The Federal Housing Finance Agency announced an additional fee for refinances on Wednesday August 12th. The new fee applies to refinances and is 0.5% of the loan amount. Fannie Mae and Freddie Mac have also announced they will implement this new fee.
Unfortunately, this is something we have no control over.
That means an additional $500 for every $100,000 borrowed.
|Loan Amount||Additional Fee*|
*This fee may be reflected in higher rates, or higher fees, or some combination.
Lenders could potentially ease some of the burden on homeowners hoping to refinance, but what will happen is yet to be seen.