Broker Check
Time-sensitive mortgage refinancing news

Time-sensitive mortgage refinancing news

| August 18, 2020
Share |

Starting September 1, refinancing a mortgage owned by Fannie Mae or Freddie Mac will cost an extra $500 on every $100k of mortgage value (a 0.5%* fee). We recommend those of you already in the refinance process try to complete it as swiftly as possible to avoid going past September 1 to save hundreds of dollars by avoiding the new fee. If you have been thinking about refinancing but haven't started yet, inquire with your broker now about whether you can get a commitment in writing about all fees associated with the transaction.

For Ohio clients, we recommend Union Savings Bank. Contact Bruce Potee (317-478-1865 cell; 513-745-2724 office; bpotee@usavingsbank.com) for the lowest costs. If you can lock in before 9/1, it looks as though you can begin to refinance now.

Other banks may already be passing it along in fees, make sure you ask how to avoid it if you begin to refinance now.

You can read about the new fee in Forbes and MarketWatch.

*Correction: Our emailed version of this news contained a typo saying the fee was 0.05%. The fee is 0.5%.

Share |