In a Nutshell
- Immediate live chat
- Options for people of all credit standing
- Impossible to view loan rates online
- Slow customer service
NewFed Mortgage at a Glance
NewFed Mortgage provides home loans directly to the homebuyer, which means 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.
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
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.
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. NewFed has high reviews from consumers.
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, 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. A 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 caters to all types of homebuyers. Unfortunately, you won’t be able to do any loan shopping online, as NewFed doesn’t even provide average rate information on its website. The company could also benefit from a more prompt and reliable customer service. Nevertheless, past and present customers appear to have nothing but great things to say about this company, so you may just be able to fund your dream home with a bit of patience and diligence.
98 High Street
Danvers, MA 01923