The FHFA is cancelling The Adverse Market Fee! What Does This Mean for You?
Have you been thinking about refinancing? Now may be the time to act!
The Federal Housing Finance Agency (FHFA) is removing the Adverse Market Refinance Fee that was established in response to COVID-19. The fee will no longer be applied starting this August for certain cash-out and no cash-out refinance mortgages.
The fee tacked on 0.5% to the upfront costs of all conventional refinances backed by Fannie Mae and Freddie Mac—two FHFA-run companies that purchase loans from lenders. The fee was estimated to cost the average homeowner around $1400 over the life of their loan. Prime Choice Funding is proud to be one of the lenders to implement the change for our borrowers.
This move will open the door for more people and families to take advantage of lower rates in the current environment & potential savings for homeowners looking to replace their mortgage.
Prime Choice Funding is here for you. If you are planning to purchase a new home or refinance your existing home, we can help with your homeownership goals, call us at (877) 787-7463 or contact us here.