Fannie Mae’s latest hits to rate will be implemented by lenders any day. Condominiums are really getting spanked with a 0.75% add to fee if there is less than 25% home equity in the property. This will apply to both purchases and refinances for any mortgage except those amortized 15 years or less.
If you are considering refinancing your condo, contact your local mortgage professional right away (I can help you if you’re located in Washington state)…if you’re in the process of buying a condo and are “floating” your interest rate, I highly recommend considering locking.
PS: Cash-out refinances are also getting whammo’d by Fannie. Don’t wait!
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About Rhonda Porter
Rhonda, is the 0.75% fee based on the purchase price?
Clifford, it’s based on the loan amount.