NewDay USA Reviews

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NewDay USA

Overall Rating

4.0

247 Customer Reviews

Summary

NewDay USA is a mortgage lender that claims to provide a wide range of financial products that can help you save money and achieve your financial goals.

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Customer Reviews

4.0 Stars out of 247 Reviews
5 Star:67% 4 Star:5% 3 Star:2% 2 Star:4% 1 Star:19%
75% Recommend This Company
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Posted on Oct 28, 2016

Not a friend of veterans

By Hugh Elliott, Atlanta, GA, Verified Reviewer

I applied for a VA refinance with NewDay and several other lenders. NewDay's fee was $5000 more and interest rate a full percentage point higher than any others. Their ad implies that 100% financing is special, but that is standard for VA loans. They imply you may save $640/month on mortgage payments, but that assumes you will get cash out and pay off other loans and they include those reduced payments in the $640. They are not a friend of veterans.

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

Helpful Review? 46 People Have Voted

Posted on Oct 26, 2016

Free Home Appraisal for Vets - "in your dreams"

By Brenda, Auburn, GA, Verified Reviewer

My husband is a Vietnam Vet and as such was suppose to be entitled to a "free" home inspection in the qualification process. NOT! NewDay USA charged us $400 to inspect our home. They lie in their advertising on Television about giving Vets "Free Home Inspections". That was one of the reasons we went with NewDay. They are "suppose" to be on Veteran's side in home loans. Not only did they charge us for our home inspection but after they had our loan for 6 or 7 months, they SOLD our loan to Freedom Mortgage. If we had wanted to go with a different mortgage lender we would have looked for somebody else in the first place. We feel betrayed and like suckers for believing NewDay's hype on Television. They're not veteran's friends. They're veteran users. Don't believe anything these people say. After we closed on our loan, we couldn't even get our loan officer to return a phone call. It was like we didn't even exist. NewDay USA turned out to be the worst company we could have picked.

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

Helpful Review? 52 People Have Voted

Posted on Oct 23, 2016

No help

By legrande Mason, Nevada, Verified Reviewer

I am a Vietnam veteran. I turned to NewDay USA for help. What did I get? Rejection! So I had to turn to somebody else.

I had hoped to get with A veteran org but I guess I'm not Veteran enough. And having to watch NewDay USA's commercials now day after day makes me sick to my stomach. It seems to me that they're only there for certain Veterans, they should add that to their commercial.

They need t stop making us feel like they're there for all of us, when they're only there for a selected few. Thanks for nothing.

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

Helpful Review? 39 People Have Voted

Posted on Oct 3, 2016

Sounds good, but...

By Dan Johnson, Palm Springs, CA, Verified Reviewer

NewDay talks a big game on TV, but in my experience, the organization is not for vets at all, at least, not all vets. As a Vietnam vet, retired, I approached NewDay about refinancing after seeing the TV ad. I was turned down given my retired status/fixed income. It is clear to me that while NewDay may help "select" vets, helping vets is not its primary concern. On the other hand, Veterans United did in fact, assist me in purchasing a home. To all those who have been shamed by NewDay, turn to Veterans United. They are indeed motivated to assist vets, not just the "select" few.

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

Helpful Review? 54 People Have Voted

Posted on Sep 29, 2016

Not for Veterans!

By Beverly, Baltimore, MD, Verified Reviewer

My husband and I have been trying ways of keeping our home. Wells Fargo wouldn't give us a modified mortgage because we DIDN'T miss any payments. So when we saw the commercial for NewDay USA, with my husband being a Navy vet, we thought that this would be an answer to our prayers. NOT! After loads of paperwork, and I do mean loads, our home had to come in a certain amount. We were not looking for getting any money out of it, just to lower our monthly payments. Well, our home didn't come at the value that was required to get the loan, though other homes in my area were at that range requirement. The percentage was higher than other lenders, but their sales pitch was to look out for our Vets. No way! Our loan would have been approved if we forked over $25K to bring our home up to the value requirement. Really? Look out for Vets...that is a total farce. So in the meanwhile, we're scraping by. Thank you NewDay USA for NOTHING.

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

Helpful Review? 47 People Have Voted

Posted on Sep 11, 2016

Adm Lynch may not realize that his company projects the image of predatory loan companies.

By Alan Spurlin, Pensacola, FL, Verified Reviewer

I contacted NewDay USA on the 30th of August, 2016 online to gain some basic information about a mortgage refinance. Before my fingers left the keyboard I received a phone call from a very aggressive salesperson. He was relentless in his sales pitch and would talk over my questions.

I had difficulty in gaining his attention. I asked him repeatedly to discuss figures with me but he wouldn't. He kept insisting on discussing figures on the phone with me and my wife, which I declined not wanting to subject my wife to a refinancing negotiation (I let him know earlier that I was the only one requesting the refinance).

I asked that he send me numbers via email so I would have the chance to digest them; he was relentless in insisting that we discuss it over the phone with my wife included.

The salesperson sent me an email stating that his company could provide a good deal for me and wouldn't be wasting his time if he couldn't.

I could write much more about my experience. In short, it was condescending, patronizing, disrespectful, unsympathetic predatory. Not at all what I expected after watching their TV advertisement.

NewDay USA's obvious target market is enlisted military members and that concerns me. I would appreciate any info anyone has about this company

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

Helpful Review? 55 People Have Voted

Posted on Sep 1, 2016

Fast, knowledgeable, and positive

By Barbara, Sheridan, OR, Verified Reviewer

Well I've read a lot of reviews about NewDay USA and compared to our current mortgage lender (Wells Fargo). New Day shines bright compared to them. We went to closing in just 3 weeks from the time they received all our documents. We got 100% financing on a cash out loan at 4.25%. We were going on 4 months with Wells Fargo trying to close on a loan that would give us only 90% of home value at 4.25%.

I see a lot of people suggesting to go to a long standing and well known institution for better service and rates, but we couldn't get that a Wells Fargo after being with them for 17 years and perfect payment record. We just closed last night in the privacy of our home and will be saving a little over $800 a month!

Please read reviews of other institutions before judging. Our other mortgage institution had far more bad reviews (apples to apples) than NewDay USA. We are very glad that we decided to give them a chance because they came through on everything they promised.

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

Helpful Review? 29 People Have Voted

Posted on Aug 27, 2016

NewDay way too strict on Condos

By Charles Smith, Baltimore, Maryland, Verified Reviewer

I am a Vet and I applied for to NewDay USA for refinancing. I didn't qualify because I live in a Condo and the VA is extremely strict on Condo refinancing. The requirements are way too strict for the amount of paperwork that's needed. The paperwork that's needed is far way more than needed for a home. Condo Association didn't have the time to gather all the requirements. My credit checked out and my income was fine. So, because of all these documents that the VA needed, I couldn't get approved. So because you are a VET and you are credit and income worthy, that apparently doesn't account for nothing.

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

Helpful Review? 16 People Have Voted

Posted on Aug 18, 2016

800+ credit score but no refinance for me.

By Kim, Lancaster, PA, Verified Reviewer

Applied for VA refinance loan. I am retired, have plenty in the bank to pay off my home or mortgage if I want to, but for tax and liquidity reasons prefer to just refinance. Amy A. pulled my TransUnion credit score which was over 800. She needed one more score but I had to remove the freeze on one of them (Experian or Equifax). Executed temporary unfreeze for 24 hours from Aug 9-10, called her and let her know. On Aug 11 I get a voicemail from her stating that because she still can't pull a 2nd report, she will have to put my application on hold. I called her back and asked her if she had attempted to contact me to let me know there was a problem so that I could call the credit bureau that I had paid a fee to to unfreeze my report. She hesitated, then said she had (I later searched my phone and found no missed calls or voicemails from her). The subject of my lack of employment came up again in the conversation. I asked her if that was going to prevent approval even if the other report comes back with a credit score over 800 and she said yes. I told her that this would have been helpful to know before wasting my time (and the money I paid for the Experian fee). She stated that it made no difference how much money I have in reserve, as they would only consider actual "income". On a side note: in my research for another lender I learned that there is NO INCOME REQUIREMENT for VA IRRRL loan.

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

Helpful Review? 37 People Have Voted

Posted on Jul 27, 2016

New Day is not veteran friendly at all!

By Bill, Las Vegas, Verified Reviewer

I do not recommend this company. I am a retired officer and 25-year veteran of the United States Air Force. I tried refinancing my house through NewDay USA in June of 2016. I was denied outright. Not even a, "Let's see what we can do."

On July 20, 2016 I was approved through another mortgage company.

New Day USA states in its commercials it will give a "Veteran a hand up." Do not believe this. Zero star rating.

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

Helpful Review? 30 People Have Voted

Posted on Jul 26, 2016

NewDay Just Waasn't for me

By Bridget Harris, South Boston, VA, Verified Reviewer

The absolute worst company ever! My refinance took almost 6 months due to repairs they claimed the appraiser deemed necessary. After spending thousands of dollars to repair my AC unit outside, some TILE I had put down after I purchased the house, ceiling tiles, and several minor issues, I was told by the appraiser that he never said ANY of that needed to be repaired. And as a matter of fact, the VA didn't even require a house to have AC, just heat! They claimed to be saving me money but in reality my interest rate went up and so did my monthly payment. I'd NEVER recommend these crooks to anyone.

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

Helpful Review? 39 People Have Voted

Posted on Jul 16, 2016

Fox News Network

By Marily5, Verified Reviewer

NewDay USA are sponsors of Fox. This is a total scam against our veterans to get your money from the low informed people who don't understand what's going on because they listen to the media instead of researching themselves to find the real truth. Do not believe that NewDay USA is going to do anything special for you.

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

Helpful Review? 32 People Have Voted

Posted on Jul 15, 2016

Interest reduction fees

By Nate, St Louis, Verified Reviewer

Newday USA's prices are predatory and clients need to know what isn't stated. I was told that for over $4,000 I could reduce my interest from 4.75 to a 4.25. Or I could keep the money and get a 4.75. I was baffled so I called a local mortgager whom I should have gone to first and I was locked in a 100% VA loan at 3.5% immediately. Newday USA is charging a fee to reduce the interest, then a fee to service the loan, and their interest rates are inflated to line their pockets. Normally, a mortgager doesn't amp up the interest you qualify for based on credit and normally makes their up front profits off of the lending fees. Newday USA is predatory and greedy. Go to your local mortgager.

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

Helpful Review? 31 People Have Voted

Posted on Jul 14, 2016

Lengthy Application is Mandatory for Good Faith Estimate

By John, Florida, Verified Reviewer

Was just interested in getting a good faith estimate. Instead was sent a lengthy application full of unnecessary information and told that I needed to apply for a loan before they could give the GFE.

Shouldn't have wasted the little time I spent doing the inquiry. I would recommend you don't either unless you don't care about applying for a loan you might not even use.

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

Helpful Review? 18 People Have Voted

Posted on Jul 7, 2016

Freedom at last

By Jeff Rutherford, Lincoln, CA, Verified Reviewer

I am so happy I chose NewDay. As many American's, I went through a very stressful financial situation back in 2009. I don't have great credit; Fair is a more accurate description. I had an existing home loan with can interest rate that continued to grow year after year. I was turned down by other lenders for a Refi, but NewDay approved me. I closed my loan in just over 30-days (application to closing). I paid down my debt, got cash out for some home improvements and have an interest rate less than I was paying and a monthly mortgage that is less than I was previously paying. Yes I have to start the 30-year loan over; I had been making payments on my previous loan for 10-years. However, I have less debt now and a monthly payment that is more manageable. NewDay saved us a great deal of money. Closing costs were $20k, but a small price in my eyes for the freedom we now enjoy. Thank you very much NewDay.

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

Helpful Review? 12 People Have Voted

Posted on Jul 7, 2016

This is a scheme to rip of veterans.

By Mike Day, Shingle Springs, CA, Verified Reviewer

They claim they are all for the veteran. Such BS. They charge more than your local bank would, their paperwork is unbelievably anal, they make you do most of the work, and you end up with a bad loan. I'm now stuck with a check for $1500.00 payable to someone I owe no money to and with no way to use the check. I was immediately contacted by no less than six lenders who pointed out that they could lower my interest rate using the same appraisal and verifications. I know have a much better loan but am still setting here with the useless $1500.00 check.

They should be investigated for elder abuse.

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

Helpful Review? 27 People Have Voted

Posted on Jun 14, 2016

Run!

By Chris, Jacksonville, FL, Verified Reviewer

I recently started a cash out VA loan process with NewDay USA. While they tell you all the things you DO NOT have to pay for (most you won't pay with any lender), they were charging me two points, and an origination fee. Total closing was $15k. $6,000 of which was based on appraisal and a 4.75% interest!

I called a broker we used before and locked in 3.5% with no points and no origination fee. $13k back at closing, payment over $200 less per month.

Run from NewDay USA! That is what my broker said.

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

Helpful Review? 32 People Have Voted

Posted on Jun 13, 2016

Pleased with my experience.

By David Norris, Georgia, Verified Reviewer

I just finished refinancing my house with NewDay USA. I am pleased with the process. I was skeptical to go with this company after reading some of the reviews but contacted them by phone and discussed some options. I also contacted several other companies. NewDay USA was straight up on the first phone call about what they would do for me while the other companies all wanted to know what the last company said they would do. I went with New Day USA and am pleased I did.

They do require a lot of paperwork but nothing that seemed unreasonable. The process did take over 60 days but I did not feel it was being "dragged" out on purpose.

My account manager was Chris Khokhar and was helpful over the phone and was always available if I called.

The closing went smooth with no surprises.

I am a Veteran with the US Navy and they constantly emphasized their appreciation for my service.

Looking back on the experience with the question, “If you had to do it all again with New Day USA, would you?” I can say yes.

I hope this review helps someone and if it does I hope their experience is equal to mine.

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

Helpful Review? 18 People Have Voted

Posted on Jun 7, 2016

Tried to rip me off.

By Chris McGovern, Roanoke, VA, Verified Reviewer

I am a retired veteran with a credit score over 760. My 'loan officer' Andrew Engel (more like snake oil salesmen) tried to sell me a loan at 4% interest with 1.5 points applied (over 3.5k), and an origination fee, after I responded to an offer in the mail offering a free appraisal.

A simple mortgage rate search put me in contact with a more reputable lending brokerage that provided me an interest rate of 3.25% with NO points applied.

The worst part, the 4% rate put me above the debt to income threshold and was going to be a headache of a process. At 3.25% I was under the threshold and it's easy as pie.

Do not allow this company to get one over on you! What they are doing may be 'legal' but it sure isn't ethical.

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

Helpful Review? 25 People Have Voted

Posted on Feb 29, 2016

Mortgage

By Frank Congema, Charlotte, NC, Verified Reviewer

This company is the worst mortgage company I have ever dealt with.

I applied for a VA loan in August of 2015 and all the paperwork was in within 5 days on my end. All I got from them was more and more paperwork containing updated material such as bank receipts, VA pension documents, etc. over and over again. Every time I tried to get in touch via email or phone, they never got back to me. Here it is, February of 2016 and they are asking for more updates of the paperwork I submitted multiple times. And they're still asking more of the same documents. I finally had to cancel the loan because six months to get a mortgage, seeing I'm a VA home owner already, is ridiculous. Any veteran that uses this company beware, you will have nothing but the run around as I can attest to a Vietnam veteran.

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

Helpful Review? 62 People Have Voted

Posted on Jan 21, 2016

Best Mortgage company I have ever worked with!

By Walt Patterson, Meridian, Idaho, Verified Reviewer

I am a veteran, 68 years old. I had been with Bank of America for 25+ years with a mortgage and I applied in 2014 for a refinance and was turned down.

I was retired with a good credit rating and we have our own successful business. I called NewDay and was pleasantly surprised with the fast and professional interaction. I was able to supply info by email and it was done in 30 days start to finish! I can't say enough good about my experience, I have worked with banks and mortgage companies for 40+ years and NewDay was by far the most efficient and professional.

After the first refinance, I was called 6 months later to inquire about an interest reduction refinance, and this was done in less than 30 days with no hitches.

I now have a mortgage with less interest than I have paid in 40+ years of dealing with banks and finance companies.

I highly recommend them as a mortgage company for veterans, as it is owned by veterans and helps veterans.

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

Helpful Review? 22 People Have Voted

Posted on Dec 29, 2015

Great Experience

By LInda Velicka, Medford, NY, Verified Reviewer

Friendly, helpful and easy. Mark was a great help making this loan so easy. The loan closed as promised. Lowered interest rate. They really took care of us, my husband was a veteran. Our mortgage was lowered, and we paid off credit cards. All this was done by phone. I would highly recommend this company. They also do loans for non vets. All I can say is thank you, NewDay USA.

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

Helpful Review? 13 People Have Voted

Posted on Nov 16, 2015

Awesome refinance experience!

By Cathy D., Muncy, PA, Verified Reviewer

When we originally purchased our home, our closing was a NIGHTMARE! Everything that could go wrong, did. The company that handled our closing made so many mistakes. So, we were very nervous about doing a VA refinance. We had been receiving information on New Day USA in the mail and had seen some of the commercials on television. When we called we spoke with Kyle Stolte. From the very first call to the closing, Kyle walked us through each step of the way. Kyle answered each and every question we had (and we had a LOT) professionally and in a timely manner. We never had to wait more than a day to get answers. Kyle truly went above and beyond and we recommend him highly for your needs. Refinancing through New Day has allowed us to consolidate all of our credit cards and also provided us with equity to complete some remodeling projects we've wanted to for over 5 years. Honestly, had we known this would be such a pleasant process, we would have done it sooner. Thank you Kyle and New Day for doing such an amazing job!

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

Helpful Review? 18 People Have Voted

Posted on Nov 14, 2015

House refinance 2015 with Newday USA

By Andy K Spencer, Columbus, IN, Verified Reviewer

A short time ago I was at a point of desperation dealing with overwhelming debts and charges that never quit coming and had no way of keeping track of, let alone keeping paid on time. Worried all the time of losing my house and all that I had worked hard for so many years. That all changed and my anxiety washed away after making a call to NewDay USA. A representative immediately went to work to resolve my problems and developed a plan that honestly has changed my life and put me on back of firm ground. He gave me back my future and worked miracles for me that I never thought would happen! I am on the path that I want to be on now and I am very happy about the freedom and security all their work has given me. I haven't the proper words to express my gratitude to Mr. Jordan Stout and Admiral Lynch and all the staff at NewDay USA, thank you so much.

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

Helpful Review? 14 People Have Voted

Posted on Aug 12, 2015

Complaint

By Thomas Faunce, Lachine, Michigan, Verified Reviewer

They promised us so much as a Veteran, then they took a long time to allow the mortgage to go through and when it did, a short time later they sold it. They are not Veteran friendly at all, it is a lie. We sent all of our payments in on time yet they lost one in their system. Even though they found it and the mistake, they put a mark against our credit even though they lied to us and said they would not. It's sad that they promote how they care for the Veterans. It is a scam.

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

Helpful Review? 26 People Have Voted

Posted on Jul 15, 2015

Horrible experience

By Lenora, Fairbanks, AK, Verified Reviewer

We applied for a loan. After a month or so of going back and forth with them asking for stuff numerous times and we provide everything they ask for, they approve the loan. Then we get another email saying they need something else... Numerous times. We have never been through a strenuous process like this over a loan. The process was much easier the first time we purchased our home and to me NewDay should be ashamed of themselves. After such a long drawn out process they denied us because we were 1-2 days late on our mortgage payment 3 times out of a year. I was angry because of all the work we put in to get them the information they needed and it was just a waste of time.

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

Helpful Review? 25 People Have Voted

Posted on Jul 2, 2015

Never contacted

By Jayme Kortokrax, Austin, Tx, Verified Reviewer

I applied online and they never even contacted me. Perfect credit, more than 50% equity in my home. Either they have too much business or are running some sort of a scam.

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

Helpful Review? 18 People Have Voted
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