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That Big Bad Fee on Refinances Has Been Delayed! Here's What It Means

This DOES NOT mean your rate is going down by 0.50%.  Again, the fee is 50bps in terms of PRICE and that equates to roughly 0.125% in terms of interest rate.  EVEN THEN, you should also not expect your rate to improve by 0.125% overnight.  Different lenders accounted for this in different ways.  Some have the fee separated out into its own upfront cost.  In those cases, you could see an adjustment in rates very soon.  It will be up to individual lenders to determine what they will do with loans that were already locked after the fee was implemented, but there is a chance those loans will be adjusted accordingly (in your favor)….(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed

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