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  Newrez Mortgage Refinance
Newrez Mortgage Refinance
in Mortgage Refinance from Newrez LLC · NMLS ID #3013
Unaffiliated

Newrez Mortgage Refinance

Unaffiliated
in Mortgage Refinance from Newrez LLC · NMLS ID #3013
SuperMoney Net Recommendation Score -89  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -89, equating to 1.2 on a 5 point rating scale.

-89

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly not recommended

1 user recommends
0 users are unsure
17 users don't recommend
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Highlights
Community Rating Strongly not recommended
Loan Amount $50,000 - $3,000,000
Loan Term (Years) 15 - 30 years
Number of Reviews 18

Newrez Mortgage Refinance Review

Newrez Mortgage Refinance is offered by Newrez LLC (NMLS #3013), a direct lender founded in 1996 and based in Fort Washington, PA. Newrez Mortgage Refinance is available in 50 states (and Washington, DC).

Key Takeaways

  • 5 different mortgage programs offered. Newrez Mortgage Refinance refinances FHA, FHA 203k, USDA, VA, conforming, and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with Newrez Mortgage Refinance.
  • Non-standard interest rates available. Newrez Mortgage Refinance only offers hybrid mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Maximum DTI ratio. Newrez Mortgage Refinance has a maximum debt-to-income ratio of 43%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by you monthly income and multiplying by 100.

Newrez Mortgage Refinance Pros & Cons

Pros Cons
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.

Newrez Mortgage Refinance FAQ

What range of mortgage balances will Newrez refinance?

Mortgage refinancing loans start at $50,000 and go up to $3,000,000

What is the maximum loan term for a mortgage refinance via Newrez?

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. Newrez Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.

How long does Newrez take to refinance?

Generally, it takes Newrez between 45 and 60 days to complete a refinance. Of course, this is just an estimate. The exact time will vary depending on the lender and the market.

Does Newrez charge a mortgage origination fee?

Yes, Newrez Mortgage Refinance will charge a loan origination fee.

What mortgage programs does Newrez offer?

Newrez 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.
  • 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 Newrez allow?

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

  • Primary home
  • Secondary homes and vacation properties
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Contact

Hours of Operation

  • Sunday Closed
  • Monday 8:00am - 10:00pm
  • Tuesday 8:00am - 10:00pm
  • Wednesday 8:00am - 10:00pm
  • Thursday 8:00am - 10:00pm
  • Friday 8:00am - 6:00pm
  • Saturday 9:00am - 5:00pm

Other Services by Newrez LLC

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
  • Non-Residents Through Entities Incorporated in the U.S.
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Income Statement
APR Starting at 3.458%
Loan Term 15 - 30 years
Loan Amount $50,000 - $3,000,000
Interest Rate Types Offered Hybrid Mortgage
Mortgage Programs
  • FHA
  • FHA 203k
  • USDA
  • VA
Terms 3/1, 5/1, 7/1, 10, 15, 20, 30 years

Newrez Mortgage Refinance Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -89, equating to 1.2 on a 5 point rating scale.

-89

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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