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Refinancing
The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, recently announced an extra 0.5% fee for all refinance transactions. The fee hike was initially set to kick in on September 1. However, the implementation date was extended to December 1. This gives the industry more time to prepare, and it could trigger...
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A “mortgage forbearance” is when the lender allows the borrower to defer their mortgage payments to a future date. The payments are not forgiven. They are simply postponed into the future. As required by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many lenders are allowing homeowners to defer their monthly payments for a...
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Interest rates on home loans that conform to the Fannie Mae and Freddie Mac guidelines tend to be lower than non-conforming loans.  That’s why it’s good news that the Federal Housing Finance Agency (FHFA) recently announced that the conforming loan limits have increased to $510,400 in 2020.  This is a $26,050 increase from the $484,350...
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