Newrez Mortgage Review 2025

Newrez overview

Pennsylvania-based Newrez is a mortgage originator and servicer that offers a variety of conventional, government-backed and specialty home loans and refinancing, with branches across the country. It was the nation’s ninth-largest mortgage originator in 2023, according to federal data.

Pros and cons of Newrez

How Bankrate scored Newrez

Affordability: 5/5

Newrez offers low-down payment options and often at below-market rates. The lender also participates in affordable housing programs. It scores a perfect 5 out of 5 stars for affordability.

• Interest rates: Newrez’s mortgage rates were below Bankrate’s average at the time of this review. You’ll need to submit contact information to view your individual rate, however.
• Down payment: Newrez offers conventional loans with as little as 1 percent down and FHA loans with a minimum 3.5 percent down. There’s no down payment requirement for VA and USDA loans.
• Closing costs: Newrez charges an origination fee plus a processing/underwriting fee.

Availability: 5/5

Newrez offers the full suite of home loan products to eligible borrowers nationwide, including non-typical loans for investors and business owners. The len der scores 5 out of 5 stars for availability.

• Home loans offered: Newrez offers conventional, jumbo, FHA, VA and USDA mortgages, as well as non-QM options and home equity loans.
• Footprint: Newrez works with qualified borrowers across all U.S. states.
• Where to find: You can apply for a mortgage with Newrez online, by phone or in person at a branch location.

Borrower experience: 3.9/5

Newrez lands a lower borrower experience score — 3.9 out of 5 stars — due to limited tech conveniences, below-average J.D. Power rankings and a lack of rate transparency.

• Preapproval and application process: You can begin the prequalification or preapproval process with Newrez online. From there, you’ll be connected to a loan officer.
• Transparency: Newrez requires you to contact the lender directly to get a personalized rate quote.
• Customer service: You can reach Newrez’s customer service team at 888-673-5521. The lender provides many points of contact: in person, as well as by phone, email, online form and chat, and text message.

Newrez reputation

Newrez is accredited with the Better Business Bureau and has an A+ rating from the organization. It doesn’t score as highly with J.D. Power, which rated the lender below-average for customer satisfaction in both mortgage origination and servicing in 2024.

Newrez special offers

Rezsource 1 percent down program

Conventional loans require at least 3 percent down, but some borrowers might be eligible to put just 1 percent down through the Rezsource program. This program covers up to $5,000 for a down payment. 

‘Smart’ non-QM loans

Newrez offers three non-QM loans:

• SmartEdge: For jumbo loan borrowers up to $3 million, this option allows for a credit score as low as 660 and a debt-to-income (DTI) ratio as high as 50 percent.

• SmartSelf: For borrowers with non-W-2 income, this option allows you to borrow up to $3 million with qualifying bank statements. 
• SmartVest: For real estate investors with more complex finances, this option allows you to obtain a loan using cash flow rather than DTI ratio.

Refinancing with Newrez

Newrez offers both rate-and-term and cash-out refinancing options. 

How to apply for a mortgage with Newrez

You can apply for a mortgage with Newrez in person at a branch location, online or by phone at 888-673-5521.