FHFA Fee Coming Soon! Lock Your Refinance Now
/The FHFA fee being rolled out by Fannie Mae and Freddie Mac is happening, with many lenders already tacking on the fee and passing it on in the form of higher interest rates to refinance borrowers. One of our top lenders is holding off on adding the fee until October 1st. We have until September 30th to get interest rates locked and move the file into underwriting.
Read more about the FHFA fee and why it is being passed to lenders and ultimately borrowers. Click here.
Top 3 Reasons to Refinance Now!
Interest rates are historically low. This chart shows interest rates over the past years. Click here to view chart.
Cash-out. Get it now while your home value is still high. Use it for home improvement, debt consolidation, buy out solar (if it makes financial sense) and student loan pay-off to name a few.
Pay-off your home sooner. With interest rates this low, you may be able to make additional principal payments and re-amortize your loan to pay it off earlier saving a ton of interest.
Prepare for your refinance ahead of time with this short checklist. Being ready to go will help you and your lender navigate you through the process quicker and more seamlessly.
1 month pay-stubs. Update your Human Resources department regarding the verification of employment. This has been a hot topic during COVID.
2 months bank statements. Any large or different deposits or withdrawals? Be prepared with a letter of explanation. The lender will want to trace the funds.
Copy of your Driver’s License and Social Security card. The lender wants to know that it’s you! Security and accuracy are expedited with these items.
Tax Returns-Request your CPA send them electronically if they can. Most have encrypted, secure email servers to send to the lender.
Talk to your loan officer about ways to save more money through additional bi-monthly payments by providing an amortization schedule. Lock in a great rate today!