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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171 Consumer Reviews for NewDay USA

Average Consumer Rating: 3.9
Rating Snapshot:
5 star: 110 4 star: 11 3 star: 5 2 star: 5 1 star:  40
Bottom Line: 73% would recommend it to a friend
Showing 1-11 of 171
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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
  • Positive experience with NewDay USA and executive agent

    • Hot Springs, AR,
    • Mar 20, 2019
    • Verified Reviewer

    I decided to try NewDay USA for my first home. Charles Clark was very helpful and answered my questions, more than once. He and my realtor, Lawana Whaley worked together very well to find me that perfect home, and it was, in a very short time. Love it! As a room that my four rescue cats will call their own. A fenced in yard will be great when I have a service dog. I said I needed elbow room and lots of light. Well done. Thank you for making this a positive experience for me. I will recommend NewDay USA, Charles Clark and my realtor, Lawana Whaley, here in Hot Springs, AR.

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

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  • Fantastic service

    • Williamstown, NJ,
    • Mar 8, 2019
    • Verified Reviewer

    Brandon D. helped us so much. He did a wonderful job from start to finish. This was our first refinance and even when little things got in the way he worked with us to solve them. I will be sharing NewDay with all my family and friends. Thank you!

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

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  • The outstanding service by NewDay USA

    • Las Vegas, NV,
    • Mar 7, 2019
    • Verified Reviewer

    I am so pleased with the outstanding services that were provided to me by this organization. I had Mr. Ryan Watson as my account manager and the outstanding manner in which he handled my account is unbelievable. I needed to consolidate my credit card debt and refinance my home to VA, but did not believe it could be done. Mr. Watson told me, "let's start an application and I will get back to you later this afternoon with options we may be able to do." He worked out several options and we decided on the one that just closed. I was in an interest only conventional loan which would have almost doubled my payments in 2020. Mr. Watson really worked hard to get me this VA loan, he kept us abreast of where the process was at all times, and we are amazed at Mr. Watsons the knowledge of all the aspects of the loan. Mr. Watson answered all our questions and always gave us advice and options on which way to go. Thank you for having such dedicated individuals on your staff.

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

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  • Home refinance

    • Riverdale, GA,
    • Feb 25, 2019
    • Verified Reviewer

    We were referred to NewDay by a friend who had refinanced their home and had a good experience. Upon contacting NewDay, we were immediately contacted in return and began the refinance experience. Because everything except closing was done by email and phone conversations, it was a fairly simple process. The response by our contact person was almost immediate each time we had a question or emailed paperwork. He made it easy and as brief as possible each time. The only hitch we had was receiving the payout checks to two of our creditors and ourselves. We were told they would be overnighted on a Friday the 15th but did not receive them until Monday the 18th. We assume this was because it was a holiday weekend. We will absolutely refer anyone we know who is thinking about refinancing their home to NewDay.

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

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  • Refinance

    • Southport, NC,
    • Feb 16, 2019
    • Verified Reviewer

    I am very satisfied with the way my refinance was handled. Everything went very smoothly. If I have a complaint it is on the closing. I didn't understand how the bills that were included in the refinance would be paid. I was very surprised to receive checks, which I had to make sure were mailed. I handle all my bill paying online so I had to print off statements to include with the checks to get the monies credited properly. This was a small inconvenience and really my only complaint. I feel I should have had this explained to me during the process so that I could have been prepared.

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

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  • The BEST loan experience - EVER!

    We are very thankful and impressed with NewDay and our Loan Manager, Zach. We have had similar loans such as this through our 50-year marriage and this was amazing, as we were "walked" right through due to Zach's explanations and courtesy.

    He was available for ALL of our telephone questions and requests! THANK you so much for processing our loan to renovate our home in Sun City!

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

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  • 1 out 1 people found this review helpful

    The VA loan process with NewDay is the best I have ever had, refinancing a mortgage.

    • Swansea, SC,
    • Feb 14, 2019
    • Verified Reviewer

    The loan process was well organized, simple to follow in providing required documentation and not time-consuming. I appreciated the professional conduct of my account manager (Alexander E. Herrera) who went out of his way to ensure my loan was completed in a timely manner.

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

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  • 0 out 1 people found this review helpful

    Not a good decision to go with NewDay USA

    • North Carolina,
    • Feb 14, 2019
    • Verified Reviewer

    NewDay sells your loans folks! Better read the fine print! They sold mine to a po-dunk outfit called Freedom Mortgage and they are a DISASTER! Just refinanced again in order not to deal with this incompetent mortgage company. Is NewDay a good refi for Vets? Heck NO! The current CEO is more about telling you how many years of service he has in his commercials rather than keep mortgages in-house for all vets. Keep in mind that they have been sued as well in the past by a veteran organization! It's a swindle. Warmest regards, Retired Commander.

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

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    • Feb 15, 2019

      NewDay U., Customer Service

      Thank you for reaching out to us. A servicing transfer is a common practice in the mortgage industry, and does not affect the terms and conditions of your loan. This practice makes it possible for us to serve more Veteran families. We are sorry to hear of your poor experience with Freedom, and wish you the best moving forward.

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  • Very professional

    • Kannapolis, NC,
    • Feb 13, 2019
    • Verified Reviewer

    Nathan Majcher was my loan officer. The process was extremely professional and no surprises. We had a couple of small glitches, but Nathan and your staff handled in a timely manner.

    I would highly recommend NewDay and Nathan to any veteran needing your services. Good experience. Thank you for your support of veterans!

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

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  • The results were excellent.

    • Mt. Laurel, NJ,
    • Jan 23, 2019
    • Verified Reviewer

    I understood that I had a difficult request, but along with Mike Perretti's guidance, we were able to track down the necessary documents to complete the loan process.

    Even though it took a lengthy process, Mike was very understanding of my impatience and expressed confidence that a positive resolution would be met.

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

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    • Jan 28, 2019

      NewDay U., Customer Service

      We appreciate your feedback and are proud to have been of service to you.

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  • My representative worked hard

    • Nevada,
    • Jan 23, 2019
    • Verified Reviewer

    Michael Ishak guided me and helped me through the loan process. He was personable and respectful. It's guys like Michael who make a company successful.

    Michael instructed me on what was needed. He put me in contact with vendors and the appraiser to schedule at my convenience. They were reputable and friendly.

    Michael was there whenever I had any questions. Thank you for having such a professional on your staff.

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

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    • Jan 28, 2019

      NewDay U., Customer Service

      We take immense pride in the knowledge, professionalism, and communication skills of our account executives. We will certainly pass along your kind words to Michael.

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