NewFed Mortgage Review 2023

Breakdown of NewFed Mortgage overall score

• Affordability: This lender offers a best-rate guarantee, but you’ll need to contact a loan officer for details specific to your situation.

• Availability: NewFed Mortgage works with borrowers in less than half of states, so be sure to confirm you’ll be eligible before seeking a preapproval.

• Borrower experience: You can initiate a request for a rate quote on the lender’s website, but its online experience is limited. 

Affordability: 3/5

NewFed Mortgage doesn’t advertise its rates or disclose lender fee information on its website. To learn what you might qualify for, you’ll need to connect with a loan officer first, which you can find easily online. Notably, NewFed’s affiliate Commonwealth Mortgage offers discounted rates and a $500 best-rate guarantee.

The lender also offers a no-cost closing mortgage option, which includes APR fees — like origination and application fees — as well as non-APR fees such as title costs. Additionally, both NewFed and Commonwealth partner with CMR Closing Services, LLC, to provide a discounted closing. 

Availability: 4/5

NewFed Mortgage is licensed to work with borrowers in Colorado, Connecticut, Florida, Illinois, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia and Wisconsin. It provides conventional loans as well as government-insured loans through the FHA, VA and USDA programs, along with construction loans and reverse mortgages.

Borrower experience: 4.3/5

NewFed Mortgage has been in business for more than 20 years. The lender isn’t accredited by the Better Business Bureau but has an A+ rating from the organization.

The lender doesn’t have a robust online presence, however. Its website primarily directs you to an application form that you can use to start the home loan process. You’ll fill out some basic information about the loan you’re looking for, then work with a loan officer to get preapproved for the right loan for your needs.

Refinancing with NewFed Mortgage

NewFed Mortgage offers refinancing but doesn’t provide many details about these programs online. If you’re interested in refinancing, you’ll need to fill out a basic application with loan details and wait for a loan officer to contact you. There’s no information on its website outlining refi rates or fees.

Alternatives to NewFed Mortgage

• eClick Lending mortgage review – Boasts quick closings
• LowRates.com mortgage review – Good for a variety of loan types and access to down payment assistance
• Garden State Home Loans review – A smaller lender ideal for an instant cost estimate

Methodology

Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

• Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
• Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
• Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate’s methodology page spells out our rating process in greater detail.