NewFed Mortgage Review 2022

At a glance

NMLS: 1881

3.8

Rating: 3.8 stars out of 5

Bankrate Score

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

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

Min. credit score required

620 for conventional loans; 500 for FHA loans

Pros and cons

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. 

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

• 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