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Fannie Mae Increasing Mortgage Fees
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You're Now Reading:
Fannie Mae Increasing Mortgage Fees
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Fannie Mae Increasing Mortgage Fees
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January 18, 2011 (Jeff Alan)
mortgage-fees-image
If you’re considering purchasing a home or refinancing a home in 2011, be prepared to pay higher mortgage fees, even if you have an excellent credit score and a large down payment. Things will be even worse for borrowers with lower credit scores and small down payments.

Following the lead of fellow mortgage giant, Freddie Mac, Fannie announced in a memo to lenders in its network that it had decided to impose a new schedule of higher add-on fees.

Critic’s view these new fees as a way for the two federal financial corporations to infuse more cash into their coffers in light of the massive loses they have sustained since the beginning of the financial crisis.

Freddie Mac and Fannie Mae have required massive federal financial infusions, estimated at close to $150 billion, since the housing market began deteriorating, and they now operate under a federal conservatorship arrangement. Economists expect that it will take billions more to keep the two institutions solvent.

But meanwhile, Fannie and Freddie continue to fund or guarantee upward of two-thirds of new mortgage originations. Because of their sheer size and market dominance, they play pivotal roles in determining whether — and how fast — the housing market can rebound.

The new fees aren’t scheduled to start until this spring. Potential buyers who have high credit scores and hefty down payments are expected to be surprised that even they are being targeted for higher “risk-based” fees.

As an example of how the new fees will affect potential buyers:

If you wanted to buy a house that requires a $300,000 mortgage, you have an impressive FICO score (above 800), and cash for a down payment of just less than 25%, Fannie now plans to charge an extra quarter of a percentage point of the loan amount, $750, to do the deal.

For those with a FICO score of 679, new fees could be about $1,500 on that $300,000 mortgage. Ouch!

Tags: mortgage loans, mortgage refinancing, credit scores, down payment, freddie mac, fannie mae, mortgage originations, mortgage borrowers, FICO score

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WE VERIFY & TRANSMIT TO LENDERS
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

January 18, 2011 (Jeff Alan)
mortgage-fees-image
If you’re considering purchasing a home or refinancing a home in 2011, be prepared to pay higher mortgage fees, even if you have an excellent credit score and a large down payment. Things will be even worse for borrowers with lower credit scores and small down payments.

Following the lead of fellow mortgage giant, Freddie Mac, Fannie announced in a memo to lenders in its network that it had decided to impose a new schedule of higher add-on fees.

Critic’s view these new fees as a way for the two federal financial corporations to infuse more cash into their coffers in light of the massive loses they have sustained since the beginning of the financial crisis.

Freddie Mac and Fannie Mae have required massive federal financial infusions, estimated at close to $150 billion, since the housing market began deteriorating, and they now operate under a federal conservatorship arrangement. Economists expect that it will take billions more to keep the two institutions solvent.

But meanwhile, Fannie and Freddie continue to fund or guarantee upward of two-thirds of new mortgage originations. Because of their sheer size and market dominance, they play pivotal roles in determining whether — and how fast — the housing market can rebound.

The new fees aren’t scheduled to start until this spring. Potential buyers who have high credit scores and hefty down payments are expected to be surprised that even they are being targeted for higher “risk-based” fees.

As an example of how the new fees will affect potential buyers:

If you wanted to buy a house that requires a $300,000 mortgage, you have an impressive FICO score (above 800), and cash for a down payment of just less than 25%, Fannie now plans to charge an extra quarter of a percentage point of the loan amount, $750, to do the deal.

For those with a FICO score of 679, new fees could be about $1,500 on that $300,000 mortgage. Ouch!

Tags: mortgage loans, mortgage refinancing, credit scores, down payment, freddie mac, fannie mae, mortgage originations, mortgage borrowers, FICO score

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 18, 2011 (Jeff Alan)
mortgage-fees-image
If you’re considering purchasing a home or refinancing a home in 2011, be prepared to pay higher mortgage fees, even if you have an excellent credit score and a large down payment. Things will be even worse for borrowers with lower credit scores and small down payments.

Following the lead of fellow mortgage giant, Freddie Mac, Fannie announced in a memo to lenders in its network that it had decided to impose a new schedule of higher add-on fees.

Critic’s view these new fees as a way for the two federal financial corporations to infuse more cash into their coffers in light of the massive loses they have sustained since the beginning of the financial crisis.

Freddie Mac and Fannie Mae have required massive federal financial infusions, estimated at close to $150 billion, since the housing market began deteriorating, and they now operate under a federal conservatorship arrangement. Economists expect that it will take billions more to keep the two institutions solvent.

But meanwhile, Fannie and Freddie continue to fund or guarantee upward of two-thirds of new mortgage originations. Because of their sheer size and market dominance, they play pivotal roles in determining whether — and how fast — the housing market can rebound.

The new fees aren’t scheduled to start until this spring. Potential buyers who have high credit scores and hefty down payments are expected to be surprised that even they are being targeted for higher “risk-based” fees.

As an example of how the new fees will affect potential buyers:

If you wanted to buy a house that requires a $300,000 mortgage, you have an impressive FICO score (above 800), and cash for a down payment of just less than 25%, Fannie now plans to charge an extra quarter of a percentage point of the loan amount, $750, to do the deal.

For those with a FICO score of 679, new fees could be about $1,500 on that $300,000 mortgage. Ouch!

Tags: mortgage loans, mortgage refinancing, credit scores, down payment, freddie mac, fannie mae, mortgage originations, mortgage borrowers, FICO score

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.