The Federal Housing Finance Agency (FHFA) announced today that it will be no longer be collecting a fee on refinance transactions that was known as the “Adverse Market Refinance Fee” effective August 1, 2021 for all qualified mortgages. The lending industry is welcoming the news as this change will help more families take advantage of the low-rate environment and save more money.
If you have considered refinancing this past year but the costs did not justify the savings, now is a perfect time to reconnect to reevaluate your scenario. This is also a great opportunity to leverage your home’s equity to consolidate debt or fund the remodel you have been wanting. It is an extremely inexpensive time in mortgage lending for consumers and you can save even more by acting before rates increase as projected.
Please share this news with your neighbors, families, and friends. I very much appreciate the opportunity to answer any questions and serve your community.