The FHFA (Federal Housing Financing Agency) announced last month that effective August 1, 2021 it will be eliminating the 50 basis point Adverse Market Refinance Fee for refinance mortgage loans. The FHFA notes that the fee imposed on lenders originally was designed to cover losses projected as a result of the COVID-19 pandemic. However, the […]
Mortgage Refinance
New Conventional Refinance Fee Delayed Until December
Homeowners looking to refinance their conventional loan may be aware of a new refinancing fee to be imposed by the Federal Housing Finance Agency (FHFA). This fee was set to start in September, but will now be delayed. This is good news and provides a window of opportunity for many homeowners who still want to […]
Should You Roll Closing Costs Into Your Loan When Refinancing?
Spoiler alert: all mortgage loans have closing costs. But what about the so-called “no closing cost” loans? They too have closing costs it’s just a matter of who pays for them and how. Closing costs must be paid by someone. In different parts of the country, it may be customary for the seller to pay […]
Good Time for a Debt Consolidation Loan?
A debt consolidation loan pretty much says what it is- it’s a loan that consolidates outstanding debt. But why is now a good time to look into one? There are several reasons but mostly it’s about the current state of the interest rate environment. If you haven’t noticed, mortgage rates are near record lows. One […]
Difference Between Cash Out and Rate and Term Refinance
Mortgage companies have their fair share of loan terms for the different home refinance options. The most common are the cash-out refinance and rate and term. What are the differences between the two terms and why should it matter? Let’s take a closer look at refinancing and what makes one and what makes the other. […]