.5% mortgage refinance fee delayed from Sept. 1 to Dec. 1

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mesaverde
Posts: 488
Joined: Wed May 02, 2007 4:14 pm

.5% mortgage refinance fee delayed from Sept. 1 to Dec. 1

Post by mesaverde »

Here's some important recent news: the new .5% mortgage refinance fee will be postponed until Dec. 1 (previously it would have been charged on any refinance closing after Sept. 1st).
https://www.forbes.com/sites/ryanguina/ ... 75ff852f82

Question- I applied/locked a rate for a refinance with Lenderfi on August 14, just 2-3 days after the announcement about the .5% refinance fee going into effect after Sept. 1st. My refinance rate is 3% no cost on a 30 year mortgage (LTV 55%), which was a higher rate than just before the announcement. So to compensate for the fee lenders raised rates (the .5% fee is not shown on the list of closing costs). My closing is scheduled for Sept. 10. Given this new news, I am going to ask Lenderfi if they will provide a lender credit equal to .5% of the loan amount (equal to $1,065 in my case) since this fee will apparently not have to be paid. Any idea if they will do this? If not, would it be wise to pull out of the deal in the likelihood that rates will fall in the days/weeks ahead?
Last edited by mesaverde on Sun Aug 30, 2020 3:31 pm, edited 1 time in total.
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KeepinItPositive
Posts: 40
Joined: Sat Mar 18, 2017 9:46 am

Re: .5% mortgage refinance fee delayed from Sept. 1 to Dec. 1

Post by KeepinItPositive »

You can always ask, although it may take getting quotes from other lenders and abandoning the lenderfi refi.

If you haven’t already, suggest you post this to the refinance mega thread
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