Newrez Mortgages: Pros, Cons, and Ratings

Business Insider’s personal finance team recently conducted a comparison of Newrez to the best mortgage lenders in the industry. While Newrez offers fairly standard mortgage options, it falls short in terms of customer service, according to their findings.

Newrez stands out as a solid option for nontraditional borrowers due to its “Smart Series” mortgages. These include three non-qualifying mortgage options tailored for self-employed borrowers, real estate investors, and individuals with a rocky credit history. However, the lender ranks low in customer satisfaction and lacks transparency when it comes to rates.

In terms of ratings, Newrez received a 3.79 out of 5 from Business Insider’s personal finance team. The lender offers a variety of loan types, including conforming, FHA, VA, non-QM, and home equity loans. While it has competitive rates, it has received low customer satisfaction scores and faces criticism for its lack of rate transparency.

Overall, Newrez’s offerings cater well to nontraditional borrowers, but its customer service and rate transparency could use improvement. If you’re considering Newrez for your mortgage needs, it’s advisable to explore other options and compare rates with different lenders to ensure you’re getting the best deal.