What is the maximum loan term for a mortgage refinance via New American Funding Mortgage Refinance?

The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. New American Funding Mortgage Refinance offers mortgages refinancing with terms ranging from 15 to 30 years.

What is the estimated funding time for a mortgage refinance with New American Funding Mortgage Refinance?

New American Funding Mortgage Refinance will typically approve (or deny) a mortgage refinance application within 72 hours and fund mortgage refinances within 7 days of approval.

Does New American Funding Mortgage Refinance charge prepayment fees?

No, New American Funding Mortgage Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does New American Funding Mortgage Refinance offer?

New American Funding Mortgage Refinance offers the following mortgage types:

• Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
• FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• FHA 203k: An FHA mortgage you can also use to finance home improvements.
• HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
• HomePath: Financing for the purchase and improvement of properties owned by Fannie Mae.
• Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
• Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
• USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
• VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does New American Funding Mortgage Refinance allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. New American Funding Mortgage Refinance allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties