The Cost of Mortgages Just Went Up

It is amazing to hear consumers and real estate professionals talking about how the reduction of the capital requirements for Fannie Mae (FNM) and Freddie Mac (FRM) would improve the mortgage market. It definitely allows FNM and FRM to implement the initiative of the economic stimulus package for high-cost areas; however, for the rest of the country the cost of mortgages just went up.

In order to facilitate the mandates of the economic stimulus package, both FNM and FRM are charging higher delivery fees for these conforming jumbo loans. When you combine these additional fees on top of the credit risk based fees, this still leaves many consumers in the dark to take advantage of the new guidelines.

At the end of the day, whether you are a homeowner or simply a tax payer the cost of mortgages to the economy just went up. It is more important now than any other time to be speaking with a Certified Mortgage Planning Specialist (CMPS) who really knows the facts and the impact they have on mortgages.

Visit our website to find out why you should be working with a professional with the CMPS designation.

www.MyBenchmarkMtg.com