December 1 will be here before you know it!
With little notice, the Federal Housing Finance Agency (FHFA) recently imposed an “adverse market conditions” fee on refinance transactions, beginning almost immediately. As you might imagine, it caused an uproar among mortgage lenders, borrowers and consumer groups.
Now, the FHFA has announced it will delay the implementation of this fee until December 1st.
With rates having recently touched record lows, refinance activity has already been significant. With the announcement, there will be a renewed rush to take advantage of rates and finalize transactions before the deadline.
If you are interested in saving money each month, accessing cash from your home’s equity for any reason, or shortening your loan term, please reach out as soon as possible to discuss your scenario. If appropriate, we can start the process before the rush.
Similarly, if you know of anyone who hasn’t yet taken advantage of low rates, please do them a favor and let them know about the new fee. I'll be happy to help if they need it.
December may seem far away, but a lot of interested homeowners are likely to pursue a refinance before the fee increase, and the sheer volume may lead to delays. It’s wise to get started now.
Even if you aren’t sure whether a refinance will be right for you, please go ahead and reach out at 860.426.2447. The potential savings is worth a chat, at least.