Last Updated: 06/17/2025
Newfi Mortgage Refinance
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Last Updated: 06/17/2025
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Highlights
Credit Score Range
N/A
Amount Range
Up to $2,000,000
Loan Term (Years)
15 - 30
Newfi Mortgage Refinance Review
Newfi Mortgage Refinance is offered by Nexera Holding LLC dba Newfi (NMLS #1231327), a direct lender founded in 2014 and based in Emeryville, CA. Newfi are available in 9 states.
Key Takeaways
- Wide selection of mortgage programs offered. Newfi Mortgage Refinance refinances FHA, VA, jumbo, conforming, and conventional mortgages.
- Financing for single-family and multi-family properties. However, Nexera Holding LLC dba Newfi does not offer financing for manufactured homes.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
Newfi Mortgage Refinance Pros & Cons
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Newfi Mortgage Refinance FAQ
What is the maximum loan term for a mortgage refinance via Newfi?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Newfi Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.
How long does Newfi take to refinance?
Newfi does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Newfi charge a mortgage origination fee?
Yes, Newfi Mortgage Refinance will charge a loan origination fee .
Does Newfi charge prepayment fees?
No, Newfi 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 Newfi offer?
Newfi 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%.
- 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.
- 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 Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
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