Another Reason to Buy Now - Mortgage Fees Are Going Up!
Just in case reasonable home prices, great inventory, and low mortgage rates weren't enough to entice you to get off the fence and think about buying your new home, an article was printed in this morning's paper about the increase in mortgage fees that are slated to happen this spring.
According to Kenneth Harney in "Fannie Mae Is Jacking Up Mortgage Fees," Fannie Mae will be tacking on extra fees, even for people with stellar credit and hefty downpayments. He cites an example of someone with an 800 credit score and substantial downpayment of just under 25%; prior to the scheduled increase, that person would not pay any extra fees, but now will have to pay 1/4 of a percentage point. People with much lower scores and much lower downpayments will pay up to 2.75% in fees, which could add thousands of dollars to the transaction.
It gets pretty complicated, so you should speak with your mortgage advisor now about how this will affect you. Doing so, sooner rather than later, may save you money.
Did you enjoy this post? Click here to subscribe to my blog by email.
Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential CT Realty
peggychirico@gmail.com
860-748-8900
If you are buying or selling a home in Hartford County or Tolland County, please call me, email me, or visit my website. I would be happy to help you with your home search or provide a market analysis for your home.
Find your dream home now!
