Fannie Mae announced it will be issuing a rate increase for second home and high-balance loans this spring. That means that soon, rates for a second home or high balance loan purchase or refinance will go up significantly.
What Does This Mean?
If you are considering a new home purchase or refinance, either for a second home or a property that would require a high-balance loan, now is the time to act. This rate increase is going into effect with every lender in the nation, so everyone’s pricing will adjust accordingly very soon.
We’re Here to Help
We want to help you avoid the rate increase by starting or finishing your application ASAP. HomeLend Mortgage is still closing loans three times faster than the national average, so we could get you locked in before the rate increase if you started an application ASAP. * Other lenders are taking up to 50 days to close, so even if you started your application right now, they still might not be able to get you closed in time.
If you are interested in moving forward with your second home or high-balance purchase or refinance, we can get your loan closed before the rates increase. Contact your mortgage banker about your existing application or click Custom Rate Quote while rates are still low.
*Statistics on the national average from the ICE Mortgage Technology – January 2021 Origination Insight Report.
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