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Refinance

Lower Your Payment or Get Cash Out by Refinancing

New Penn offers the top refinance mortgage products available in the market today. With low down payments, lower interest rates, and reduced closing costs, our refinance programs can help improve your financial situation. Some of our most popular refinance products include:

Loan Program	Benefits	Details
Fixed Rate Mortgage	Your monthly mortgage payment remains the same for the entire term of the loan. If interest rates increase, your mortgage payment won't be affected.	10, 15, 20, 30 year fixed terms available Take advantage of near record low fixed mortgage rates Ask about our no closing cost option
Adjustable Rate Loan	Adjustable rate mortgages (ARMs) generally start with a lower interest rate and a lower payment. However, the interest rate may change during the life of the loan.	10/1, 7/1, 5/1 and 3/1 ARMs available. The first number (10 for example) is the length of the initial period, during which the interest rate is fixed. So, the interest rate on a 10/1 ARM will be fixed for the first 10 years.
Jumbo Loan	Loan amounts which are greater than conventional limits. Buy more home with a New Penn jumbo loan. Loans up to $3 million.	Fixed and adjustable rate terms available Our jumbo loan programs do not include mortgage insurance premiums - saving you even more money.
FHA Mortgage	Only a 3.5% down payment required for rate/term refinance. Cash-out refinancing up to 85% loan-to-value. Finance most of the closing costs.	An FHA loan is insured by the Federal Housing Administration. Ideal loan program if you have a lower credit score or limited cash available for a down payment.
VA Mortgage	90% financing available on refinances. No monthly insurance premium. If you already have a VA loan, we can offer you even more savings with a VA Interest Rate Reduction Loan (IRRL).	If you are serving in the military, National Guard or Reserve, a veteran or a surviving spouse of a veteran, you may be eligible for a Veteran Administration (VA) loan.
Real Estate Investor Loan (New)	Get cash out on existing investment properties to increase cash flow. Perfect for the serious real estate investor.	Expanded debt-to-income ratios ("Assets for Income" option). Loans amounts up to $650,000 per property. Learn more
203(k) Loan	One loan to fund the refinance and home repairs.	Finance up to an additional $35,000 into your mortgage to improve or to upgrade your home. You can quickly and easily tap into cash to pay for property repairs or improvements.
Foreign national Loan (New)	Financing that makes buying a U.S. home easier for non-U.S. citizens.	Fixed and adjustable rates. No pre-payment penalties. Available in select markets.

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Refinance

Lower Your Payment or Get Cash Out by Refinancing

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