Newrez mortgage review: Multiple mortgage options, but little transparency

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Newrez mortgage loan at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loan: Yes
  • Adjustable rates: Yes (5/1, 10/1, 5/6m, 7/6m, 10/6m)
  • Fixed rates: Yes (10 to 30 years — can be customized)

Newrez bills itself as one of the “largest non-bank mortgage originators” in the country. Formerly known as Penn Financial, the company was acquired by New Residential Investment Corporation in July 2018 and rebranded as Newrez LLC.

As a national mortgage lender, it offers a range of mortgage options, including government-backed loans such as FHA loans, as well as conventional loans and specialty loans.


  • Offers government-backed loans
  • Multiple refinancing options


  • No upfront info about rates
  • Must work with a loan officer

3 things to know about a Newrez mortgage loan

Though Newrez has a section on its website discussing mortgage rate topics, the lender doesn’t give specifics on current interest rates for its mortgages or other terms. Instead, the page offers general info about factors that can affect your mortgage rate, such as your credit scores or debt-to-income ratio.

To get detailed information about rates, loan amounts and available loan options, you must speak with a loan officer. That might be frustrating if you want an idea of Newrez’s possible options before engaging with the lender.

1. Multiple loan options

Newrez has multiple home loan options, including government-backed loans, conventional loans and jumbo loans.

New homebuyers and people who want a lower down payment can use Newrez to apply for an FHA loan, and eligible military-affiliated house hunters can apply for a zero-down VA loan. Newrez also offers conventional fixed-rate and adjustable-rate mortgages. 

The lender allows some mortgage terms to be customized. Instead of only offering mortgage terms of 15 or 30 years, Newrez allows more options on fixed-rate mortgages with loan terms between 10 and 30 years possible.

2. Multiple mortgage refinancing options

Current homeowners may be interested in home refinancing. Newrez refinance loans include options to apply for a lower interest rate, a different loan term or a cash-out refinance loan.

But while these options are mentioned on the site, there’s no other information — other than a calculator tool to run different scenarios. You’ll need to speak to a loan officer if you want to find out more about these options before starting an application.

 3. Financing available for investment properties

Newrez has a range of niche and specialty loan products for people looking for conventional loans to purchase real estate as investment properties. Whether you plan to buy and rent out a single-family home or a multi-family unit, Newrez might have financing options for you to consider.

Who is a Newrez mortgage good for?

Newrez could be an option for first-time homebuyers who aren’t sure what kind of mortgage to apply for — the lender offers conventional and government mortgages. It may also work for those who want to work with a lender rep rather than having a fully online experience.

But if you just want to compare rates, it’s probably not a great choice. You can probably find a more streamlined loan process or fully online experience elsewhere.

Newrez loans are available in all 50 states and Washington, D.C.

How to apply for a Newrez mortgage

If you decide to apply for a loan through Newrez, you can submit information through its prequalification form. It will ask you questions about your desired home, location, employment, and income.

After submitting your information, a Newrez loan adviser will contact you to discuss your loan application and any available options.

In its guide for homebuyers, Newrez recommends that you have the following documents on hand before applying:

  • Tax returns and W-2 forms from the past two years
  • Most recent paycheck paystubs
  • Recent statements for checking accounts, saving accounts, retirement accounts and other investment accounts
  • Driver’s license

Not sure if Newrez is right for you? Consider these alternatives.

It’s best to shop around to find the best mortgage lender for you. But keep in mind that you have a limited window of time where multiple hard credit inquiries by lenders only count as one inquiry on your credit reports, minimizing the impact to your credit scores. In general, you have 14 days to get quotes from mortgage lenders, but the window may be longer depending on the scoring model used.

  • Bank of America: Existing Bank of America customers may qualify for a lower origination fee.
  • Better: Borrowers who want an online mortgage process can apply through Better’s fully digital platform.

About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on helping people pay down their … Read more.