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August 2020

Found 1 blog entry for August 2020.

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. 

Mortgages Bankers Association

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