With little notice, the Federal Housing Finance Agency (FHFA) recently imposed an “adverse market conditions” fee on refinance transactions, beginning almost immediately.
As you can probably imagine, it caused an uproar among mortgage lenders, borrowers and consumer groups.
Now, the FHFA has announced it will delay the implementation of this fee until December 1, 2020.
With rates recently reaching record lows, refinance activity has already been significant. With this new announcement, there will be a renewed rush to take advantage of rates and finalize transactions before the deadline.
If you are interested in saving money each month, accessing cash from your home’s equity for any reason, or shortening your loan term, please reach out as soon as possible to discuss your scenario.
Similarly, if you know of anyone who hasn’t taken advantage of the low rates yet, do them a favor and let them know about the new fee!
December may seem far away, but a lot of interested homeowners are likely to pursue a refinance before the fee increase. While sheer volume may lead to delays, it’s wise to get started now.
To contact a loan officer and get started securing your interest rate before it's too late, just click the link below or visit our website at: https://www.libertysavingsbank.com/mortgages/mortgage-loan-officers/