Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1

, which are loans over $510,400 in most metro areas and $765,600 in high-cost areas, will not be required to pay the fee.

The advantage of a portfolio lender is that they don’t have to meet GSE requirements, which can be beneficial for self-employed borrowers or those with credit scores that fall below minimum requirements. One example of a portfolio lender is First National Bank of America. When shopping for a mortgage, ask if the mortgage company is a portfolio lender. However, portfolio lenders frequently will ask for a huge down payment. It’s not uncommon that their customers are people who have had bankruptcies or are self-employed borrowers who don't have regular incomes.Certainly, a hike in loan costs will give borrowers pause. After all, the point of refinancing is to save money, not spend more.

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Mortgage rates set another record low, sparking new strength in refinancesMortgage rates moved even lower last week, after setting multiple record lows over the last several months. That caused more borrowers to call their lenders and apply for a refinance, but it did not motivate homebuyers quite as much. time for a new mortgage Thank you BarackObama
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Today's best mortgage and refinance rates: Thursday, October 8, 2020 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 🔥 Check It Out 🔥
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