NewRez LLC, more commonly known as NewRez Mortgage, is one of the leading national mortgage lenders in the United States. Headquartered in Florida, NewRez offers a wide variety of mortgage products and loan options through a network of loan officers across America. This comprehensive guide will provide an overview of NewRez services, lending criteria, mortgage rates, loan programs, and what it’s like working with them as a borrower.
Overview of NewRez Mortgage
NewRez Mortgage provides mortgage lending services including home purchases, refinancing, FHA loans, VA loans, jumbo loans, and more. They offer both conventional and government-backed mortgage programs. Some key facts about NewRez:
- Originated over $50 billion in mortgages in 2021
- Licensed to lend in 49 states
- Over 5,000 employees
- Correspondent and wholesale lender channels
- Digital and self-service options for borrowers
- Servicing portfolio over 2 million customers
As an approved FHA, VA, FNMA, FHLMC, and GNMA lender, NewRez has extensive mortgage lending experience since its founding in 2008. They aim to make the lending process efficient and transparent for borrowers.
NewRez Mortgage Loan Programs and Products
Some of the main mortgage loan programs offered by NewRez Mortgage include:
Conventional Loans – Fixed and adjustable rate mortgage options from 10 to 30 year terms. Ideal for low downpayment borrowers.
FHA Loans – Low downpayment options for credit scores as low as 580. Popular for first-time buyers.
VA Loans – 100% financing for veterans and military members with no downpayment.
USDA Loans – Rural housing loans with 100% financing and low rates, no downpayment.
Jumbo Loans – Jumbo mortgages for high-cost luxury homes above conforming limits.
Refined loans – Cash-out and rate/term refinancing options for existing homeowners.
ARM Loans – Adjustable-rate mortgages with lower initial rates. Fixed periods from 3 to 10 years.
NewRez mortgage also offers unique mortgage programs like physician loans, dental loans, and hardship assistance options. Their wide range of lending products provides options for most borrowers and home financing needs.
NewRez Mortgage Rates
As a national lender, NewRez Mortgage offers very competitive interest rates across loan products for both purchases and refinancing. Rates are primarily based on:
- Your selected loan type
- Credit score and history
- Loan-to-value ratio
- Debt-to-income ratio
- Downpayment percentage
- Owner occupancy
NewRez mortgage rates for top-tier borrowers are comparable to averages nationwide. Rates start in the mid 4% range for 30-year fixed conventional loans for borrowers with great credit. Government-backed FHA and VA loans have rates in the mid to high 3% range. Adjustable rate mortgages have even lower starting rates.
Always compare rates across multiple lenders when shopping for a mortgage. NewRez offers both online rate quotes as well as rate checks through their loan officers. Monitor rates closely if shopping over several weeks or months.
NewRez Mortgage Loan Criteria
To qualify for a NewRez mortgage, there are several key criteria potential borrowers must meet:
Credit Scores – Minimum credit scores range from 580 to 620 for FHA loans up to 740 for jumbo mortgages. Excellent scores get the very best rates.
Downpayment – At least 3% downpayment is required on conventional loans. FHA is 3.5%. VA/USDA require zero down.
Debt-to-Income Ratio – Your total monthly debt payments, including the new mortgage, should be below 45% of gross monthly income.
Employment – 2 years of stable income and employment in the same field. Self-employed may require 4+ years.
Home Appraisal – The home must appraise for at least the purchase price and meet eligibility standards.
Providing all necessary documentation upfront ensures the quickest path to approval. Their loan officers can guide you on any requirements specific to your situation.
The NewRez Mortgage Preapproval Process
Getting pre-approved by NewRez Mortgage involves:
1. Submit Your Application – Apply online or with a loan officer providing your financial details.
2. Provide Documentation – Supply income documentation, tax returns, bank statements to support your application.
3. Home Buying Budget – Your pre-approval letter will specify the loan amount and home price you qualify for.
4. Home Search – With pre-approval done, you can begin home shopping with confidence in your price range and financing.
5. Offer/Contract – When you find a home and make an offer, provide your pre-approval letter to strengthen your offer.
6. Processing & Underwriting – NewRez will verify all your documentation and finalize mortgage approval.
7. Closing – Once approved, complete the final closing process, paperwork, and take possession of your new home!
Getting pre-qualified gives you an estimate, but formal pre-approval should be your goal before negotiating on a specific home.
5 Key Questions on NewRez Mortgage Lending:
Q: What credit score is needed for NewRez mortgage approval?
A: Minimum scores are around 580 FHA loans and 620 for conventional loans. But 720+ scores get the very best interest rates.
Q: How long does NewRez take to approve a mortgage application?
A: With complete upfront documentation, they can often approvepurchase mortgages within 7-14 days. Refinances are usually faster.
Q: Does NewRez do manual underwriting for special cases?
A: Yes, they may manually underwrite mortgages for self-employed borrowers or those with unique circumstances.
Q: Can I get pre-approved with NewRez on weekends or evenings?
A: Yes, their online system allows getting pre-approved 24/7. Or work with a loan officer on nights and weekends.
Q: What fees and closing costs does NewRez charge?
A: Application fee is $400. Origination fee is 1-2% of loan amount. Third-party fees apply like appraisal and title insurance.
Is NewRez Mortgage Right for You?
Consider a few key factors when determining if NewRez mortgages suit your home financing needs:
Loan Types – Review their wide variety of loan products from new purchases to refinancing options.
Interest Rates – Compare their competitive interest rates to other national lenders.
Closing Timeline – Assess if their average closing timeline aligns with your home purchase target date.
Customer Service – Gauge their level of customer service and support through online reviews.
Fees – Understand their origination fees, closing costs, and any discount points to buy down rates.
Application Process – Check that their application and documentation requirements fit your situation.
Doing your due diligence by comparing multiple lenders will help determine if NewRez is the right mortgage provider for your specific scenario.
- NewRez Mortgage offers a broad range of mortgage products including conventional loans, FHA, VA, jumbo, ARM’s, and refinance options.
- Competitive interest rates in line with industry averages for top tier borrowers across loan types.
- Minimum credit scores from 580-740+ depending on selected mortgage loan program.
- Downpayments as low as 3% on conventional loans or 0% for VA/USDA options.
- Smooth digital mortgage process with online applications and documentation.
- Consider NewRez alongside other lenders like loanDepot, Fairway, and Guaranteed Rate when shopping for your mortgage.
With extensive mortgage industry experience, NewRez can likely provide the ideal loan product and competitive rates to meet your specific home financing needs.