.

    I am a homeowner. I am NOT an electrician, a carpenter, a mason, or even a very good painter. The additional repairs required outside skills and up-front money that I didn't have. My overall impression, after three months, was New Day/VA didn't trust me to accomplish repairs to my house (that I've lived in for 26 years) on my own time, with money from this loan. It will now take more time and creative thinking for a kitchen renovation and bathroom renovation that my wife so dearly wanted.

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

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  • A difficult refinance accomplished!

    • Florida,
    • Sep 14, 2018
    • Verified Reviewer

    Working with NewDay USA and Mr. William Boyd was a rewarding and successful endeavor. Their interest and assistance to the veterans of this country are both laudable and unusual. Most companies get a frown and simply tell you VA financing is either not available or just too difficult for them to accomplish. These folks, Mr. Boyd in particular, was not only interested but anxious to assist and stuck with us from start to finish. His and this company's professionalism and dedication to the veterans of the United States military is seldom appreciated as they do. Thank you from the bottom of our hearts.

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

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  • Happy customer

    • Avon Park, FL,
    • Sep 13, 2018
    • Verified Reviewer

    My agent was very helpful and patient. When I made a call, I was desperate for help. I was contemplating on filing for bankruptcy as my last resort, although I don’t really want to do it. The appraisal was quick, and the closing was only a few days late than expected. I was pleasantly surprised. Thank you for the assistance.

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

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