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.
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.
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.
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.
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.
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.
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.