New ‘adverse market fee’ could impact homeowners trying to refinance amid COVID-19 pandemic

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New ‘adverse market fee’ could impact homeowners trying to refinance

 

A new .5 percent “adverse market refinance fee” could have major financial implications on homeowners looking to refinance.

Fannie Mae and Freddie Mac attributed the increase to economic uncertainty and risk management, with Freddie Mac’s bulletin specifically mentioning the impact from COVID-19.

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“This is being passed on to the consumer,” said Justin Burris, a branch manager at Fairway Independent Mortgage Company in Raleigh.

Historically-low interest rates have fueled a surge of homeowners opting to refinance.

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Read the full article at the source here:

https://abc11.com/north-carolina-real-estate-market-refinance-fee-what-does-adverse-mean/6374514/

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