Well, I told you Fannie Mae’s new fee structure was due to hit April 1, 2009 – but looks like it’s going to make an early debut via lenders starting Monday January 12. Winter Haven homebuyers seeking Florida home loans should take heed:
If you’re in the market to buy a home or refinance your Winter haven property, lock in your rate today!
Why Are Lenders Implementing Fannie Mae’s New Fees So Early?
Lenders get the money they lend to borrowers by selling loans to entities like Fannie Mae. As such, with the April 1 start date approaching, they’re trying to get their ducks in a row now. The early move is happening because it takes a Lender about 30 days to bundle up and sell each loan to Fannie Mae post-closing. In effect, this moves the April 1 start date to March 1.
Now, working with this March 1 time frame, which is roughly 45 days from now and taking into account that 45 days is the typical time frame in which to close on a home or on a refinance, the start date again pushes back, this time to January 15.
Given lenders’ typical time frame to close, fund, and sell a loan to Fannie Mae, in other words, it’s normal that pricing reflects the fee changes two-and-a-half months in advance. Winter Haven homebuyers and potential refinancers would do well to take notice.
Winter Haven homebyers who are floating mortgage rates today — or shopping for them– should consider locking them in before the close of business.
Starting Monday, any number of traits in your home loan could increase your closing costs:
- Your credit score
- Your downpayment / equity percentage
- Your home’s property type
- Your reason for wanting a mortgage
- Your home loan type
For a complete look at Fannie Mae’s new, mandated loan fees, visit the Fannie Mae web site. If you have trouble interpreting the worksheet, give me a call at 863-604-3019 or send me an email so that we can work things out together.
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Kevin Sandridge
The Florida Home Loan Specialist
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL 33884 |
Mobile: 863-604-3019
Fax: 888-496-0265
kevin.s@sigfunding.com
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My FHA Mortgage Blog | Central Florida Homes and Mortgage Report
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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