New Fed Mortgage/Commonwealth Mortgage Review 2020

By Mitch Strohm

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

New Fed Mortgage/Commonwealth

NMLS: 1881

Bankrate Score

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3.9

User reviews
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( 11 )

5.0

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

New Fed Mortgage is a full-service mortgage lender operating in multiple states throughout the country. It offers a wide range of loan options for borrowers with varying qualifications. Founded in 2000, New Fed Mortgage is headquartered in Danvers, Massachusetts. It's the parent company of Commonwealth Mortgage, which offers discounted rates and a best-rate guarantee — it’ll pay $500 if you can find a better deal at another lender. In 2017, New Fed Mortgage was named the best mortgage company in Massachusetts Banker and Tradesman newspaper.

Nationwide availability

Available in Connecticut, Florida, Illinois, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, Pennsylvania and Rhode Island

Minimum credit score

New Fed doesn't publish credit score requirements on its site. The score you'll need to qualify for a loan varies by loan type. These are generally the minimums for each loan type: 620 for conventional loans; 500 for FHA loans.

Loan types

Conventional, FHA, VA, USDA, fixed-rate and adjustable-rate (ARM); refinancing options include rate-and-term refinancing and cash-out refinancing; also offers reverse mortgages

Pros

  • Wide range of loan options for borrowers of all types
  • Borrowers choose mortgage terms from eight to 30 years
  • Low mortgage rates

Cons

  • Doesn't offer online approval process; you have to speak to a loan officer
  • Only lends in 10 states
  • Branch access limited to Massachusetts and New Hampshire

Find your mortgage match

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New Fed Mortgage/Commonwealth overview

Loan types

  • Conventional
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate (ARM)
  • Refinancing, including rate-and-term refinancing and cash-out refinancing
  • Reverse mortgages

Lender fees

New Fed and Commonwealth offer a no-cost closing option, which includes fees in APR — like origination and application fees — as well as non-APR fees such as title costs. Both New Fed and Commonwealth partner with CMR Closing Services, LLC, to provide a discounted closing.

If you’d like to lower your obligation at closing, keep in mind that there are several mortgage programs that can help as well. FHA, VA and USDA loans may provide the option to wrap closing costs into your mortgage.

Minimum borrower requirements

New Fed Mortgage doesn’t publish borrower requirements, but you can generally expect it to follow Fannie Mae’s underwriting guidelines for conventional mortgages. It takes a credit score of 620 or higher to qualify for a conventional loan. You’ll also need a down payment of at least 3 percent and a debt-to-income ratio (DTI) of 43 percent or lower.

FHA loans generally require borrowers to have a credit score of 500 or higher, a DTI of 50 percent or lower and a down payment of at least 3.5 percent. VA loans don’t have a down payment or minimum credit score requirement, but you’ll typically need a FICO score of 620 or higher.

Other mortgage lender reviews:

Get started with New Fed Mortgage/Commonwealth

Borrowers apply in person, online or by phone. If you apply online, a representative will contact you.

Hours

Monday - Friday: 9 a.m. - 5 p.m. EST Saturday: Closed Sunday: Closed Branch locations: Hours vary Contact: 877-639-3331

New Fed Mortgage/Commonwealth consumer rating and reviews

5.0 reviews
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91% recommended

Customer Service Rating

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
0 out of 0 rates honored
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(11 reviews)
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The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 8 of 8 Reviews
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Luis
Virginia

12/24/2019

Excellent service

Mike was able to provide an excellent service. All questions were answered in a timely manner and closing well smooth

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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MM
MA

1/19/2020

Thank you!

Job well done, would do business with again.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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MRB
NH

1/21/2020

Closed!

The rate and closing costs were the best available. Everything was super simple and any questions were addressed the same day. Julie was great to work with. Thank you!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Tim
Massachusetts

2/4/2020

Great experience, great rate, would use again

Mike Demers at NewFed was great to work with. Their rates were great, service was phenomenal and their responsiveness was top notch. Mike was not pushy yet he was informative and made me feel comfortable working with him. I would and already have recommended him to friends and family.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Mike
Woburn

5/14/2020

Lowest Rates, Best Service

Julie is an outstanding loan officer who I've recommended to others. The rates and zero closing costs are so appealing. I recommend.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Chris
North of Boston

5/28/2020

New Fed helped me out

Best rates around , by far. Julie worked with me to get the job done. during some very stressful times with the economy and the stock market . Very happy and satisfied

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
No
Mortgage closed:
Yes
Closed on time:
Yes
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Edward
Schaumburg, IL

6/11/2020

Best rates and experience

Had another great refinance experience with Julie and the NewFed team. This was my third time refinancing with them, and they have consistently offered the best rates and the process is as easy as it can be. I'm glad that they do business in IL.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Mike Demers
Methuen, MA

8/28/2020

Excellent

I am glad with the entire process with Mike Demers. The most part for me was the timely response.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes