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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Read 189 NewDay USA Customer Reviews and Complaints

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Average Consumer Rating: 3.9
Rating Snapshot:
5 star: 125 4 star: 12 3 star: 5 2 star: 6 1 star:  41
Bottom Line: 75% would recommend it to a friend
Showing 1-11 of 189
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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
  • Say no to NewDay USA!

    • Marine City, MI,
    • Jul 13, 2019
    • Verified Reviewer

    Poor people skills. Rude and short. Process was broken and sloppy. Fired first rep. Second rep didn’t really understand why that was important. Finished because of all the emotional investment. Rates went lower, but we did not benefit. Vets are conned into believing that another greedy vet has their best interest.

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

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  • EXCELLENT JOB

    • Clarksville, TN,
    • Jul 13, 2019
    • Verified Reviewer

    My representative Mr. Schultz was very professional and courteous. My wife, who has worked in banking (mortgages), had several questions as it pertained to our contract. Your representative Mr. Schultz answered all her questions without missing a beat. If there was something he didn't know he contacted who he needed to provide an answer. The whole process went well. Thank you for the excellent customer service that was provided.

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

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  • NewDay USA, in one word, "awesome."

    • Washington,
    • Jul 10, 2019
    • Verified Reviewer

    We were amazed with the results of the entire process of getting a new mortgage refinance from NewDay USA. From start to finish the first phone call to discuss details, Sean, the NewDay Executive, was patient and explained in detail what will take place and that they will definitely give 110% effort to make this work, which was reassuring with my very challenging request for refinancing. And to our amazement and after periodic document requests and phone calls, Sean and Ashley from the NewDay USA Executive team were able to get the closing request completed. All done with acceptable cost and rates. Thank you NewDay USA Team.

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

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  • Careful

    • Indianapolis, IN,
    • Jul 10, 2019
    • Verified Reviewer

    Probably one of the worst experiences I’ve ever had.

    I have less than perfect credit so my options were limited, I get that, but the amount of leg work and lack of communication is horrific! Title company couldn’t find a previous mortgage release I had to hunt it down. Went to that back four times to get the documents they wanted and each time it was "that’s not exactly what we need" but it was what they asked for...days for a callback, it’s my loan, keep me in the loop!

    Got a call on Thursday afternoon, all good! We can close as soon as tomorrow night! Then no call until Sunday then it was oh, we need this...oh and I signed the closing discloser that Thursday.

    A lot of mishandling and just bad business. Empty promises and dates they had no meaning of getting to.

    Never felt like I was being taken care of.

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

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    • Jul 11, 2019

      Company Response from NewDay USA

      Thank you for this feedback. We try to request all of the necessary documentation at the beginning of the process, but further verification is sometimes necessary depending on the unique circumstances of the loan. We apologize for any communication issues and appreciate your patience.


  • Outstanding service

    • Weslaco, TX,
    • Jul 2, 2019
    • Verified Reviewer

    Mr. Murphy,

    I would like to thank you and your team for all your help! You have been readily available to me and my family. We were able to purchase our home using the VA program with zero money down! This program is outstanding! You, Steven, and your team have made our dream come true. Once again, thank you! To all my brothers and sisters in arms, they are here to serve us as we have served our country. Mr. Murphy's number is 8665750316.

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

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  • 1 out 1 people found this review helpful

    Refinancing

    • Vassalboro, ME,
    • Jun 11, 2019
    • Verified Reviewer

    We had a great experience refinancing with NewDay.

    They made everything easy, simple, and FAST.

    Our point of contact, Eric Manley was wonderful. We had an issue getting a form from the government, Eric and I had a lengthy three-way phone conversation and got it taken care of. No other company would have worked the people and Eric did to help us.

    We thank all involved making it a great experience.

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

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  • 2 out 2 people found this review helpful

    Job well done!

    • Tigard, OR,
    • May 28, 2019
    • Verified Reviewer

    Upon calling for a refinance we started with a very nice young man. He was very polite. My wife and I are older folks, one 183 and 176. I mention that because sometimes he would have to explain again, I would say he had great patience with us. We had dealt with you previously and found we had the same type person, therefore, we went with you folks again. The only thing we noticed this time there was longer waits from the young man, in fact, we had to call him more than once. My wife and I thought he might be new. I do have to say, my wife is a natural worrier. So when we're waiting on news it was concerning her. All in all, we were very pleased with our service with you folks. Thank you so much.

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

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  • 1 out 1 people found this review helpful

    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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  • 1 out 1 people found this review helpful

    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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  • 1 out 1 people found this review helpful

    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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Showing 1-11 of 189

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