Sonoma County Mortgages

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now
  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

Get Your Latest Rate Quote Now!

Mortgage Loan Costs Rising In 2012

January 18, 2012 by Scott Sheldon

Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Email this to someone
email
Print this page
Print

Considering purchasing or refinancing? If yes, be prepared to send in your financial documentation as soon as possible.  Fannie Mae and Freddie Mac have been ordered eat the losses to pay for federal tax cut extensions.

Congress has mandated that Fannie Mae and Freddie Mac must increase their guarantee fees charged to all sellers. The new fees are effective immediately and inherently raise the costs of all conventional mortgage loans by 50 basis points.

Mortgage loan costs are rising in 2012 on lock extension’s and re-locks.

These changes only affect conventional loans. They do not affect government loans including USDA or FHA Mortgages.

Effective Today January 18th the new Fannie Mae and Freddie Mac loan costs are in effect:

  • All-new Conventional loans originated January 18 on-word are more expensive by 50 basis points automatically built into the pricing of the new mortgage loans.
  • Lock extensions: costs are rising by 40 basis points. For example if you originally lock your loan for 30 or 45 days you need to make sure you close within that initial time frame. If you close escrow outside of that initial 30-45 day time frame, you will be paying an extra 40 basis points of the loan amount on the final closing statement. On a $300,000 mortgage that equates to $1,200.
  • Re-locks on expired loans: this fee is now 38 basis points of the loan amount.

These changes affect the entire mortgage loan industry. That means if you’re working with a big bank, a correspondent lender, or even a local mortgage broker, these fees will still apply.

Here’s what to do about mortgage loan costs rising.

Get your financial documentation in time. This means when you lender needs an updated pay stub or a bank statement, get to them within 24 business hours. Proactively obtaining conditions your lender’s underwriter creates will ensure that you close with in your locked time frame to avoid these unnecessary costs. Begin your online prequalification now.

Learn how to avoid the rising mortgage loan costs.

 

 

 

 

 

 

Related Mortgage Advice from Scott Sheldon

  • Understanding FHA Home Loans

    The two types of loans offered by a local mortgage lenders are conventional loans and…

  • FHA Home Loans: Mortgage Insurance Premiums Set To Rise!

    Thinking about purchasing or refinancing using the Sonoma County mortgage? If yes, the mortgage insurance…

  • How FHA Home Loans Work

    How do FHA Home Loans Work? FHA Home Loans are the most popular loan program…

  • Understanding Conventional Vs. Conforming Mortgage Loans

    People lining themselves up for home buying or even current homeowners who have not taken…

Filed Under: Mortgage Shopping

Latest Video Tips

sonomacountymortgage

We are looking for an experienced, energetic, fun ...

Feb 6

Open
We are looking for an experienced, energetic, fun and dynamic individual to join our Santa Rosa Branch for New American Funding.

This person would be have specific recent mortgage experience, know the loan business including guidelines and be willing to go the explore mile. If you know someone like that please feel free to message me.

@nafmidpacificregion
@stylemyheart @newamericanfunding #talent #hiring #fun #talent #looking #team #crew #building #family #santarosa #sonomacounty

We are looking for an experienced, energetic, fun and dynamic individual to join our Santa Rosa Branch for New American Funding.

This person would be have specific recent mortgage experience, know the loan business including guidelines and be willing to go the explore mile. If you know someone like that please feel free to message me.

@nafmidpacificregion
@stylemyheart @newamericanfunding #talent #hiring #fun #talent #looking #team #crew #building #family #santarosa #sonomacounty
...

sonomacountymortgage

Every family we meet with gets this super handy ...

Jan 30

Open
Every family we meet with gets this super handy packet. We like families to have something tangible when it comes to financing a home. You won't find this type of service with a Rock Loan company or an internet lender...🤔 @nafmidpacificregion @nikki___perfectly_imperfect83_ @_gorjessxo #family #team #value #rates #mortgage #goals #homes #realestate

Every family we meet with gets this super handy packet. We like families to have something tangible when it comes to financing a home. You won't find this type of service with a Rock Loan company or an internet lender...🤔 @nafmidpacificregion @nikki___perfectly_imperfect83_ @_gorjessxo #family #team #value #rates #mortgage #goals #homes #realestate ...

sonomacountymortgage

My little sweet pea loved the award dad earned for...

Jan 18

Open
My little sweet pea loved the award dad earned for having a record year. #families 
#mortgage #kids #family #team #goals #success #year #2019 
@nikki___perfectly_imperfect83_ @_gorjessxo @nafmidpacificregion @nafsantarosa @tinalsheldon

My little sweet pea loved the award dad earned for having a record year. #families
#mortgage #kids #family #team #goals #success #year #2019
@nikki___perfectly_imperfect83_ @_gorjessxo @nafmidpacificregion @nafsantarosa @tinalsheldon
...

Popular Posts

Why your income is your lifeline to finance a home

Why your income is your lifeline to finance a home

Filed Under: Credit Score Questions and Answers, Economic News, First Time Home Buyers, Jumbo Loans, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Popular

2020 Conforming Loan Limits Increaase

New loan limits for 2020 makes getting a mortgage easier

Filed Under: Economic News, First Time Home Buyers, Interest Rates, Mortgage Shopping, Mortgage Tips & Advice, Popular, Pre-Approval

Why the purchase price in a real estate transaction should not be the single most important factor

Why the purchase price should not be the single most important factor

Filed Under: Credit Score Info, Economic News, First Time Home Buyers, Interest Rates, Invesment Properties/Second Homes, Jumbo Loans, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice

How to avoid getting a jumbo loan due to Coronavirus

Here are 2 mortgage process problems you will want to avoid

Filed Under: Credit Score Questions and Answers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Popular, Pre-Approval, Purchase Mortgage Loans Questions and Answers

Self Employed Borrowers

Here is a legit non-traditional income program for self-employed mortgage borrowers

Filed Under: Credit Score Info, Economic News, First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice

How to use seller carry financing to purchase a house with less cash down

Should you buy & build or buy a single family home?

Filed Under: First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Pre-Approval

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

SCM on Facebook

SonomaCountyMortgages.com

Location & Contact

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
1450 Neotomas Ave Suite 115
Santa Rosa, CA 95405
1-707-217-4000
Email Us!

Copyright 2021 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing | Privacy | Terms of Use | Electronic Consent Agreement

Connect With Scott In Your Inbox

Looking for a home? Real estate insider? Get connected with Senior Loan Officer Scott Sheldon. Scott stays updated on the latest in the mortgage industry, so you can stay updated with him!