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  NewRez Mortgage Refinance

NewRez Mortgage Refinance

in Mortgage Refinance from NewRez LLC · NMLS ID #3013

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NewRez Mortgage Refinance

Unaffiliated

in Mortgage Refinance from NewRez LLC · NMLS ID #3013

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Highlights
Highlights
Community Rating

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In our efforts to provide the community with the most accurate information, recommendation rating is not determined until a sufficient number of SuperMoney users cast their vote
Loan Amount $50,000 - $3,000,000
Loan Term (Years) 15 - 30 years

NewRez Mortgage Refinance Review

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

Key Takeaways

  • Mortgage programs available. NewRez Mortgage Refinance refinances FHA, FHA 203k, HARP, USDA, VA, conforming, and conventional mortgages.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with NewRez Mortgage Refinance.
  • Interest Rate Types. 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 refinance loan 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 and Cons:

Pros Cons
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.
  • No co-sign option.

What range of mortgage balances will NewRez Mortgage Refinance 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 Mortgage Refinance?

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 mortgages refinancing with terms ranging from 15 to 30 years.

Does NewRez Mortgage Refinance charge a mortgage origination fee?

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

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

Feature Breakdown

Intended Use
  • Investment
  • Primary Home
  • Secondary Home
APR Starting at 3.458%
Loan Term 15 - 30 years
Loan Amount $50,000 - $3,000,000

NewRez Mortgage Refinance Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

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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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