The mortgage rates have been incredibly low lately - I'm wondering if this is going to change next week....
Fannie Mae and Freddie Mac are increasing their Agency "G-Fee" next month and no one knows by how much.... The Agency "G-Fee" is a fee that FNMA and FHLMC charge the lender to do business... And the lender of course will filter it down to the borrower...
I have five (5) loans that are scheduled to close by January 31.... And I am concerned... Lenders are busy.... Borrowers are busy.. Escrow companies are extremely busy and loan documents may not be signed on time... Conditions may not be reviewed in time - There are a number of things that can go wrong and it's a possibility that I may have to extend a lock or two... Now here my concern...
Each lender is handling their lock extension differently... A couple of my lenders - nothing is different - business as usual - a couple of others are charging their normal extension PLUS a another hit.... It's a very strange end of the month...
So here's hoping that the increase is so microscopic that it won't affect a thing....
