Where does Newfi do business?
Newfi is a direct lender based in Emeryville, CA. The company was founded in 2014 and offers mortgage refinancing to borrowers in 9 states across the USA.
What is the maximum loan term for a mortgage refinance via Newfi?
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. Newfi offers mortgages refinancing with terms ranging from 15 to 30 years.
Does Newfi charge a mortgage origination fee?
Yes, Newfi may charge a loan origination fee.
What mortgage programs does Newfi offer?
Newfi 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%.
- 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%.
- 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 Newfi allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Newfi allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
2200 Powell Street
Emeryville, CA 94608 USA
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Other Services by Newfi
- New Jersey
|Immigration Status Considered||
|Employment Statuses Considered||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||Up to $2M|
|Loan Term (Years)||15 - 30|