But if you have a second mortgage, whether it’s a home equity loan or HELOC, and are paying it off via a refinance, it might be considered a cash-out refinance. For Fannie Mae and Freddie Mac loans, the payoff of a non-purchase money second mortgage, regardless of whether additional ...
At its core, the new “adverse market fee” is an additional 0.5% fee that will be charged to mortgage refi servicers on certain loans that they plan to sell to Fannie Mae or Freddie Mac. Right now, this fee only applies to conventional refinance loans with balances greater than $125,00...
Jumbo loans exceed Fannie Mae and Freddie Mac’s conforming loan limits and have more rigorous standards because they are not federally guaranteed. To determine if you can refinance your jumbo loan and how soon you can do so, it’s best to speak with your loan officer, as they can provide...
“The fee was instituted to protect Fannie Mae and Freddie Mac from adverse market conditions created by COVID,” explained Guy Baker, founder of Wealth Teams Alliance in Irvine, California. “The fee is like an insurance premium meant to create a sinking fund for contingencies which might aris...