Newrez Mortgage Review for 2024

Newrez offers a wide variety of conforming and non-QM home loans to help all sorts of home buyers. Learn more about Newrez mortgage rates and loan options here.

Lending flexibility5.0
Customer service4.5
Ease of application3.0
Online experience4.3
Our Score
Minimum down payment3%
Minimum credit score580
Loan Products Offered

Conventional mortgages
FHA, VA, and USDA mortgages
Jumbo mortgages
Non-QM loans

Best Features

  • Multiple home loan solutions, including government-backed loans
  • Allows alternative documentation for qualifying purposes
  • Manufactured home loans available


  • Doesn't show current rates online
  • No home equity loans
  • Some poor customer reviews


The Mortgage Reports may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

Founded in 2008, Newrez is a nationwide mortgage lender licensed in all 50 states and Washington D.C.

It offers traditional loan products such as conventional and government-backed loans, as well as flexible non-qualified mortgages (non-QM loans) for borrowers with unique circumstances.

Since Newrez only has branches in select states, it uses technology to streamline and simplify the loan application process for remote borrowers.

Newrez mortgage rates

A lower mortgage rate can boost your home buying power, help you get more house for your money, and reduce your mortgage payments.

In 2021, average Newrez mortgage rates for a 30-year fixed loan were on par with or slightly lower than some major competitors. However, mortgage rates can vary a lot from one homeowner to the next.

Average mortgage rates at major lenders

NewRez MortgageRocket MortgageWells FargoFreedom Mortgage
Avg 30-Yr Interest Rate, 202113.06%3.00%3.14%2.66%
Median Total Loan Costs, 20211$4,490$4,670$3,600$3,880
Median Origination Fee, 20211$1,430$2,430$1,330$0

Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Newrez doesn’t advertise current interest rates on its website. To get a mortgage quote, you’ll need to complete a loan request and speak with a mortgage loan advisor.

Find your lowest mortgage rate. Start here

Newrez mortgage review for 2024

Newrez LLC, originally called New Penn Financial, is a direct mortgage lender that offers a variety of flexible home loan solutions to make homeownership a reality for its customers.

Plenty of banks, credit unions, and mortgage companies offer home loans. But not every mortgage servicer has solutions for every buyer. What’s unique about Newrez is that along with conventional and government-backed loans, it has other, specialized products to accommodate borrowers.

Newrez’s non-qualified mortgage (non-QM) loans are designed to help people with outside-the-box applications, such as:

  • Self-employed borrowers wanting bank statement loans
  • Real estate investors
  • Borrowers with past credit blemishes

Non-QM loans can help these individuals get approved using alternative documentation to verify income. And these programs may have flexible credit guidelines as well.

Newrez also offers manufactured home loans and loans for real estate investors.

Working with Newrez

When shopping for a home loan, visiting a lender’s website for rate information is often the first step in the process. But since Newrez doesn’t openly advertise its rates online, you can only get this information by placing a phone call to a Newrez loan officer.

Even though the focus of its website is to provide you with a phone number to contact a company rep, Newrez does offer some helpful information to potential customers, including articles and guides.

Its mortgage calculator allows you to forecast your potential mortgage payments, and it adjusts for assumptions, such as homeowners insurance and property taxes in your target area.

While there is no noticeable online option for loan preapproval or prequalification, borrowers can submit their mortgage applications through the website.

  • To get started, complete an application either online or via the lender’s mobile app. Specify whether you’re interested in purchasing or refinancing, and then provide personal and income information
  • Once you’ve completed the application, you can use the lender’s online portal to upload your supporting documentation. This will include your most recent tax returns (two years), paycheck stubs, and bank statements

Once you’ve started an online application, a Newrez loan advisor will be in touch to discuss your mortgage options.

Newrez customer service reviews

Newrez received a 786/1,000 in J.D. Power’s 2021 Mortgage Origination Satisfaction Study. And unfortunately, its limited customer reviews don’t paint the best first impression.

Newrez receives a ranking of 1.9 out of 5 on Trustpilot (based on 17 reviews) and scores a 3-star rating on LendingTree.

On the bright side, Newrez did not receive any customer complaints to the Consumer Financial Protection Bureau in 2021, according to the CFPB database.

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
Newrez Mortgage00.00786/1,000
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage2620.35829/1,000

Customers who had a positive lending experience were mostly satisfied with their interest rates and loan fees. Others complained about poor customer service, costly late fees, and sluggish responsiveness.

Of course, the experience will be different for every applicant depending on the type of loan they need, their location, and the loan officer they’re paired with. So if you like the rate and fees Newrez can offer you, it’s worth taking a closer look to see what you make of its customer service for yourself.

Mortgage loan products at Newrez

Newrez has a comprehensive range of loan types for new purchases and refinances, with options for first-time home buyers, repeat buyers, and those looking for low-down-payment loans.

Here’s a list of mortgage options available at Newrez:

  • Conventional loan: This loan option conforms to loan limits set by Fannie Mae and Freddie Mac, which are currently $ in most parts of the country. In some instances, home buyers can qualify for a conventional mortgage with as little as 3% down payment and a FICO score of 620. You can also use conventional financing to buy a 2- to 4-unit property or a manufactured home
  • FHA loan: These government-backed loans require a 3.5% down payment and a minimum credit score of 580. You can use FHA financing for primary residences, including fixer-upper homes or manufactured homes. Keep in mind that this product requires mortgage insurance premiums (MIP) for the life of the loan
  • USDA loan: These no-down-payment loans require a minimum credit score of 640 at Newrez. To qualify, you must have low-to-moderate income and purchase a property in an eligible rural area
  • VA loan: VA home loans also require no money down, but you’ll need a minimum credit score between 620 to 640 to qualify with Newrez. Financing is available to active-duty military members, veterans, National Guard service members, Reservists, and eligible spouses. Current VA homeowners can get a lower rate using a VA Streamline Refinance
  • Jumbo loan: These loans exceed the conforming loan limit for an area, allowing buyers to borrow into the millions for a home purchase or refi
  • Fixed-rate loans: A fixed-rate mortgage locks in your interest rate for the entire loan period. Newrez offers loan terms of 15, 20, or 30-year fixed-rate loans
  • Adjustable-rate mortgages: ARMs have an interest rate that’s locked for the first 5, 7, or 10 years. After that, your mortgage rate floats with the market and can be adjusted either annually or biannually

Refinancing with Newrez

In addition to its selection of home purchase loans, homeowners who are in the market for a mortgage refinance may find what they’re looking for with Newrez’s rate-and-term refinance loans.

Refinancing involves applying for a new loan to replace an existing one. It can reduce your mortgage rate and monthly payment and modify other terms of your original loan.

Unfortunately, Newrez doesn’t offer home equity loans or home equity lines of credit (HELOCs). A cash-out refinance is the only option if you’re interested in pulling cash from your equity.

Where can you get a mortgage with Newrez?

Headquartered in Fort Washington, Pennsylvania, Newrez has over 100 branch locations with licenses in all 50 states and Washington D.C.

If you live outside a branch area, you can apply online, upload documents to the lender’s secured portal, and receive your documents and closing package electronically for e-signing.

Is Newrez the best mortgage lender for you?

Newrez is worth considering if you’re mostly interested in a lower interest rate and competitive loan underwriting fees. It may also be a good match if you have unique circumstances and require alternative document verification.

This flexibility can help you qualify for a loan if you’re a self-employed borrower, have credit blemishes, or if you need a manufactured or investor loan.

But while Newrez offers multiple loan options, the customer experience may be a bit lacking based on online reviews.

Regardless of your circumstances, you should compare at least three to five mortgage quotes before choosing a lender for your new home loan or refinance. Mortgage interest rates can vary a lot by provider and by borrower, so you won’t know who can offer you the best deal until you’ve seen personalized loan estimates.


The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories:

  • Lending flexibility: Includes the number of loan types offered, special programs offered, minimum down payment requirements, and minimum credit score requirements
  • Customer service: Includes CFPB complaints per 1,000 loans and average rating from other top rating services
  • Ease of application: Includes the availability of an online pre-approval or pre-qualification process
  • Online experience: Includes the robustness of the lender’s online offerings, including online chat availability, phone number availability, and learning center/help center availability
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  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings