Start Your Loan Application Now Avoid Additional Fees October 15 Deadline

by | Sep 30, 2020 | Community

For those potential borrowers sitting on the fence about whether to refinance now or not, this is very important news! The Federal Housing Finance Agency, who oversees Fannie Mae and Freddie Mac, recently announced that they are adding a 50-basis point adverse price adjustment (higher) for nearly all mortgage loans that are sold after December 1st of this year. What does this mean to you? Generally speaking, a 50-basis point adjustment equates to about 1/8th in rate. This means rates are automatically going up about 1/8 in rate for those who don’t move quickly. So, for those of you who are waiting for the “right time”, now is it. Some lenders have already instituted this fee addition. Others, like us, BAY EQUITY HOME LOANS, are making sure to still allow borrowers to get in on the action by October 15th for 30-day locks. That means that you will want to start your loan application by October 15 at the latest…But I would not wait because loans are taking about 30-40 days from start to finish now. In essence, you have 2-3 weeks to get your refinance or purchase application in and moving forward. Do not miss the boat here!
Contact Curt Kravitz at 661-705-2500 Option 1 to get a quote! Or reach out to him at ckravitz@bayeq.com or curtkravitz@gmail.com. He has 34 years of lending experience in Santa Clarita and surrounding areas and he will do a great job for you!

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