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NewFed Mortgage Review 2022

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At a glance

NewFed Mortgage

NMLS: 1881

3.8

Rating: 3.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; flex-term; reverse mortgages

Location

Nationwide Availability

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

Credit Good

Min. credit score required

620 for conventional loans; 500 for FHA loans

Pros and cons

Checkmark Pros

  • 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

Close X Cons

  • 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 a full-service mortgage lender operating in several states throughout the country. It offers a wide range of loan options for borrowers with varying qualifications. Founded in 2000, the lender is headquartered in Danvers, Massachusetts, and is the parent company of Commonwealth Mortgage, which offers discounted rates and a best-rate guarantee: It’ll pay you $500 if you can find a better deal at another lender. Note that while the lender claims it offers “speedy” closings online, it doesn’t state a precise timeline. Generally, closing times vary based on the complexity of the loan and other factors.

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. 

Methodology

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.

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

NewFed Mortgage consumer reviews

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NMLS: 1881

5.0

Rating: 5 stars out of 5

12 reviews

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Customer service rating

Knowledge
Rating: 5 stars out of 5
5.0
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Rating: 5 stars out of 5
5.0
Professionalism
Rating: 5 stars out of 5
5.0
Responsiveness
Rating: 5 stars out of 5
5.0

92% of reviews would recommend this lender

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Written by

TJ Porter

Contributing writer

TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from budgeting tips to bank account reviews.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor