Reviews On NewDay USA.
NewDay USA is one of the top mortgage lenders that claims to provide a wide range of financial products that can help you save money and reach your financial aims.
About NewDay USA.
NewDay USA claims to be one of the top mortgage companies in America as they can help you refinance up to 100% of your home value, obtain the cash you need in a short period of 30 days and handle every step of the application process. Moreover, NewDay USA may become your partner and help you reach your financial aims, not just during the lending process but also in future life.
It is well-known that obtaining of any kind of home loan may be rather a long and tiring process, so when looking for one, you are definitely choosing the offer that provides you different advantages. So, is NewDay USA the one that makes the home loan process much easier, or can their products really help you save money?
How NewDay USA Works
If you want to consolidate your debt, make your monthly payments lower, renew your home, or even to just get some extra money in your pocket, the mortgage company NewDay USA claims to help you get the money you need as quickly as possible. This includes standard mortgages, home equity loans and other.
Actually, NewDay USA loans are available for everyone, although the company’s priority target group consists of active military, veterans, and their spouses. So, with their VA loans you can obtain 100% of your home’s value and put thousands more in your pocket while other lenders provide 80% or 90% only.
The NewDay USA Loan Process
When you decide to initiate the loan approval process, you should fill out the NewDay USA’s online form, or contact one of their loan specialists directly via phone. Once you process your application, they will assign a dedicated loan specialist for you, who, according to the company, will be helping you during all the process – from your first phone call to closing at your kitchen table. NewDay USA says that they will even provide you the loan specialist’s personal cell phone number.
As it is known, most of banks can only lend you up to 80% or 90% of your home’s value (so called “cash out”), but if you are a veteran, or are currently doing military service, or are a spouse of a member of the military, NewDay USA claims to lend you up to 100% of your home’s value. After you submit your application, NewDay USA in-house underwriters and loan processers will handle your loan, so this can save you some time. Also, they can say “yes” in cases when others have said “no”. According to NewDay USA, it may take only 30 days for your mortgage to be closed, and your loan documentation package can be sent via express mail, so you may sign all your paperwork in the comfort of your own house.
The NewDay USA Lifetime Plan
After your loan has been closed and the funds have been used to achieve your financial goals, NewDay USA is offering its clients a unique lifetime plan, allowing you to pay off your mortgage in 15 years or even less. Basically, they say that if the numbers align, the company can even help you pay off your mortgage in less than 10 years!
NewDay USA Pricing Policy
Your payment for NewDay USA loan depends particularly on a vast number of factors, for example: loan amount, military service, credit score, property details, your own equity, and more. Although, the interest of your loan may be tax deductible, so you’d better discuss with your tax specialist.
Now, if you want to have a better understanding about the cost of your loan or the period to pay it off, you need to contact NewDay USA customer service at 800-405-4187.
Customers Reviews About NewDay USA
The NewDay USA URL was originally registered in November 2011, although, the consumers haven’t said much about this company. Among the available reviews, people are disappointed by very long closing times (2 months and more) and high loan fees (someone even mentioned the amount of $40K).
The NewDay Financial, LLC is situated in Fulton, MD and against all odds, it holds an A+ rating with the BBB, despite having 47 closed complaints over the last 3 years. All these complaints cover many different issues such as pulling unauthorized credit reports, sending junk mail or large expenses in order to obtain loans.
Is NewDay USA Good Enough for Your Mortgage or Home Equity Loan?
Well, having learnt all this information, should you choose NewDay USA for your next home loan? Maybe, but you should always remember the following:
Even though the NewDay USA claims to provide loans for everyone, in fact they mostly focus on current militants, veterans and their spouses. Therefore, their leading product such as the NewDay 100, known to provide you with a 100% loan of your home’s value—is only available to these groups of population. So, if you do not belong to any of these groups, you’d better look for other sources.
It is also important to know that the NewDay USA’s advertised 30-day closing time is the absolute minimum you can expect. As all the loans are the subject to credit approval, acceptable collateral, and available equity, and, moreover, not all the loan products are available in all states, according to online customer reviews, it seems that most loans will take longer than this.
What Money You Will Receive
We should also note that any cash outs you receive will be less any existing mortgage payoffs. For example, your home is valued at $300K and you owe $250K, so under the best conditions, you will only be eligible for a $50K loan. And this works even before considering your pocket expenses required in order to close your loan.
Also, remember that by consolidating your debts, the length of time needed to repay them may increase, so your total charges may be even higher over the life of the loan.
Considering the fact that NewDay USA mostly provides its unique products for members of the military and their spouses, so being a civilian, you’d better look for other home loan products.