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Military Lending

Honoring the Military: Newrez’s Challenge Coin Initiative

Read Time: 1 Minute Date Published: October 31, 2024
Topics:
Military VA Loan Veterans

At Newrez, we are proud to serve those who have served our country. We aim to honor the Military and our Veterans in our words and our actions – that’s why we’ve launched our Challenge Coin Initiative.

Whenever a member of the Military or a Veteran closes a home loan with Newrez, their loan consultant can thank them with a challenge coin – a tangible token of our gratitude for their service and our appreciation of their trust in us.

What is a Challenge Coin?

The tradition of the Military challenge coin dates back to World War I, when a U.S. lieutenant had custom bronze coins made for his squadron. One of his pilots was shot down over Germany and managed to make his way to France, where he fell under suspicion of being a spy. The pilot showed his captors his coin with his flying squadron’s emblem to prove his identity, saving his life. Since then, challenge coins are presented to Military members as a mark of honor and recognition.1

Newrez is Military Friendly®

The Challenge Coin Initiative is a way for us to demonstrate that we don’t just say we are Military Friendly®—we live by it. When Veterans or active duty Military choose Newrez, they are choosing a lender that understands and respects their journey.

Showing appreciation to our Veterans and active duty Military is at the core of who we are at Newrez. We prove this not only through our lending practices, but our community service and donations in support of the Veteran and Military community. Newrez is committed to backing initiatives that enhance employment, financial readiness and mental health for those who serve.

To learn more about our commitment to serving those who have served, go to newrez.com/military.

 

Military Friendly® is a registered trademark of Viqtory, Inc. and is not affiliated with Newrez LLC.

References:
1 Challenge coins: A tradition of excellence, by Airman 1st Class Deana Heitzman, April 10, 2015

Disclosures

†By refinancing an existing loan, the total finance charges may be higher over the life of the loan.

††The rate on your existing mortgage will not change. The Newrez Home Equity Loan program requires borrower to obtain a second mortgage at current market rates. Loan amount based on underwriting guidelines. Minimum 660 credit score. Minimum and maximum loan amounts apply. Program financing only available on properties with one existing mortgage lien and subject to maximum loan-to-value ratio. Not available in all states or territories. Other terms and restrictions apply. Please contact us for more information.

^ This HELOC is an open-end line of credit, available on owner occupied properties, where 75% of the approved full credit limit (minus the origination fees) will be drawn at the time of closing. Additional draws may be available after a 90-day period within the first 3 years not to exceed the available credit limit. Actual rates available to you may vary based on several factors including your credit score and combined loan-to-value. Loan amounts range from $50,000 to $350,000. We may determine home value and resulting equity through independent data sources and automated valuation models. An appraisal may also be required. Only available for eligible borrowers and property types. Not all applicants will be approved, pre-approval is based on data you have provided and certain assumptions that must be verified and subject to underwriting approval. Not available in all states or territories. Contact Newrez for more information.

This is not a commitment to lend. All loan programs are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.