rate: New Mortgage Fees Hike Will Effect Interest Rates
- 01/05/12 10:32 AM
Fannie Mae and Freddie Mac will start collecting new, higher, guarantee fees on April 1, 2012. That means mortgages fees to consumers will be .3-.4% higher than before. For a $200,000.00 loan, that translates into an additional $600.00-$800.00 dollars in fees. The reason for the increase is that it is taking longer for lenders to deliver their loans to the secondary market. From application, processing, underwriting, closing, funding, and post closing audits, its now taking up to 75 days for delivery to Fannie Mae or Freddie Mac. These hikes are a way to cover the cost of the additional delivery times. Even … (1 comments)
Fannie Mae and Freddie Mac will start collecting new, higher, guarantee fees on April 1, 2012. That means mortgages fees to consumers will be .3-.4% higher than before. For a $200,000.00 loan, that translates into an additional $600.00-$800.00 dollars in fees.
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