The Federal Housing Finance Agency is eliminating a major refinancing fee, which could make your next refi even cheaper.
The combination of a housing shortage, the COVID-19 pandemic and historically low interest rates has created ideal conditions for homeowners to refinance their mortgages in many parts of the US. And beginning Aug. 1, the refi deals might get even sweeter.
Mortgage giants Fannie Mae and Freddie Mac have said they will drop the Adverse Market Refinance Fee for all refinanced mortgages starting next month. The refinance fee translated to a charge of 0.5% on refinanced loans, or roughly $500 for every $100,000 borrowed.
To learn more about a mortgage refinanced and the home buying process, visit the SCOOP! Blog
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