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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157 Consumer Reviews for NewDay USA

Average Consumer Rating: 3.8
Rating Snapshot:
5 star: 99 4 star: 10 3 star: 5 2 star: 5 1 star:  38
Bottom Line: 72% would recommend it to a friend
Showing 1-11 of 157
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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
  • Refinance of my home

    • Minnesota,
    • Jan 9, 2019
    • Verified Reviewer

    Michael Coleman helped me refinance my home, he was amazing, a total gentleman. He was on top of everything, so patient with me. I have spoken with him about my predicament, and because of my bankruptcy, he was not able to help me until it was actually two years out of bankruptcy. I was so surprised when he called me and said are you still interested in refinancing my house, I was elated. Michael made it so easy for me, he really did all the work. I would recommend Michael and NewDay USA to all my military friends and family. It was a wonderful experience.

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

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  • Spectacular

    • East Liverpool, OH,
    • Jan 8, 2019
    • Verified Reviewer

    We are very happy with the way we were treated throughout the process of purchasing our new home from start to finish. Colin and Belle were terrific to work with, and their knowledge and understanding and experience was greatly appreciated. I would recommend NewDay USA to all Veterans wanting to purchase a new home. The way they take you by the hand and guide and advise you is nothing short of outstanding. Jeanne and I are more than satisfied and very, very happy with the whole NewDay USA staff. Without their help, meaning Colin and Belle, we probably would have never purchased a home at this time. Again I want to sincerely thank all of you for your superb job and trustworthlyness. Thanks again and I hope to continue to earn your trust. All I can say is FANTASTIC JOB.

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

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  • VA Refinancing

    • Carrollton, GA,
    • Jan 8, 2019
    • Verified Reviewer

    My name is Rusty Smith and I was writing in regards to my wonderful experience with NewDayUSA and Megan Stoner. Megan was very diligent and thorough during this whole process and ensured everything was done in a timely manner. She was persistent, but never pushy, and that is a very thin line that she had to navigate and she did it beautifully. My situation was a very dicey one and she was able to make it work.

    I am currently going through a divorce and we have accrued a lot of bills. I was not the breadwinner in my marriage, but a lot of the bills were in my name. Unfortunately, I was only able to pay the minimums on my already maxed out credit cards. The kids are still with me (19 + 11) and I was really losing the ability to make ends meet. I was in dire needs of this refinance and she helped make it happen, and I can't thank her enough. I already called and expressed my gratitude to her, but I also want to express my gratitude to NewDay USA.

    I am an Army Veteran and I've been teaching High School for 13 years. I tried doing a refinance with two other companies. One said they could only give me 90% of my appraisal and the other company turned me down flat and said my debt to income ratio was way too high. NewDay USA gave me 100% of my appraisal, plus the 3.3% VA Refinancing fee. With the extra cash, I was able to pay $25,000 worth of bills and get my head above water.

    I thank you for helping me get my life back on track, and my kids thank you too. If I am ever asked by someone who they should finance/refinance with, NewDay USA will always be my answer. Thanks again and God bless you guys.

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

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  • 0 out 1 people found this review helpful

    It was good

    It was an awesome time. The agent was very good at keeping us informed on a regular basis and he was very friendly at all times. There were times I was getting a little frustrated and he did his best to reassure us things were going very well. And we will be happy to refer them to others. Thank you for your service.

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

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  • Stressed

    • Spring Creek, NV,
    • Jan 7, 2019
    • Verified Reviewer

    Both my husband and I have jobs where we can’t take breaks. This made it difficult to send information that was needed or answer calls. The appraisal took longer than what we needed. Getting inspection for wood damage was challenging. We live in a rural area with not much to pick from. The UPS driver left the envelope on the porch and it was soaking wet. Luckily everything dried ok. Our internet service isn’t the greatest, and we aren’t the most technology-savvy. We used our phones to send documents. It seemed like every day I send one more thing. With that being said, we were able to get the loan we wanted.

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

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  • Last chance

    • Fairfax, VA,
    • Jan 7, 2019
    • Verified Reviewer

    I am a veteran. I had some medical procedures, and my medical bills were piling up. I ran out of cash to pay my bills. I tried other mortgage companies for a refi on my VA loan and was turned down. NewDay was able to get the refi and was able to pay off most of my bills, and also take out $17000 cash for future medical bills.

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

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  • My refi loan

    • Tulsa, OK,
    • Jan 4, 2019
    • Verified Reviewer

    Reggie Tankard assisted us throughout the refinance process and was awesome. Great knowledge, he showed great concern for us and was very professional.

    He was there for us each step of the way.

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

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  • Mortgage refinancing

    • Omaha, NE,
    • Dec 22, 2018
    • Verified Reviewer

    I was fortunate enough to have Charles "Jacob" Perry handle my refinancing. This was not my first time refinancing my mortgage, but it was my best experience. Jacob was professional, kind, patient and personable. He knew how much this meant to me and worked tirelessly to complete it. He is an invaluable asset to your company. An outsider would have thought he was handling a family member's application; that is how dedicated he was. I not only applaud your service to the veteran community, but also for having people like Jacob at your organization. Jacob is incredible!

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

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  • First time using NewDay USA

    • Brunswick, GA,
    • Dec 11, 2018
    • Verified Reviewer

    The point of contact, Rose, was always available for questions when I had them and usually pretty helpful, except when she moved the goal post. Don’t tell me I need to do A, B, C to be able to close, then change the requirements once A, B, and C have been met. That just makes an already stressful relocation worse. The referral to the HomeAdvisor was great, they found me a great realtor who was super helpful.

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

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  • Excellent service

    • California,
    • Dec 10, 2018
    • Verified Reviewer

    NewDay USA was the best financing company I have ever dealt with. Aaron Jacobson was the easiest person to help me out. I am a retired veteran and I wasn't sure how easy or hard this process would be. I would recommend NewDay USA and Aaron to anyone who asks.

    Thank you Aaron and NewDay USA.

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

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  • Fantastic customer service!

    • Cincinnati, OH,
    • Dec 6, 2018
    • Verified Reviewer

    We had FANTASTIC customer service from Andrew Engel! He went above and beyond all of our expectations! Hats off to this fine gentleman! When our money did not get submitted to our account, he took the necessary steps to ensure we received our money by overnight expressing it to us!

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

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