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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102 Consumer Reviews for NewDay USA

Average Consumer Rating: 3.3
Rating Snapshot:
5 star: 52 4 star: 6 3 star: 3 2 star: 4 1 star:  37
Bottom Line: 60% would recommend it to a friend
Showing 1-11 of 102
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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
  • Helpful, courteous, and professional

    • Middletown, OH,
    • Jul 12, 2018
    • Verified Reviewer

    Working with NewDay USA was simple and a pleasure. Our agent (Michael Day) was very polite and professional. He was in constant contact with us throughout the entire loan process. They do require a lot of paperwork to be signed and proof of finances and employment, but this is understandable when purchasing a home. Michael was patient and courteous through out the process. I would recommend NewDay USA to my veteran friends and family. They helped me when no other place would even try. Thank you to Michael and NewDay USA.

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

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  • 1 out 1 people found this review helpful

    It's not very good.

    • Nevada,
    • Jul 8, 2018
    • Verified Reviewer

    It was the worst experience I've ever had when buying a house. I was lied to, tricked, and had to keep sending the documents over and over again. "Someone kept losing my paperwork," and no one knew who it was. I spent thousands of dollars paying for hotels and moving trucks. This veteran was homeless for two months due to their people dropping the ball. I feel they owe me some money for the way I was treated. This company is the worst. Needless to say, we are very dissatisfied with NewDay USA! I will be consulting an attorney to recover the money their company cost me. I have also started a social media campaign against this company. Get your stuff together!

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

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  • 1 out 2 people found this review helpful

    7 out of 10

    • Texas,
    • Jul 8, 2018
    • Verified Reviewer

    I think everyone I had to speak to, Sean Wall and Collin Hall, were incredibly nice guys. Really easy going, always answered the phone, just overall great guys to do business with. One thing that could have been better, which would have made this process a 9 out o 10 (cause nobody is perfect), is that I wish they didn't have to request the same information more than once. I swear, it was incredibly annoying, to have to resend things more than once.

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

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  • Great work

    • Saluda, SC,
    • Jul 7, 2018
    • Verified Reviewer

    Taylor worked extremely hard to get everything done in a timely manner. She was extremely helpful every step of the way. There was a lot of paperwork that had to move back and forth, and it wasn't always easy, but Taylor pushed on through and got things done. I feel like a burden has been lifted with paying off a lot of high-interest debt thanks to NewDay.

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

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  • Account Manager Adam Clayton Hissong made the difference

    • Atlanta, GA,
    • Jul 6, 2018
    • Verified Reviewer

    From day one Adam Hissong did everything to ensure we got the loan and were delighted with NewDay. I had no negative info in my credit file for over 30 years. But my debt ratio was high from living on credit cards while my business cash flow was low. Unlike other companies, Adam and NewDay gave me the benefit of looking at my total credit record, not just my debt that I was trying to reduce. With every issue, Adam took control and did whatever was needed to ensure we got the loan and were delighted in all matters. Thanks.

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

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  • Process decent...

    • Lakeland, MN,
    • Jul 5, 2018
    • Verified Reviewer

    Really decent service. I was looking to refinance away from Wells Fargo. It was missing two key items though. With my other financial services, the customer service was a bit warmer and personal, they cared, but with NewDay, I felt more like a number.

    Rates could be a little more competitive though with other institutions.

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

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  • Outstanding service

    • Graceville, FL,
    • Jul 5, 2018
    • Verified Reviewer

    I cannot say enough about the service. I was kept informed along the whole process. I never had to call NewDay USA once. Every time a change or new paperwork was needed I was informed the same day.

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

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  • Good experience marred by a few details

    • Albuquerque, NM,
    • Jul 4, 2018
    • Verified Reviewer

    Our account manager, Will Lyons, was professional and thorough. He spent significant time understanding our financial situation to get us the best possible outcome. I would recommend him to friends. Two areas that could be improved:

    1. We were never given a heads-up that the VA appraisal process was much different from a commercial appraisal, particularly in that the appraiser is a government employee. This lack of communication caused confusion that could easily have been avoided.

    2. Toward the end of the load, Will told us that the funds would disperse one week earlier than actually happened. This appears to be a simple mistake.

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

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  • NewDay USA

    • Cullman, AL,
    • Jul 4, 2018
    • Verified Reviewer

    We were very pleased with NewDay USA. The process was so much simpler to refi through them than any one else we talked to.

    Everyone we dealt with was courteous and so willing to help with our needs. The refi process from start to finish took less than a month and we received our checks within a few days of closing (and they came to us to close!). We have recommended friends of ours that served in the military to contact NewDay for their refi needs.

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

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  • Excellent service

    From the very beginning of the process, Bob Reynolds was definitely a pleasure to work with. He stayed on top of things and was able to help correct some errors in our credit report that we were not aware of. Additionally, all of the other people in this process were very considerate and helpful. We have been through the refinancing process before, and it was a nightmare. We truly appreciate everyone involved with NewDay USA.

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

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  • Superior service!

    • Woodstock, GA,
    • Jul 4, 2018
    • Verified Reviewer

    A complete and total success story with NewDay. As promised, they provide a very high level of service for their customers. I have not experienced as smooth a loan process in over 10 loan applications in my lifetime. The staff is responsive and the process moves along as advertised. I was treated with the highest level of respect at all times!

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

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