Just one call can save you $3000 per year, that's $250 per month. I am a Veteran with a V.A. Loan and the best they could do is a savings of $19.00 per month. They advertise "no" W-2's or Tax Forms or Proof of Income, this is "not" true. NewDay wanted proof that I am a Disabled Veteran and proof of that income as well as my wife's proof of income, including any other income. They also wanted proof of eligibility even though I have a V.A. Loan that is verifiable. They also wanted to know what branch of service that I had been in, for how long, and had I been a Reservist or a Regular. And for the savings of $19.00 per month, it was going to cost me a little over $4000. Are you kidding me?! Do I look or sound like an idiot?! I don't think so. NewDay should be forced to stop the false TV advertising. And to the Admiral, do you have no shame?
Pros and Cons:
Bottom Line: No, I would not recommend this to a friend
Company Response from NewDay USA
Hello Mr. Adams,
NewDay USA advertises and offers multiple loan programs to Veterans including a VA Cash Out loan program and a VA Streamline Refi program. The TV advertising that you reference is advertising for a VA Streamline Refinance program also known as the VA IRRRL loan program. VA does not require an appraisal on the loan since the program is designed to allow a veteran to refinance an existing VA loan. Advertisements for other loan products do not have the “no appraisal” language.