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Last updated on February 3rd, 2021 at 11:36 am
You have less than 2 months to save on the refinance fees. If you’re looking to refinancing your home, then now is the time.
Starting December 1, 2020, the mortgage companies, Fannie Mae and Freddie Mac will start charging Adverse Market refinance fees.
This fee was originally to begin September 1, adds a .5% charge to all refinance loans.
There are plenty of reasons to refinance, but avoiding an incoming refinancing fee now tops the list. The .5% fee is equal to 50 basis points.
Fannie Mae and Freddie Mac announced the additional fee to protect themselves from potential losses on any mortgage refinances they guarantee.
Fannie Mae explained in a Lender Letter, “In light of market and economic uncertainty resulting in higher risk and costs incurred by Fannie Mae, we are implementing a new loan-level price adjustment.”
Reference Source: Fox Business
