Last Updated: 04/18/2025
SuperMoney User Recommendation Score -81
Strongly not recommended21 total votes
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Highlights
Community Rating
Strongly not recommended
Credit Score Range
N/A
Amount Range
$50,000 - $3,000,000
Loan Term (Years)
15 - 30
Number of Reviews
Newrez Mortgage Refinance Review
Newrez Mortgage Refinance is offered by Newrez LLC (NMLS #3013), a direct lender founded in 1996 and based in Fort Washington, PA. Newrez are available in 50 states and Washington, DC.
Key Takeaways
- Wide selection of mortgage programs offered. Newrez Mortgage Refinance refinances FHA, FHA 203k, USDA, VA, conforming, and conventional mortgages.
- Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
- Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with Newrez Mortgage Refinance.
- Non-standard interest rates available. Newrez Mortgage Refinance only offers hybrid mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- Debt-to-income ratio less than 43%. Newrez Mortgage Refinance requires a debt-to-income ratio of less than 43%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by your monthly income and multiplying by 100.
Newrez Mortgage Refinance Pros & Cons
| Pros | Cons |
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Newrez Mortgage Refinance FAQ
What range of mortgage balances will Newrez refinance?
Mortgage refinancing loans start at $50,000 and go up to $3,000,000
What is the maximum loan term for a mortgage refinance via Newrez?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Newrez Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.
How long does Newrez take to refinance?
Newrez does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Newrez charge a mortgage origination fee?
Yes, Newrez Mortgage Refinance will charge a loan origination fee .
What mortgage programs does Newrez offer?
Newrez Mortgage Refinance offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Newrez allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Newrez Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
8:00AM - 10:00PM
Tuesday
8:00AM - 10:00PM
Wednesday
8:00AM - 10:00PM
Thursday
8:00AM - 10:00PM
Friday
8:00AM - 6:00PM
Saturday
9:00AM - 5:00PM
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users don't recommend this product, giving it a user recommendation score of -81, or 1.4 on a 5-point rating scale.
-81
-1000+100
No one recommends
Everyone recommends
Newrez Mortgage Refinance Community Reviews
Would you recommend Newrez Mortgage Refinance to your friends?
U
Anonymous
Jun 9, 2023
May or may not recommend
They keep shutting off my damn automatic payments!!! This, in turn, makes my payment late! It works for a couple months, then just stops!
ML
Mike L.
Mar 4, 2023
May or may not recommend
Avoid this company at all costs. My house came close to burning down the day after Christmas and my family has been out of our home since then (2+ months at this point). Despite having all documentation from my insurance company and my contractor, and the insurance company already sending me a check to complete repairs, NewRez continues to treat me like a criminal with intent to commit fraud. Our ...Show More
Cloutsy S.
Feb 19, 2023
May or may not recommend
When using NewRez for your Mortgage Loan, they will not give you the option to set up auto pay until you have 6 months of on-time MANUAL payments.
Because of this, I missed a payment and sent a request to fix my credit. (When they reported it late, my credit dropped over 100 points.
I hired a team to talk about and fourth with NewRez and they replied saying they will not ...Show More
MC
Mazhar C.
Nov 25, 2022
May or may not recommend
We refinanced from our FHA to conventional loan quickly and easily. The few times that we’ve contacted them, it was easy to use the online chat or get a representative on the phone. We’ve had a great experience with them and great rates. Simple and easy to use site for quick payments
Jim V.
Sep 15, 2022
May or may not recommend
I had a LOT OF TROUBLE with their insurance desk. Voicemail hell. The insurance department misread the insurance four times rejected because they cannot read, analyze a good submission.
New Rez threatened to impose their expensive coverage. New Rez would not talk to my property manager.
Voice tree hell with inappropriate hangups.
New Rez insurance department sucks.
VC
Vincent C.
Sep 14, 2022
May or may not recommend
Stay away from New Rez. I have spoken with several supervisors and said my escrow will be removed and still has not. I paid them $5710 on July 27th to be applied to escrow. They are still charging me monthly. They are destroying my credit. DO NOT DO BUSINESS WITH NEW REZ. STAY AWAY!!!
RJ
Rick J.
Apr 20, 2022
May or may not recommend
Trust me , I've read all the negative comments about newrez and believe me they sound spot on. How is this company still doing bussiness? I'm currently tied up with them and I'm not a happy customer. They botched my refi when the rates was low and there is nobody bieng held accountable for the bad job and service on their part. Terrible company stay away ,they don't deserve ...Show More
SW
Sierra W.
Mar 2, 2022
May or may not recommend
We refinanced from our FHA to conventional loan quickly and easily. The few times that we’ve contacted them, it was easy to use the online chat or get a representative on the phone. We’ve had a great experience with them and great rates. Simple and easy to use site for quick payments.
MM
Madam M.
Nov 11, 2021
May or may not recommend
Worst experience ever. I did not choose this company, my loan was sold to them my Amerisave, so beware of those guys too. You could end up with a lemon by association. Tried to refinance through them to get a lower rate and they wanted to charge me $10,000 closing costs and fees with a so so % rate, .5% lower. I found someone better, great rates etc. The minute ...Show More
U
Anonymous
Oct 10, 2021
May or may not recommend
Messed up everything from closing to escrow. Had to close my escrow account since they can't handle it (didn't pay insurance and paid property taxes an extra time then raised my escrow amount when the property taxes went down and insurance stayed the same). Put the customer service number on speed dial since you'll be talking to them a lot.
U
Anonymous
Aug 10, 2021
May or may not recommend
Longest process ever...
I started the refinance process in December 2020. I was told I'd be able to close in 90 days. Needless to say I finally closed in AUGUST 2021. I had multiple people asking for the same documents I had already sent in MULTIPLE times. There are too many moving parts and lack in communication within the company as well as with customers. During closing, half way ...Show More
U
Anonymous
Jul 11, 2021
May or may not recommend
Absolutely agree with all the bad comments here. I seriously wish we had read these comments before we chose to refinance with Newrez. We paid $600 out of our own pocket having our home appraised as part of the refinancing process. They asked for NUMEROUS documents (because they kept stalling so our documents like payslips kept "expiring" and they kept asking for new ones). Our credit scores also dropped every ...Show More
U
Anonymous
Mar 22, 2021
May or may not recommend
I started the process of a refi with New Rez because they had my existing loan. I started in October of 2020. At the end of February 2021 after numerous delays, and outright lies to cover the incompetency of the staff I finally told them I was out. The following day I applied with a new loan company and within 30 days my refi funded. The ...Show More
UJ
Ursula J.
Mar 17, 2021
May or may not recommend
My refinance experience with New Rez has been unacceptable. I'm a 79 year old female, so I've been involved with many different businesses over the years. Never have I experienced such bad business practices. My refi experience began November 2020 and has been in the "conditional approval status" after paying for a home appraisal and submitting all requested documents. I requested a copy of the appraisal with no response. There's ...Show More
U
Anonymous
Jan 23, 2021
May or may not recommend
Attempted to refinance with New Rez. After looping me into a lower rate than a competitor I then had trouble closing the loan. My income status has changed throughout the process and no one could tell me if my loan could continue or if they couldn’t process it. All I asked for was a response and neither the mortgage consultant or the loan processing officer I was working with would ...Show More
VM
Vicki M.
Jan 7, 2021
May or may not recommend
This company has been stringing the mortgage process along for 4 months and asking for the paperwork, appraisals and credit reports twice. They don't return calls and seem a bit shady. crickets.
JR
Joshua R.
Dec 7, 2020
May or may not recommend
I am a 100% disabled veteran and my home is currently financed with NewRez. Earlier this year, I started working with David Wu to refinance my home at a lower Interest Rate. I was thrilled to be able to do this with the same mortgage company I already had, as opposed to going with literally hundreds of other companies trying to get me to do the same with ...Show More
ST
Sharon T.
Oct 16, 2020
May or may not recommend
I’m 5 months in and still the Underwriter is asking for info they already have!! So annoying!! I don’t think we’ll ever get finished!! Worst lender I have ever worked with!!
CR
Claurita R.
Aug 13, 2020
May or may not recommend
they are horrible, they will never admit when they have made a huge mistake, even though they know they have, they still steal money out of your escrow account, then bill you for a shortfall. Been a nightmare since day one. We are refinancing with a different mortgage company just to break free of them!
LH
Lauren H.
Jul 30, 2020
May or may not recommend
I receive a letter from the collection department every single month even though my check has cleared my bank at least 2 weeks prior to the dated letter!!
Showing 20 of 21 reviews
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