NewDay Financial/NewDay USA is an exceptional pick for those of you either looking for refinancing on an existing mortgage, reverse mortgaging or VA/FHA backed mortgages. NewDay emphasizes that their intentions are towards building our nation’s leading VA mortgage company serving America’s Veterans and their families. Providing for a large range of options to people of all credit backgrounds, NewDay Financial/USA does what a majority of banks/credit unions don’t and that’s to better serve men and women who have served or is currently serving in the military. Supporting our veterans with just as much effort as NewDay Financial is what I’d like to see from more mortgage lenders in the future.
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Table of Contents
NewDay Financial Mortgage In-Depth:
Even though NewDay Financial/NewDay USA does offer FHA, VA and standard mortgages, they currently do not offer conventional mortgage products. One thing I’d like to note is that they’re nation-leading providers when it comes to Reverse Mortgages. A reverse mortgage is a loan specified for seniors ages 62 and older. Typically Home Equity loans can be attached to reverse mortgage loans, allowing homeowners to convert their home equity into cash with no monthly mortgage payments. You should expect efficient mortgage processes from the get-go.
If you’re looking into refinancing, they offer some of the most competitive refinancing rates nationwide. From 100% cash-out options for consumers to working with Veterans Administration to provide the most optimal program designed to fit veterans mortgage needs. Their rates are highly competitive within the open market and they have programs designed to meet all credit histories, but if you’re looking for conventional mortgages, then it may be necessary for you to look elsewhere.
NewDay Financial Mortgage Summary:
- Apply Now
- Account Type: Conventional, jumbo, FHA, VA, USDA and ARM loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Closing Loan: Standard lock period is 30 days or less
NewDay Financial Mortgage Features:
- Refinance up to 100% of your home’s value including the mortgage balance, and get the money you need for your family and home.
- Take advantage of today’s low rates before they go up further.
- Zero down payment—your service is your down payment. Plus, Zero points options available and Zero PMI.
- Close in as little as 30 days after you’ve received home appraisal.
NewDay Financial Mortgage Basic Requirements:
Below are examples of supporting documents which may be included in a loan file:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
NewDay Financial/NewDay USA is your go-to for refinancing on an existing mortgage, reverse mortgaging or VA/FHA backed mortgages. Your loan could close in as little as 30 days after we receive your home’s appraisal. Their rates are highly competitive within the open market and they have programs designed to meet all credit histories, but if you’re looking for conventional mortgages, then it may be necessary for you to look elsewhere. If you have any comments you’d like to make about NewDay Financial Mortgage, we’d really appreciate a comment in the comment section below and as always, be sure to check out our Best Mortgage Rates!
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