Hi All,
Well, here is some news that’s relevant for all you potential borrowers out there. Despite the fact that real estate prices have declined, the mortgage underwriting industry is raising their fees. In particular, Fannie Mae and Freddie Mac are charging a fee of 3/4 of a percent on condominium units. In addition, new regulations regarding FICO scores, minimum down payments and home appraisers are increasing transaction costs. Watch out for the effects this will have on your wealth.
The story is at the LA Times.
Check it out if you’re in the market for a mortgage.
Best,
James
