Despite today’s low-interest rates and strong home values, some homeowners have delayed refinancing their homes.
If that’s you, then recent industry news gives you another reason to move forward.
The Federal Housing Finance Agency (FHFA) has removed an “adverse market fee” that was previously driving up costs to refinance. Depending on how it was calculated into the loan, it added either about 1/8th percent to the interest rate or an upfront cost of $500 per $100,000 borrowed.
The change has the potential to save homeowners thousands of dollars.
Have you been on the fence about a refinance? Reach out over your preferred channel, and let’s see if this is the right time for you.
P.S. If you refinanced more than six months ago, recent increases in home values, continuing low rates, and the removal of the adverse market fee may mean you can save even more on your payment and/or access additional cash from your home’s equity.
Let me know if you want to talk about your scenario!
Highlands Residential Mortgage is not acting on behalf of or at the direction of the FHFA or the federal government.
As a result of refinancing your finance charges may be higher over the life of the loan.