There are plenty of reasons to refinance but avoiding an incoming Fannie Mae and Freddie Mac refinancing fee now tops the list! Fannie Mae and Freddie Mac will start charging an ‘Adverse Market Refinance Fee’ on December 1, 2020. This new fee, originally slated to begin September 1, with a new effective date is December 1, 2020, adds a…
Mortgage giants Fannie Mae and Freddie Mac just announced in August that they are raising fees for lenders on all mortgage-refinances. This change is designed to shield them from the additional risk brought on by the coronavirus pandemic and the secondary mortgage market. Their price adjustment adds 0.5% of the loan amount to the consumer’s cost.
There are two types of reverse mortgages – • There is a Home Equity Conversion Mortgage (HECM), which in its simplest definition is a loan that is government-insured by HUD and is regulated by the U.S. Federal Housing Authority (FHA), and • A Proprietary Reverse Mortgage, which is a reverse mortgage originated by a mortgage…