More SAVINGS for the next 3 Months

Posted September 19, 2020 in Real Estate Trends

Michael Pattullo2018, Clark County WA real estate agent

Dear Neighbors,

Those homeowners who refinance their mortgages within the next three months will avoid paying additional fees that Fannie Mae and Freddie Mac were set to include in their loan guarantees. This amounts to an average savings of about $1,400!

Fannie and Freddie are delaying a 0.5% surcharge on refinanced home loans until December 1. Their regulatory agency, Federal Housing Finance approved the decision.

As many situations surrounding the coronavirus pandemic have caused many businesses and persons to relook at processes, so lawmakers and the White House believe that the additional fee was inappropriate in the middle of a pandemic.

Peak Mortgage believes that no one needs any kind of additional burdens at this time. In fact, we are using the extra processing time during the pandemic that it is taking these days to fully review for any additional savings that can be passed along to homeowners. It’s time to take extra care of each other.

It’s been a savings to so many homeowners to be able to take advantage of the low interest rates. Conversely, Fannie, Freddie and the regulatory agency had hoped to recoup some of the $6 billion in additional expenses incurred during the pandemic. The amount included some money set-aside for possible losses.

For me, Peak Mortgage and those working with us to refinance, it’s a welcome delay. At Peak Mortgage, we hoped that the fee would be scrapped entirely. Loans that are less than $125,000 will be exempt from the government fee.  Fannie and Freddie are responsible for guaranteeing about half of the $11 trillion in U.S. mortgages.

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