About NewDay USA

By HighYa Staff

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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Read 182 NewDay USA Customer Reviews and Complaints

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Average Consumer Rating: 3.9
Rating Snapshot:
5 star: 120 4 star: 12 3 star: 5 2 star: 5 1 star:  40
Bottom Line: 75% would recommend it to a friend
Showing 1-11 of 182
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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
  • My loan experience

    • Trinidad, TX,
    • May 15, 2019
    • Verified Reviewer

    My time with Jae White and his team was the best. If you're looking for a loan, call Jae, did a great job! Jae stayed in contact with me and kept me informed at all times. I was able to buy my home and put money in my pocket.

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

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  • 1 out 1 people found this review helpful

    Refinance and debt consolidation loan

    • California, MD,
    • May 8, 2019
    • Verified Reviewer

    I can breathe again after being let go from a job that hurt me financially. I sought help with NewDay USA Loans representative Michael I., whom went above and beyond helping me get approved with the loan.

    I was behind on payments and the mortgage, but now I am back on good terms. Thank you from me and the family.

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

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  • Very helpful

    • Louisiana,
    • May 3, 2019
    • Verified Reviewer

    After calling for info on the NewDay, I was greeted by Cole Krajeski who explained in detail what my options and approximate costs for a loan to pay off credit card debt would be. The whole ordeal from the start was very simple and explained in a matter even I could understand, which in itself is amazing, as I'm not too quick to grasp things at my age. Cole was very patient and professional and is very easy to talk to. I thank him and everyone else that moved this process through so quickly and smoothly, a truly great experience.

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

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  • My experience

    • Fairless Hills, PA,
    • May 2, 2019
    • Verified Reviewer

    My experience with NewDay was extremely satisfying. After initially going to my local credit union, who were unfamiliar with VA loan process, I decided to call NewDay after seeing one of their television commercials. From start to finish, our loan officer, Destinee, was very engaged and pleasant to work with, she checked in often, and she was very knowledgeable of the steps that were being taken, my wife and I found the entire process to be seamless from start to finish.

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

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  • 3 out 4 people found this review helpful

    HORRIBLE

    • Oklahoma,
    • Apr 15, 2019
    • Verified Reviewer

    The lender we dealt with was AWFUL! We are two weeks past a 40-day contract and he is still coming up with answers such as "I don't know." DO BETTER! Find the answers! My seller is beyond frustrated and has considered not signing an extension unless his buyers switch loan companies. He doesn't answer emails very quickly - as in days - not hours. And he is NEVER friendly. My seller, who is an investor who closes 15+ properties a year, will NEVER go under contract with a buyer with a preapproval letter from NewDay USA again.

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

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    • Apr 16, 2019

      New Day Financial, LLC

      Hello. Please email customerservice@newdayusa.com to provide the buyer's last name and the property address. We would like to look further into these issues.


  • I salute the admiral for giving us veterans the best gift of our lives and want him to keep it going until every veteran uses his offer.

    • Taft, CA,
    • Apr 7, 2019
    • Verified Reviewer

    The people of NewDay USA are professional and very helpful. We veterans often need help and sometimes we do not understand what needs to be done, but when a problem arose your people stuck with the program and helped get it done. Many other organizations just treat the situation as a part of the job, but not as a personal issue to help the veteran. You are the best.

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

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  • Refinance my home

    • Miamisburg, OH,
    • Apr 4, 2019
    • Verified Reviewer

    After inquiring about NewDay, I was contacted by Mr. Sergio Navarrete. Over a period of about two weeks, Sergio was very helpful in getting the application started, getting all of the necessary forms completed, and getting the loan closed. We were very impressed with Sergio's knowledge and his willingness to help us through the process. Today, Monday, April 1st, we received the checks for our loan payoffs and our personal money. The process was fairly easy and Mr. Navarrete was extremely helpful. We are glad we went with NewDay and will definitely let others know of our good experiences. Thank you NewDay USA.

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

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  • Thank you so much

    • Powhatan, VA,
    • Apr 2, 2019
    • Verified Reviewer

    My wife and I would like to thank and praise NewDay for helping us re-finance our property and consolidate and our debt. We are now planning our future with a solid financial foundation and a much brighter and manageable debt and credit situation.

    Mr. Andrew Engel provided us with excellent care and treatment during this transaction. He went above and beyond in order to asset us and complete our wishes.

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

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  • Re-finance loan

    • Miami, FL,
    • Mar 30, 2019
    • Verified Reviewer

    I had a great experience with NewDay USA. Will, my loan person, was very helpful throughout the entire process. The process was quick and painless.

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

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  • New house

    House looks sound and adequate for my son, his wife, and myself. Still needs termite prevention, spouting of course wherever appropriate and necessary, and a tighter closing of the third garage door front right sid. I am almost 90 years old (11-04-29), a Korean War veteran '52-'53, and served in the USAF a continuous 27 years. Wife is deceased. (Retired as an O5 in 1975, eight years enlisted to Tech Sergeant, OCS, and 19 years commissioned.) Very pleased with the three young ladies who completed the sale, especially my daughter in law's - Coldwell Banker, Amy Gregorcyk, Realtor. They all knew their business, and all were very helpful, especially Amy! (Thank you Sir! William Potter!) The other two ladies were Julie Vilia, and Lindsay Wessel; both very business-oriented.

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

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  • Pleased

    • Fairbanks, AK,
    • Mar 29, 2019
    • Verified Reviewer

    Arron Jacobson was a very helpful, nice, pleasant, respectful, easy-going person to work with. He always gets back with you right away, called right away when the underwriters needed a little more. The whole teamed worked very well together. Thank you all, we now have a much-needed new home. We have absolutely nothing negative to say.

    Thank you again!

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

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Showing 1-11 of 182

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