Mortgages are available for owner-occupied primary residences and second homes. This includes single family homes, condos, 2-units,3-units, 4-units, and planned unit developments. Rental properties and tenancies-in-common (TICs) are not eligible.
All applicants must be U.S. citizens or permanent residents, and be the age of majority in their state of residence. Applicants must also reside in one of our eligible states. Mortgage eligibility also depends on a number of additional factors, such as credit scores, income, employment status, and property eligibility. Please review NewRate’s mortgage eligibility criteria for further details.
Please ask about our Foreign National Program if not a U.S. Citizen
We may require as little as a 1% down payment for well-qualified applicants. Maximum loan amount and program requirements apply.
Yes, qualified applicants may apply for refinancing and a minimum of 20% equity is required.
No, we do not require PMI on any of our jumbo loans. Borrower has option to elect Borrower-Paid mortgage insurance for a possible lower interest rate. We offer Lender-Paid Mortgage Insurance (LPMI) or Borrower-Paid Mortgage insurance for our agency loans with a Loan-to-Value ratio greater than 80%.
To check the rates and terms you qualify for, NewRate conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
To check the rates and terms you qualify for, NewRate conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
A pre-qualification is an estimate of how much you can borrow and the rates you may be eligible for (as determined using today’s rates), based on a preliminary review of your credit report and information you provided to us. With NewRate, there is no fee to get pre-qualified and we do a soft credit pull, which means it won’t affect your credit score. A pre-approval is a more formal offer, based on a complete credit check, evaluation of your employment history, income and assets, and the completion of the Automated Valuation Model (AVM) for the property you’d like to purchase. A preapproval allows you to submit an offer with confidence that you are personally approved for a loan. Once you have identified a property to purchase, it must meet NewRate property eligibility standards.
Yes, for the majority of transactions a property appraisal is required with the exception of those that are eligible for a Fannie Mae Property Inspection Waiver.
NewRate may grant requests for a 30-day rate lock after receipt of a signed purchase contract or a fully completed refinance application. Otherwise, please note that mortgage rates may change on a daily basis.
No, we do not charge origination fees on our mortgage products. However, you will still be responsible for standard third-party closing costs as well as other fees like credit report and flood certification.
Closing costs are costs associated with a new mortgage or a refinance of an existing mortgage. Typical closing costs include fees for appraisal, title insurance, title search, transfer taxes, settlement services, property taxes and hazard insurance premiums and government recording fees. These fees vary depending on the transaction type and the geographic location of the property.
No, you can pay off your loan early without incurring a prepayment penalty.
