Homeowners are looking to refinance their mortgage loans. This comes at a time when individuals are looking to save and put more money in their pockets. Banks are looking to charge homeowners a new 0.5% “adverse market refinance fee.”
Freddie Mac & Fannie Mae states that economic uncertainty and risk management is the reason for the increase. A lot of financial institutions are trying to play it safe while so many individuals are reporting a decrease in income or no income at all. Many businesses are still feeling the affects of COVID-19 while we wait for a vaccine.
This fear is being passed down to consumers who are looking to refinance. With interest rates being at their lowest in history, it’s a no brainer.
