Refinance Fees increased by FHFA, Fannie Mae & Freddie Mac
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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* |
---|---|
$200,000 | $1,000 |
$300,000 | $1,500 |
$400,000 | $2,000 |
*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.