Wade's Insights
Tuesday, April 15, 2008
How Fannie And Freddie Are Making Refinancing Cost-Prohibitive
Posted by
Wade Thompson
at
8:24 PM
Labels:
FNMA GUIDELINES
Mortgage rates have been trending lower for the last month or so.
Unfortunately, most people can't take advantage -- government-sponsored mortgage financiers have added mandatory mortgage fees that negate the discount.
It's like buying an item on sale, but having to pay twice the sales tax.
If you're not saving money, what's the point? And that rationale has stymied thousands of would-be refinancers around the country.
By preventing home owners from refinancing to lower rates with lower payments, the mandatory fees pull millions of dollars from the U.S. economy.
Some homeowners are exempt, however. Owners of single-family residences (including condos) whose credit scores are 720 or higher are not subject to the Fannie Mae-imposed fees. But if you live in a condo, don't expect to that credit score exemption to last for long.
Much like the current adjustments for multi-unit properties, expect that a property-type "tax" for condos will be applied in the next few months. It would apply to all credit profile equally.
0 comments:
Post a Comment
Newer Post
Older Post
Home
Subscribe to:
Post Comments (Atom)
Tiny URL
Enter a long URL to make
tiny
:
Followers
Blog Archive
Blog Archive
10/24 - 10/31 (1)
10/03 - 10/10 (1)
07/25 - 08/01 (2)
07/11 - 07/18 (3)
06/13 - 06/20 (1)
06/06 - 06/13 (1)
05/09 - 05/16 (1)
04/11 - 04/18 (1)
03/28 - 04/04 (1)
03/07 - 03/14 (2)
02/28 - 03/07 (2)
02/14 - 02/21 (1)
01/17 - 01/24 (2)
01/10 - 01/17 (1)
01/03 - 01/10 (2)
12/27 - 01/03 (1)
12/20 - 12/27 (1)
12/13 - 12/20 (1)
11/29 - 12/06 (1)
11/15 - 11/22 (2)
11/08 - 11/15 (1)
11/01 - 11/08 (1)
10/25 - 11/01 (2)
10/11 - 10/18 (1)
09/27 - 10/04 (2)
09/20 - 09/27 (1)
09/13 - 09/20 (2)
08/30 - 09/06 (1)
08/23 - 08/30 (2)
08/16 - 08/23 (1)
08/09 - 08/16 (5)
08/02 - 08/09 (8)
07/26 - 08/02 (3)
07/19 - 07/26 (3)
07/12 - 07/19 (6)
07/05 - 07/12 (1)
06/28 - 07/05 (7)
06/21 - 06/28 (5)
06/14 - 06/21 (2)
06/07 - 06/14 (6)
05/31 - 06/07 (4)
05/24 - 05/31 (4)
05/17 - 05/24 (5)
05/10 - 05/17 (7)
05/03 - 05/10 (6)
04/26 - 05/03 (7)
04/19 - 04/26 (6)
04/12 - 04/19 (3)
04/05 - 04/12 (5)
03/29 - 04/05 (6)
03/22 - 03/29 (5)
03/15 - 03/22 (5)
03/08 - 03/15 (6)
03/01 - 03/08 (5)
02/22 - 03/01 (4)
02/15 - 02/22 (4)
02/08 - 02/15 (4)
02/01 - 02/08 (3)
01/25 - 02/01 (5)
01/18 - 01/25 (4)
01/11 - 01/18 (4)
01/04 - 01/11 (4)
12/28 - 01/04 (3)
12/21 - 12/28 (3)
12/14 - 12/21 (5)
12/07 - 12/14 (5)
11/30 - 12/07 (4)
11/23 - 11/30 (6)
11/16 - 11/23 (4)
11/09 - 11/16 (5)
11/02 - 11/09 (4)
10/26 - 11/02 (5)
10/19 - 10/26 (6)
10/12 - 10/19 (9)
10/05 - 10/12 (3)
09/28 - 10/05 (5)
09/21 - 09/28 (4)
09/14 - 09/21 (5)
09/07 - 09/14 (6)
08/31 - 09/07 (4)
08/24 - 08/31 (5)
08/17 - 08/24 (6)
08/10 - 08/17 (5)
08/03 - 08/10 (3)
07/27 - 08/03 (4)
07/20 - 07/27 (3)
07/13 - 07/20 (5)
07/06 - 07/13 (3)
06/29 - 07/06 (4)
06/22 - 06/29 (6)
06/15 - 06/22 (4)
06/08 - 06/15 (3)
05/25 - 06/01 (3)
05/18 - 05/25 (2)
05/11 - 05/18 (2)
05/04 - 05/11 (1)
04/27 - 05/04 (3)
04/20 - 04/27 (3)
04/13 - 04/20 (6)
04/06 - 04/13 (4)
03/30 - 04/06 (6)
03/16 - 03/23 (2)
03/09 - 03/16 (6)
03/02 - 03/09 (1)
02/24 - 03/02 (3)
02/17 - 02/24 (2)
About Me
Wade Thompson
View my complete profile
FEEDJIT Recommended Reading
Feedjit Live Blog Stats
ShareThis
Categories
"Float" vs. "Lock"
(2)
401k Withdrawals
(1)
Apple Applications
(1)
Auto Industry
(1)
Bailout Riches
(1)
Bank Corruption
(1)
Basic Mortgage Terms
(1)
Blessing Factor
(1)
Brain Discoveries
(1)
Business
(1)
Case-Shiller Index
(3)
Cash Flow
(1)
Coaching Bio
(1)
Confidence Builder
(1)
Conforming Mortgage Guidelines
(2)
Consumer Price Index
(2)
Consumer Spending
(1)
Consumer Surveys
(1)
Credit
(1)
Credit Reestablishment
(1)
Credit Scores
(1)
Crisis In Action
(1)
Cures for the Economy
(1)
Deflation
(1)
Divorce_Child Support and Alimony
(1)
Economic Booms and Busts
(1)
Economic Growth Ideas
(1)
Economic Recovery Act of 2008
(1)
Educating
(1)
Election Impact
(1)
Electorate
(1)
Energy Alternatives
(1)
Existing Home Sales
(1)
Family Pictures
(8)
Fannie Mae
(6)
Fed Action
(26)
Fed Funds Rate Futures
(1)
FHA Loans
(6)
FHA Loans and Defaults
(1)
FHA Streamlines
(1)
Financial Education
(2)
First time homebuyer
(2)
Fixed vs Adjustable Rate Mortgages
(1)
Float vs Lock
(1)
FNMA GUIDELINES
(3)
FOMC
(2)
FOMC Action
(2)
Foreclosures
(11)
Foreign National Mortgages
(3)
Funny pictures
(1)
Future Predictions
(3)
Gas Prices
(2)
Gift of Funds
(1)
Global Warming
(2)
Goal Setting
(1)
Google Advertising
(1)
Government Bailout
(1)
Health Insurance
(1)
HELOCs
(2)
Holiday Greetings
(2)
Home Affordability Program
(1)
Home Buying
(1)
Home Price Index
(2)
Home Prices
(3)
Home Remodeling
(1)
Home Sales
(15)
Housing Inventory
(4)
Housing Prices
(1)
Humor
(8)
Income taxes
(1)
Inflation
(4)
Inspiration
(1)
Inspiring Stories
(3)
Jobs Report
(5)
Joke
(1)
Journals
(2)
Jumbo Mortgages
(1)
Land Trusts
(1)
Lender Failures
(1)
LIBOR
(1)
Loan Limits
(5)
Loan Modifications
(4)
Loan Process
(1)
Making Money
(1)
Mark to Market
(1)
Market Forces
(2)
Market Psychology
(1)
Mortgage Backed Securities
(4)
Mortgage Bond Supply
(1)
Mortgage Bonds vs 10 Year Treasury Notes
(1)
Mortgage Delinquency
(1)
Mortgage Guidelines
(5)
Mortgage Rate Movement
(27)
Mortgage Rates and Home Affordability
(1)
Mortgage Shopping
(1)
New Home Construction
(1)
Odds and Ends
(1)
Oil Prices
(8)
Owning vs Renting
(1)
Pending Home Sales
(2)
Personal Development
(2)
Pirates
(1)
PMI
(2)
Predictions
(2)
Producer Price Index
(1)
Progress
(1)
Quotes
(2)
Rate Direction
(2)
Rate Quotes
(1)
Rates and Fees
(1)
Rates vs Stocks
(1)
Real Estate Investing
(1)
Real Estate Issues
(9)
Real Estate Sales
(4)
Rental Property Financing
(1)
Resilience
(1)
Retail Sales
(2)
Retirement Planning
(1)
Scary Times Success Manual
(1)
Seasonal
(1)
Second Homes and Investment Properties
(2)
Short Sale Problems
(4)
Sleep
(1)
Solar Power
(1)
Solutions for Hard Times
(1)
Speed Reading
(1)
Stem Cell Research
(1)
Stimulus Plan
(1)
Stock Market Impacts
(3)
Subprime
(1)
Success
(1)
Tax Benefits of Real Estate
(2)
Tax Credit for First Time Homebuyers
(5)
Tax Credit for Home Buyers
(1)
Tax Deductions
(1)
Testimonial
(1)
The Economy
(1)
Thought for the day
(1)
Trust Deeds
(1)
U.S. Dollar
(1)
Unemployment
(5)
Unique Ability
(1)
Vacation
(3)
Weather Related
(2)
Week in Review
(38)
Mortgage Industry Insights
5 Things That Don't Control Mortgage Rates
Excellent Links
The Thompson Legacy
Wade's Facebook
Business Web Site
My Favorite Books
"The 4-Hour Work Week" by Timothy Ferriss
"A Whole New Mind:....." by Daniel Pink
Influencer
My Blog List
Wade's Insights
Brain Developments That Will Change The World
-
The amazing discoveries on how the brain can continually change itself has profound economic and...
15 years ago
The Thompson Legacy
Did You Know?
-
This will make your head spin
16 years ago
Twitter Updates
follow me on Twitter
My Favorite Quotes
"Always make your learning bigger than your experience." Dan Sullivan, Strategic Coach
"Don't wish for an easier life, wish for greater capability to ease elegantly through life." James Ray
"It is nothing to die. It is an awful thing never to have lived." Jean Valjean - Les Miserables
"We tend to get what we expect." Norman Vincent Peale
"I don't know what your destiny will be, but one thing I know: The ones among you who will be really happy are those who have sought and found how to serve." Albert Schweitzer
"For things to change, you've got to change, otherwise, nothing much will change." Jim Rohn
"Don't wish it were easier, wish you were better." Jim Rohn
Plaxo Badge
0 comments:
Post a Comment