NewDay USA Mortgage Interest Rate and Cost Review

Is NewDay USA a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by NewDay USA with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratehigher than average (+0.31%)
Loan Related Closing Costshigher than average (+$1073)
National Rate and Closing Cost Rating(1.5)
Websitehttps://www.newdayusa.com

On average, NewDay USA’s interest rates were higher than those of other lenders (+0.31%) for a comparable set of borrowers. Its average total loan related closing cost was higher than those of other lenders, with a difference of +$1073. Overall, combining interest rates and closing costs we estimate that NewDay USA tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 1.5 out of 5.0 stars.

NewDay USA’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track NewDay USA was most active in:

  1. Atlanta, GA
  2. Phoenix, AZ
  3. Las Vegas, NV
  4. Tampa, FL
  5. Los Angeles, CA

You can click through to check out NewDay USA’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

NewDay USA’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, NewDay USA originated FHA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesFHAVA
Interest Rate Difference+0.00%+0.03%
Loan Related Closing Cost Difference+$26+$175
Cost Adjusted Rate Difference+0.00%+0.04%
Star Rating(3.5)(3.5)
Refinance MortgagesFHAVA
Interest Rate Difference+0.03%+0.35%
Loan Related Closing Cost Difference+$103+$1215
Cost Adjusted Rate Difference+0.04%+0.43%
Star Rating(3.5)(1.5)

As a summary, NewDay USA is similar to other lenders for FHA and VA purchase mortgages. For refinancing, NewDay USA is similar to other lenders for FHA mortgage refinance. It is more expensive than other lenders for VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about NewDay USA:

Registered name: NewDay USA
Registered city and state: Fulton, MD, 20759
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for NewDay USA’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.