NewDay USA Reviews

I am retired from the military (retired at the age of 37) and was very reluctant to go with this company after reading the numerous negative reviews. I even pulled out of requesting a cash-out refinance after reading the reviews, but Daniel Campanaro called me and convinced me to give them a try (and I'm not easily persuaded).

The bottom line is this: I am closing tomorrow, paying off four debts and receiving a sum of money as well because of the equity I have in my home. The VA appraiser is being paid by them, and this was all done within 30 days. The fees may be a little high, but they have done what they said, and I was informed about each step. I sent paperwork and answered questions as soon as I was asked, and there have been no real issues.

These negative reviews are crap in my opinion. I see where some complain because the VA appraiser requested repairs, but this isn't new day's fault, I mean seriously? Then those that didn't qualify, had a tight budget, on fixed income, etc. If you don't meet the qualifications, they can't GIVE you a loan just because you are a veteran. I call BS on most of the complaints I've read. I know everyone's situation is different, but I almost declined these guys because of these reviews. It goes to show you that you have to read between the lines.

My case wasn't without some things to get through either. I don't ever do reviews unless I get totally screwed, but had to say my piece about these guys. I was very pleasantly surprised. Yeah, they are making money off of me, but that's what businesses do, and I'm happy, so I have nothing negative to say.

Some folks implied that they were barely making it and thought that with the commercial and them being a veteran that NewDay could work miracles, but that's unrealistic. They aren't a charity. And no, I have no affiliation with them at all, just being truthful about my experience and opinions after reading the negative reviews. Daniel C is a straight-shooter and made this process fairly easy.

Bottom Line: Yes, I would recommend this to a friend

We applied for a VA Refi trying to consolidate other bills. The rep was always there if we had any questions. My husband was a veteran as well as servicing the public up to his retirement as a Baltimore City Firefighter.

We had passed the credit check and had sent over some personal information that was requested. Like I said the representative was always there to answer any question. When we received the docs from them - disclosures along with the estimated closing sheet - that is where the problem became clear.

With the paying off of the mortgage also funding our escrow the numbers still seemed way too high. When we called the representative we wanted to know why we had to pay to bring down the rate. The rate we were quoted was 4.75%, that was higher than our credit union which offered 3.25%. But the real problem was the 1.5% to the tune of $4300 extra to buy down the rate so it was not 4.75 but 5.25%. Using Veterans is unforgivable.

Bottom Line: No, I would not recommend this to a friend

If you are a business owner don't tell them about your business because they will factor in all your business losses and make it look like you make nothing when in fact you bring in close to $200K a year (separate from business) and are sitting on $160K in equity yet somehow the business loss from your Corporation, a separate entity, somehow means that you don't make enough to qualify for a loan that you can more than afford to repay.

Bottom Line: No, I would not recommend this to a friend

These people have one thing in mind and that is to charge you as much as they can. Their fees are so outrageous that I am quite certain the Government will step in. They are a sales organization and send your loan to a mortgage lender and that is why it takes so long to close.

Bottom Line: No, I would not recommend this to a friend

I was attracted to NewDay 100 by the TV ad featuring Admiral Lynch. That guy is really good at what he does. I was convinced that if at all possible I would do business with NewDay because they truly want to help veterans. I'm not in a big rush to refinance because I have a good interest rate now and my only purpose in refinancing is the lower monthly payments so when I die (I'm almost 90) the house payments would be a little easier for my daughter. I have talked with a number of lenders and have gotten some reasonable offers.

The first time I tried NewDay 100 was about four or five months ago. At that time they were not licensed to do business in Nevada. Somewhere I heard that they were doing business in Nevada and I call them about a week ago and was able to reach a salesman who told me that now they are able to do business in Nevada. Since I have been shopping mortgages for some months now, I know exactly what I want and don't need to play with a lot of options. I currently have a 3.785% 30-year conventional loan. My credit is an average of about 760. Other lenders have quoted me anywhere between 3.00% and 3.25% with no points.

I gave that requirement to the NewDay agent on the phone. He wasted about an hour of my time going over each item on my credit report and having me set up an Excel spreadsheet which did nothing. He kept probing for other emergency funds and other accounts in which I had money. I have never had a mortgage lender ask questions in that area. I don't think they should because their collateral is the house. The only thing he would tell me is that they would pay for the appraisal which as I recall was going to be $500.

Anyhow, that call took place about 2 p.m., he asked me if I would be home at 8 p.m. that evening and he would call me back. I never received any call from him. But about two days later I got is the proposal which ended up in the trash about two minutes later.

I will never do business with these guys. I don't know if they are running a scam or not, but I know that there is something wrong with their operation. And that operation is not the veteran-friendly operation that Admiral Lynch fronts for. I fear for people with no experience in this area. One thing is to do comparison-shopping. It's easy to get them calling. Don't settle for the first one who calls you.

Bottom Line: No, I would not recommend this to a friend

I applied for a VA refinance with NewDay and several other lenders. NewDay's fee was $5000 more and interest rate a full percentage point higher than any others. Their ad implies that 100% financing is special, but that is standard for VA loans. They imply you may save $640/month on mortgage payments, but that assumes you will get cash out and pay off other loans and they include those reduced payments in the $640. They are not a friend of veterans.

Bottom Line: No, I would not recommend this to a friend

My husband is a Vietnam Vet and as such was suppose to be entitled to a "free" home inspection in the qualification process. NOT! NewDay USA charged us $400 to inspect our home. They lie in their advertising on Television about giving Vets "Free Home Inspections". That was one of the reasons we went with NewDay. They are "suppose" to be on Veteran's side in home loans. Not only did they charge us for our home inspection but after they had our loan for 6 or 7 months, they SOLD our loan to Freedom Mortgage. If we had wanted to go with a different mortgage lender we would have looked for somebody else in the first place. We feel betrayed and like suckers for believing NewDay's hype on Television. They're not veteran's friends. They're veteran users. Don't believe anything these people say. After we closed on our loan, we couldn't even get our loan officer to return a phone call. It was like we didn't even exist. NewDay USA turned out to be the worst company we could have picked.

Bottom Line: No, I would not recommend this to a friend

I am a Vietnam veteran. I turned to NewDay USA for help. What did I get? Rejection! So I had to turn to somebody else.

I had hoped to get with A veteran org but I guess I'm not Veteran enough. And having to watch NewDay USA's commercials now day after day makes me sick to my stomach. It seems to me that they're only there for certain Veterans, they should add that to their commercial.

They need t stop making us feel like they're there for all of us, when they're only there for a selected few. Thanks for nothing.

Bottom Line: No, I would not recommend this to a friend

NewDay talks a big game on TV, but in my experience, the organization is not for vets at all, at least, not all vets. As a Vietnam vet, retired, I approached NewDay about refinancing after seeing the TV ad. I was turned down given my retired status/fixed income. It is clear to me that while NewDay may help "select" vets, helping vets is not its primary concern. On the other hand, Veterans United did in fact, assist me in purchasing a home. To all those who have been shamed by NewDay, turn to Veterans United. They are indeed motivated to assist vets, not just the "select" few.

Bottom Line: No, I would not recommend this to a friend

My husband and I have been trying ways of keeping our home. Wells Fargo wouldn't give us a modified mortgage because we DIDN'T miss any payments. So when we saw the commercial for NewDay USA, with my husband being a Navy vet, we thought that this would be an answer to our prayers. NOT! After loads of paperwork, and I do mean loads, our home had to come in a certain amount. We were not looking for getting any money out of it, just to lower our monthly payments. Well, our home didn't come at the value that was required to get the loan, though other homes in my area were at that range requirement. The percentage was higher than other lenders, but their sales pitch was to look out for our Vets. No way! Our loan would have been approved if we forked over $25K to bring our home up to the value requirement. Really? Look out for Vets...that is a total farce. So in the meanwhile, we're scraping by. Thank you NewDay USA for NOTHING.

Bottom Line: No, I would not recommend this to a friend

I contacted NewDay USA on the 30th of August, 2016 online to gain some basic information about a mortgage refinance. Before my fingers left the keyboard I received a phone call from a very aggressive salesperson. He was relentless in his sales pitch and would talk over my questions.

I had difficulty in gaining his attention. I asked him repeatedly to discuss figures with me but he wouldn't. He kept insisting on discussing figures on the phone with me and my wife, which I declined not wanting to subject my wife to a refinancing negotiation (I let him know earlier that I was the only one requesting the refinance).

I asked that he send me numbers via email so I would have the chance to digest them; he was relentless in insisting that we discuss it over the phone with my wife included.

The salesperson sent me an email stating that his company could provide a good deal for me and wouldn't be wasting his time if he couldn't.

I could write much more about my experience. In short, it was condescending, patronizing, disrespectful, unsympathetic predatory. Not at all what I expected after watching their TV advertisement.

NewDay USA's obvious target market is enlisted military members and that concerns me. I would appreciate any info anyone has about this company

Bottom Line: No, I would not recommend this to a friend

Well I've read a lot of reviews about NewDay USA and compared to our current mortgage lender (Wells Fargo). New Day shines bright compared to them. We went to closing in just 3 weeks from the time they received all our documents. We got 100% financing on a cash out loan at 4.25%. We were going on 4 months with Wells Fargo trying to close on a loan that would give us only 90% of home value at 4.25%.

I see a lot of people suggesting to go to a long standing and well known institution for better service and rates, but we couldn't get that a Wells Fargo after being with them for 17 years and perfect payment record. We just closed last night in the privacy of our home and will be saving a little over $800 a month!

Please read reviews of other institutions before judging. Our other mortgage institution had far more bad reviews (apples to apples) than NewDay USA. We are very glad that we decided to give them a chance because they came through on everything they promised.

Bottom Line: Yes, I would recommend this to a friend

I am a Vet and I applied for to NewDay USA for refinancing. I didn't qualify because I live in a Condo and the VA is extremely strict on Condo refinancing. The requirements are way too strict for the amount of paperwork that's needed. The paperwork that's needed is far way more than needed for a home. Condo Association didn't have the time to gather all the requirements. My credit checked out and my income was fine. So, because of all these documents that the VA needed, I couldn't get approved. So because you are a VET and you are credit and income worthy, that apparently doesn't account for nothing.

Bottom Line: No, I would not recommend this to a friend

Applied for VA refinance loan. I am retired, have plenty in the bank to pay off my home or mortgage if I want to, but for tax and liquidity reasons prefer to just refinance. Amy A. pulled my TransUnion credit score which was over 800. She needed one more score but I had to remove the freeze on one of them (Experian or Equifax). Executed temporary unfreeze for 24 hours from Aug 9-10, called her and let her know. On Aug 11 I get a voicemail from her stating that because she still can't pull a 2nd report, she will have to put my application on hold. I called her back and asked her if she had attempted to contact me to let me know there was a problem so that I could call the credit bureau that I had paid a fee to to unfreeze my report. She hesitated, then said she had (I later searched my phone and found no missed calls or voicemails from her). The subject of my lack of employment came up again in the conversation. I asked her if that was going to prevent approval even if the other report comes back with a credit score over 800 and she said yes. I told her that this would have been helpful to know before wasting my time (and the money I paid for the Experian fee). She stated that it made no difference how much money I have in reserve, as they would only consider actual "income". On a side note: in my research for another lender I learned that there is NO INCOME REQUIREMENT for VA IRRRL loan.

Bottom Line: No, I would not recommend this to a friend

I do not recommend this company. I am a retired officer and 25-year veteran of the United States Air Force. I tried refinancing my house through NewDay USA in June of 2016. I was denied outright. Not even a, "Let's see what we can do."

On July 20, 2016 I was approved through another mortgage company.

New Day USA states in its commercials it will give a "Veteran a hand up." Do not believe this. Zero star rating.

Bottom Line: Yes, I would recommend this to a friend

The absolute worst company ever! My refinance took almost 6 months due to repairs they claimed the appraiser deemed necessary. After spending thousands of dollars to repair my AC unit outside, some TILE I had put down after I purchased the house, ceiling tiles, and several minor issues, I was told by the appraiser that he never said ANY of that needed to be repaired. And as a matter of fact, the VA didn't even require a house to have AC, just heat! They claimed to be saving me money but in reality my interest rate went up and so did my monthly payment. I'd NEVER recommend these crooks to anyone.

Bottom Line: No, I would not recommend this to a friend

NewDay USA are sponsors of Fox. This is a total scam against our veterans to get your money from the low informed people who don't understand what's going on because they listen to the media instead of researching themselves to find the real truth. Do not believe that NewDay USA is going to do anything special for you.

Bottom Line: No, I would not recommend this to a friend

Newday USA's prices are predatory and clients need to know what isn't stated. I was told that for over $4,000 I could reduce my interest from 4.75 to a 4.25. Or I could keep the money and get a 4.75. I was baffled so I called a local mortgager whom I should have gone to first and I was locked in a 100% VA loan at 3.5% immediately. Newday USA is charging a fee to reduce the interest, then a fee to service the loan, and their interest rates are inflated to line their pockets. Normally, a mortgager doesn't amp up the interest you qualify for based on credit and normally makes their up front profits off of the lending fees. Newday USA is predatory and greedy. Go to your local mortgager.

Bottom Line: No, I would not recommend this to a friend

Was just interested in getting a good faith estimate. Instead was sent a lengthy application full of unnecessary information and told that I needed to apply for a loan before they could give the GFE.

Shouldn't have wasted the little time I spent doing the inquiry. I would recommend you don't either unless you don't care about applying for a loan you might not even use.

Bottom Line: No, I would not recommend this to a friend

I am so happy I chose NewDay. As many American's, I went through a very stressful financial situation back in 2009. I don't have great credit; Fair is a more accurate description. I had an existing home loan with can interest rate that continued to grow year after year. I was turned down by other lenders for a Refi, but NewDay approved me. I closed my loan in just over 30-days (application to closing). I paid down my debt, got cash out for some home improvements and have an interest rate less than I was paying and a monthly mortgage that is less than I was previously paying. Yes I have to start the 30-year loan over; I had been making payments on my previous loan for 10-years. However, I have less debt now and a monthly payment that is more manageable. NewDay saved us a great deal of money. Closing costs were $20k, but a small price in my eyes for the freedom we now enjoy. Thank you very much NewDay.

Bottom Line: Yes, I would recommend this to a friend

They claim they are all for the veteran. Such BS. They charge more than your local bank would, their paperwork is unbelievably anal, they make you do most of the work, and you end up with a bad loan. I'm now stuck with a check for $1500.00 payable to someone I owe no money to and with no way to use the check. I was immediately contacted by no less than six lenders who pointed out that they could lower my interest rate using the same appraisal and verifications. I know have a much better loan but am still setting here with the useless $1500.00 check.

They should be investigated for elder abuse.

Bottom Line: No, I would not recommend this to a friend

I recently started a cash out VA loan process with NewDay USA. While they tell you all the things you DO NOT have to pay for (most you won't pay with any lender), they were charging me two points, and an origination fee. Total closing was $15k. $6,000 of which was based on appraisal and a 4.75% interest!

I called a broker we used before and locked in 3.5% with no points and no origination fee. $13k back at closing, payment over $200 less per month.

Run from NewDay USA! That is what my broker said.

Bottom Line: No, I would not recommend this to a friend

I just finished refinancing my house with NewDay USA. I am pleased with the process. I was skeptical to go with this company after reading some of the reviews but contacted them by phone and discussed some options. I also contacted several other companies. NewDay USA was straight up on the first phone call about what they would do for me while the other companies all wanted to know what the last company said they would do. I went with New Day USA and am pleased I did.

They do require a lot of paperwork but nothing that seemed unreasonable. The process did take over 60 days but I did not feel it was being "dragged" out on purpose.

My account manager was Chris Khokhar and was helpful over the phone and was always available if I called.

The closing went smooth with no surprises.

I am a Veteran with the US Navy and they constantly emphasized their appreciation for my service.

Looking back on the experience with the question, “If you had to do it all again with New Day USA, would you?” I can say yes.

I hope this review helps someone and if it does I hope their experience is equal to mine.

Bottom Line: Yes, I would recommend this to a friend

I am a retired veteran with a credit score over 760. My 'loan officer' Andrew Engel (more like snake oil salesmen) tried to sell me a loan at 4% interest with 1.5 points applied (over 3.5k), and an origination fee, after I responded to an offer in the mail offering a free appraisal.

A simple mortgage rate search put me in contact with a more reputable lending brokerage that provided me an interest rate of 3.25% with NO points applied.

The worst part, the 4% rate put me above the debt to income threshold and was going to be a headache of a process. At 3.25% I was under the threshold and it's easy as pie.

Do not allow this company to get one over on you! What they are doing may be 'legal' but it sure isn't ethical.

Bottom Line: No, I would not recommend this to a friend

This company is the worst mortgage company I have ever dealt with.

I applied for a VA loan in August of 2015 and all the paperwork was in within 5 days on my end. All I got from them was more and more paperwork containing updated material such as bank receipts, VA pension documents, etc. over and over again. Every time I tried to get in touch via email or phone, they never got back to me. Here it is, February of 2016 and they are asking for more updates of the paperwork I submitted multiple times. And they're still asking more of the same documents. I finally had to cancel the loan because six months to get a mortgage, seeing I'm a VA home owner already, is ridiculous. Any veteran that uses this company beware, you will have nothing but the run around as I can attest to a Vietnam veteran.

Bottom Line: No, I would not recommend this to a friend

I am a veteran, 68 years old. I had been with Bank of America for 25+ years with a mortgage and I applied in 2014 for a refinance and was turned down.

I was retired with a good credit rating and we have our own successful business. I called NewDay and was pleasantly surprised with the fast and professional interaction. I was able to supply info by email and it was done in 30 days start to finish! I can't say enough good about my experience, I have worked with banks and mortgage companies for 40+ years and NewDay was by far the most efficient and professional.

After the first refinance, I was called 6 months later to inquire about an interest reduction refinance, and this was done in less than 30 days with no hitches.

I now have a mortgage with less interest than I have paid in 40+ years of dealing with banks and finance companies.

I highly recommend them as a mortgage company for veterans, as it is owned by veterans and helps veterans.

Bottom Line: Yes, I would recommend this to a friend

Friendly, helpful and easy. Mark was a great help making this loan so easy. The loan closed as promised. Lowered interest rate. They really took care of us, my husband was a veteran. Our mortgage was lowered, and we paid off credit cards. All this was done by phone. I would highly recommend this company. They also do loans for non vets. All I can say is thank you, NewDay USA.

Bottom Line: Yes, I would recommend this to a friend