I can think of many examples of things that would constitute “the best news ever.”
Hearing “snow day/school canceled” announced on the radio when I was a kid on Western Minnesota’s prairie is definitely up there.
And, so is the time my friend’s older brother scored us not one but TWO kegs of beer for our desert kegger when I was a sophomore in high school.
But, as exciting as those things were, they pale next to this: Fannie and Freddie just removed their “adverse market fee” for refinances.
I blogged about this in August, when Fannie and Freddie first imposed it.
It was simply an extra half-point fee that Fannie and Freddie started to charge for every refinance for a variety of reasons that I discuss in the blog.
The elimination of the fee means that every refi rate we quote is suddenly 1/8 to 1/4 percent lower – starting today!
So, everyone who “missed the refi boat” last year can now suddenly jump back on the boat.
If you or anyone you know has a “conforming loan” with a rate of above 3.25%, you or they should again consider a no cost refi as a free and easy way to save tens of thousands of dollars over the life of a loan.
And remember, jumbo rates are simply much lower in general for well-qualified borrowers.
So, if you have a jumbo rate above 3.125%, you should consider your refi options too!
Founder/Broker | JVM Lending
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