It is getting really rough on Condo owners to refi their property. Effective April 1, 2009, once again, Fannie Mae is raising its loan fees. Condo and co-op mortgages over 75% LTV : Add 0.750 percent to fee. This means that lenders will start to implement these increases right now since loans originated today may be bought by Fannie around the effective date for the new increased pricing. Mortgage rates may fall in the future, but applicants subject to risk-based pricing may find that risk-adjusted interest rates aren't be lower at all. So even if you think rates will get lower, if your value drops and your loan to value is above 75% then you get the .75% hit. My question to you is will it be worth the wait, rates drop say .25% but the hits of .75%, because the value dropped.... In any case talk to your Mortgage Professional.
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