NewFed Mortgage Review 2022
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At a glance
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; flex-term; reverse mortgages
Available 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
Min. credit score required
620 for conventional loans; 500 for FHA loans
Pros and cons
- Wide range of loan options for borrowers of all types, including terms from eight years to 30 years
- Homes for Heroes program can save eligible borrowers in public-service professions up to $3,500
- Doesn't offer online approval process; you have to speak to a loan officer first
- Only licensed in some states
- Branch access limited to Massachusetts and New Hampshire
NewFed Mortgage overview
NewFed Mortgage is good for
Borrowers exploring a variety of loan options, including renovation loans, in the states where the lender operates
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.
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
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.
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.
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NewFed Mortgage consumer reviews
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Customer service rating
92% of reviews would recommend this lender
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TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from budgeting tips to bank account reviews.