A new industry-wide lending fee will soon take effect; here’s the scoop.
Today I’m joined by Justin Kearney of Equity Builder Mortgage to discuss finances. Justin and I have been marveling at the fact that some of our clients who just bought homes six months ago are already able to refinance now and save money. However, as Justin pointed out, you really need to get the ball rolling if you plan to refinance; if you wait, you’ll get hit with a new government-issued lending fee. Even though this fractional fee will apply to every lender, most homeowners aren’t even aware it’s coming. Exploring your refi options as soon as possible will likely save you a whopping $11,000.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to skip to topics that interest you most:
0:57 — What are the new refinancing fees should homeowners be aware of?
2:59 — How does “an increase of one-eighth of a point” actually impact your monthly payment?
4:06 — The government quietly instituted this fee; we want to be loud about it for our clients
4:37 — A timeline of how this new fee will be rolled out
6:34 — The best way to contact with Justin Kearney of Equity Builder Lending
Hopefully, you found this information helpful; I know I’d always want to jump on any opportunity to save $11,000! As always, if you have questions about any real estate-related topic or suggestions for topics to cover in future videos, please reach out by phone or email. We look forward to hearing from you!