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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Newrez's loan


How to apply

To apply for a mortgage loan with Newrez, LLC, you have to:

  • Open their main website page, which is reviewed by the New York Department of Financial Services. Click the Apply button.

  • Enter information about the property.

  • Make a registration, and then confirm via your email. This will allow you to log in.

  • Next, you will be required to provide information about your position: the part-time employee and your employer, as well as about sources of income.

  • Your social security number and date of birth must be specified to authorize the credit check. Click Send and wait for website approval.


To apply for a loan, you should be at least 18 years old and a US citizen. The company puts forward the following requirements to borrowers:

  • Work experience of at least two years.

  • The minimum FICO score is 620 for regular loans or 580 for an FHA loan.

  • No bankruptcy in the last two years.

  • The debt-to-income ratio should be 43% or less.

Some loan programs don't have income maximums. However, your mortgage lender will review your income to determine what monthly payment you can afford. Typically, lenders require 24 months of consecutive employment, preferably within the same company or industry.

Application details

The New York Department of Financial Services is reviewing the website. By online application, you need to provide the following information and documents:

  • Identification card;

  • Payment receipts for the last period;

  • Tax returns for the last period;

  • The latest W-2 or 1099s;

  • Your bank statements for the last year;

  • Your assets and liabilities are required in a separate list.

While your approval pending, mortgage professionals carefully check your information. Before financing your loan, you may be required to provide copies of various documents that are not included in the general list. All this may take time before your loan process begin.

There may be different reasons for rejection to issue a loan. Your insufficient credit rating or non-compliant debt-to-income ratio may interfere with your benefits.


What credit score do you need for Newrez?

Your credit score must be 620 for regular loans or 580 for an FHA loan.

What are the requirements for Newrez?

Newrez lenders request a FICO score of at least 620 for a regular loan. The debt-to-income ratio (DTI) and the availability of the desired home is an important factors as well. The preferred DTI ratio is 43% or less. You must have had no history of bankruptcy in the last two years.

How long does it take Newrez to deposit?

Newrez does not share its information openly. All operations are individual. However, it is known that refinancing, for example, takes from 45 to 60 days.

Calculate loan payments in Newrez

Newrez calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

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Loan term

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What to focus on before applying for a loan with Newrez

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Newrez and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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