Newrez Mortgage Refinance
Would you recommend Newrez Mortgage Refinance to your friends?
| Community Rating | Strongly not recommended |
| Loan Amount | $50,000 - $3,000,000 |
| Loan Term (Years) | 15 - 30 years |
| Number of Reviews | 21 |
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 are 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
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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
Contact
- Headquarters
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1100 Virginia Drive, Ste 125
Fort Washington, PA 19034 USA - (888) 673-5521
- Visit Site
Other Services by Newrez LLC
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- 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
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
| Employment Statuses Considered |
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| Immigration Status Considered |
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| Intended Use |
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| Joint Loan Applications Accepted |
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| Military Status |
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| Verification Documents Required |
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Newrez Mortgage Refinance Community Reviews
Would you recommend Newrez Mortgage Refinance to your friends?
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