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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68 Consumer Reviews for NewDay USA

Average Consumer Rating: 2.8
Rating Snapshot:
5 star: 27 4 star: 3 3 star: 1 2 star: 3 1 star:  34
Bottom Line: 49% would recommend it to a friend
Showing 1-11 of 68
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  • Outstanding professional service!

    Mr. Alec Chapelli was my loan officer. He was excellent to work with. My experience was timely and result oriented. It was my privilege to meet someone in this day and age that is detailed oriented, informative, and courteous. Thanks Alec and thanks NewDay.

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

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  • Experience

    It was a very easy process, all involved in the process were extremely well versed in the entire process. As a former mortgage broker, this was great. My thanks to Cory for all the assistance with this.

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

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  • 1 out 1 people found this review helpful

    I don't know what this means

    • Grand Junction, CO,
    • May 11, 2018
    • Verified Reviewer

    The most drawn-out, hardest money I have ever obtained. Lord willing and the creek don't rise, I'll never have to borrow money from them ever again. I have said everything that needs to be said. Well, one thing, it sat in underwriting for two weeks with a complete package before them. My rep didn't understand why it was taking so long, either. Oh well.

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

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  • 2 out 2 people found this review helpful

    Service

    I was scheduled to close on my house on the 13th of April 2018 and didn't end up closing until the 23rd of April 2018. Loan originator (Sasha Malcolmson, Assistant Vice President-Loan Origination) was always asking for more paperwork that was provided previously. She was good at telling me I was on a recorded line. I would have to follow up with the title company to see if they received paperwork from NewDay USA. After initially getting set up on my loan, when I would call I would always get the answering machine after and not get a call back except to tell me they needed new documents. My realtor was also having the same issues with getting any kind of response.

    I will never recommend anyone to go through NewDay USA unless they want to have a headache for weeks and test their stress level. If I was Thomas C. Lynch, RADM (retired) I would take my picture off any NewDay USA advertisements. Very unsatisfied customer!

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

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  • NewDay made my day

    I was at the end of my rope until they and their representatives came to my rescue. The care, consideration, and respect their reps showed me revived my faith in humanity. They guided me every step of the way on my computer, which I'm not very much adept at, and actually made it fun while doing it. I felt my life was over, but they made this ole 75-year-old man feel young again. It's like a second chance at life. It feels great to be able to hold my head up again and feel like a man again. Thank you for making me not feel like I failed myself and my family. With deepest respect.

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

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  • Happy for the help

    Megan was very helpful and worked hard for us. We are very thankful for all she did. NewDay USA is helpful to veterans who need financial help. We would recommend it to any veteran that would need help.

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

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  • 1 out 1 people found this review helpful

    Great Vet service

    Very pleasant working with Alec Lasalle. Very efficient and cordial and constantly checking to see if I was ok with the progress of my application. I highly recommend him. No service member can go wrong if Alec assists them in their endeavor. Thank you.

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

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  • 1 out 1 people found this review helpful

    Great experience

    • Kalamazoo, MI,
    • Apr 26, 2018
    • Verified Reviewer

    My loan for a refi was completed and closed in 30 days. The process was very simple and straightforward. My contact was very helpful and answered any questions I had.

    As a retiree, I have bought a number of homes throughout my career, and this refi was by far the easiest and best of any mortgages I have had. I would highly recommend NewDay to anyone wanting to do a refi on their mortgage.

    As long as you meet the requirements as explained on their website, you will be amazed as to how simple and easy the process is. I know some people have had a bad experience with NewDay, but it was usually caused by not understanding the requirements. Example: NewDay only does a mortgage on a new purchase or a refinance of an existing mortgage.

    So if you understand the requirements, and apply under those requirements, you will be pleasantly surprised how easy and fast the process is. Kudos to the folks at NewDay.

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

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  • 2 out 2 people found this review helpful

    VA mortgage

    Everyone knew what they were doing. Professional people. No asking for the same things over and over again. It took a very short period of time to do all the paperwork. Just shows when people know what they are doing everything goes smoothly. Great experience.

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

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  • 2 out 2 people found this review helpful

    Outstanding!

    I don't have the words to express how great an experience it was refinancing through NewDay USA. Jonathan was terrific! The whole process could not have been easier, and I was kept informed every step of the way.

    I sing your praises to everyone. Keep up the good work serving veterans.

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

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  • 2 out 2 people found this review helpful

    Refinance

    Very efficient and professional. Zach Bean was available to walk us through the entire process, step by step, to keep us on track and on time. All but the final signatures were accomplished via email and electronic signatures, which reduces travel and costs.

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

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