NewFed Mortgage Review

NewFed Mortgage at a Glance

NewFed Mortgage provides home loans directly to the homebuyer, which means that you are not required to go through NewFed Mortgage in order to be connected with a lender. Loan terms range from 8 to 30 years, and FHA loans are available for people with poor credit. FHA loans come with a small down payment of 3.5%. Jumbo loans are also available for things like vacation homes and real estate investments. 

Compare Best Mortgage Lenders

NewFed Mortgage Highlights

  • Mortgages available for primary residence and second home
  • Fixed rate, adjustable rate and FHA mortgages available
  • Live chat available to speak with a customer service rep

Pros

  • A live chat window immediately pops up, which is very convenient
  • Variety of loan options for people of all credit standings
  • Get approved for a mortgage loan without a third party

Cons

  • It’s not possible to view loan rates online
  • Poor customer service on live chat
  • The company doesn’t always contact you in a timely manner

Monthly Payments

Since NewFed Mortgage doesn’t provide specific lending information online, you won’t be able to compare monthly payments upfront. The homepage does offer a simple mortgage calculator, but unfortunately it requires you to already know your interest rate. Consumers Advocate, an independent consumer review provider, has given NewFed Mortgage a score of 9/10 for mortgage rates, and so reasonable monthly payments are likely available if you see the process through to the end. 

APR

Though you won’t find specific details upfront regarding APR or interest, the company’s reviews do suggest that borrowers are happy with the rates. Consumers Advocate has given NewFed Mortgage a score of 8/10 for mortgage-related fees. 

Interest Rate

Once again, the site’s biggest shortcoming is the fact that it doesn’t allow you to see even estimated rates and fees upfront. This puts NewFed Mortgage at a major competitive disadvantage as price shoppers are used to having a wealth of information at their fingertips. The company has excellent reviews, but most of us are looking for something more tangible.

Loan Term

Various loan terms are available to you, including 15- and 30-year fixed, adjustable rate with low initial payments, MassHousing Mortgage, FHA mortgages and Jumbo loans. 

Loan Features

Adjustable rate mortgages come with small loan payments for 1 month up to 10 years. MassHousing Mortgage is ideal for people with non-traditional credit. FHA loans are ideal for people with poor credit or who are buying a home for the first time, and they come with low down payment requirements. Jumbo loans are available for people who want high-priced homes or investment homes.

So, Should you Borrow with NewFed Mortgage? 

NewFed Mortgage has a lot of loan offers, and they seem to cater to all types of homebuyers, which is fantastic. Unfortunately, you won’t be able to do any loan shopping online, as they don’t even provide their average rate information on their website. They could also benefit from having more prompt and reliable customer service. Nevertheless, past and present customers appear to have nothing but great things to say about this company, and so you may just be able to find your dream home with a bit of patience and diligence. 

 

 

Advertising Disclosure

This site is a free online resource that strives to offer helpful content and comparison features to its visitors. Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented, and in some cases may also impact the rating that is assigned to them. To the extent that ratings appear on this site, such rating is determined by our subjective opinion and based on a methodology that aggregates our analysis of brand market share and reputation, each brand's conversion rates, compensation paid to us and general consumer interest. Company listings on this page DO NOT imply endorsement. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.

GOT IT

Top 5 Mortgage Loans