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Refinance

smallcalculatorLower 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, and 30 year fixed terms available
Take advantage of near record low fixed mortgage rates
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 100% 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 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
PiggyBack HELOC Low down payment with no Mortgage Insurance required. Flexible monthly payments. Combine first mortgage with a Home Equity Line of Credit. Piggybacking these two loans could potentially give you a lower rate and lower monthly payment than other loans for high market value homes. First Mortgage can cover up to $500,000 and the second is a fixed or variable rate Home Equity Line of Credit. Works in conjunction with a purchase or refinance loan. Not available in Alaska, Hawaii, Louisiana, Tennessee and Texas.
203(k) Streamline 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.