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Newrez mortgage review

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Minimum credit score
Conventional: 620
FHA: 580
Minimum down payment (Conventional)
State availability
Available in all states


A top originator of home loans across 50 states, but customer reviews of the company are mixed.

Do you prefer a lender that doesn't require face-to-face meetings? If so, Newrez may fit the bill. Newrez handles all aspects of your mortgage application online or over the phone, and if a notary is needed, it'll send one to your home or business.
But its selection of home loans is basic, offering only conventional, FHA and VA loans and an investor loan. You won't find any specialized loans like jumbo loans, renovation or construction loans or reverse mortgages here.

Nor will you find any home equity loans or home equity lines of credit (HELOC). Instead, you can apply for a cash-out mortgage refinance with Newrez, but this usually involves more paperwork than a home equity loan or HELOC.
While its loan choices are slim, it appears that individual loan officers may be able to help you with customized lending solutions, including SMART loans for borrowers looking to consolidate debt.


  • Available nationwide
  • Relatively painless online application
  • Individual loan officers get high marks

  • No in-person branches
  • No home equity loans or HELOCs
  • Customer complaints

In this guide

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Loan products offered Conventional, FHA, VA, Refinance/Cash-out refinance, Investor loans
Minimum credit score Conventional: 620
FHA: 580
Minimum down payment (Conventional) 3%
State availability Available in all states
NMLS # 3013

​​Lending requirements are about the same as other lenders

Newrez presents itself as a middle-of-the-road lender, offering mortgages for average to high credit borrowers. It doesn’t advertise any special programs, like state programs for low-income borrowers or down payment assistance. If you’re a first-time homebuyer or have lower credit, your best bet will be an FHA or VA loan with the company.
As with most lenders, to qualify for a home loan with Newrez, you’ll want to show:

  • Two years’ history of employment.
  • A minimum FICO score of 620 or 580 for an FHA loan.
  • No history of bankruptcy in the past two years.
  • A debt-to-income (DTI) ratio of 36% or less.

Costs and fees are about average compared to competitors

While Newrez doesn’t list its fees online, we spoke with a loan officer who informed us the company charges a $1,250 lender’s fee. Also known as an origination fee, this fee may vary depending on the state.
While we’ve seen origination fees as low as $750, Newrez’s fee is pretty typical — although some lenders will completely waive these fees. Remember, you can always ask a lender to waive or reduce their fees, especially if you have a loan disclosure from another lender to negotiate with. They might be willing to reduce fees to get your business.
Also, expect to budget about 2% to 5% of your loan’s total amount for closing costs that typically include:

  • Credit report
  • Appraisal
  • Home inspection
  • Private mortgage insurance (PMI)
  • Homeowner’s insurance
  • Attorney’s fees
  • Title insurance
  • Escrow fees
  • Recording fees
  • Taxes

Newrez reviews are mixed with a fair number of complaints

As of July 2022, over 1,100 customers on the Better Business Bureau (BBB) website have given Newrez a 2.28 out of a 5-star rating scale. Accredited with the BBB since 2009, Newrez has an A+ business rating — but with 638 consumer complaints registered in the past three years.
Customer reviews of the company are widely mixed. While many customers have left glowing reviews of individual loan officers on the Zillow real estate website, hundreds of others on the BBB site and WalletHub have complained about months-long mortgage refinancing delays, rate locks unexpectedly expiring or terrible service.

5 steps to applying with Newrez

As with most lenders, we recommended calling Newrez directly on 888-673-5521 to get prequalified and determine if you want to work with the company before doing a full application online.
But if you’re ready to apply for a home loan with Newrez, follow these steps:

  1. Go to Newrez’s website and select the Apply button at the top of the page.
  2. Start the application by entering the property information and your personal information.
  3. Consent to registering an account, confirm the account from your email and log in.
  4. Provide coborrower information, your employer information and income sources and answer the government compliance and demographic questions.
  5. Enter your Social Security number and date of birth and authorize a credit check by selecting Submit.

If you’re ready to fill out Newrez’s online application, we’re happy to report that it has a minimum of forms and fields to fill, making it a lot less painful than other online applications we’ve encountered.

Documents you’ll need

When applying for a mortgage with Newrez, be prepared to provide the following information and documents:

  • Government-issued ID
  • Most recent pay stubs
  • Most recent tax returns
  • Most recent W-2 forms or 1099s
  • Recent bank statements
  • A list of your assets and liabilities

Alternatives to Newrez

Newrez isn’t the only lender on the block. There’s an entire range of lenders to suit a variety of homebuyer preferences. For example, if you’re after a fully digital mortgage experience with a minimum of hand-holding, Better, Rocket Loans and Beeline are popular choices for millions of Americans.
On the other hand, if you prefer to visit a local branch and bring in your paperwork the old-fashioned way, you might want to go with a lender like Guaranteed Rate, Freedom Mortgage or even a local bank or credit union.

Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
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Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Apply online for free and lock in your rate for 90 days.
Veterans United
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Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.

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