Cash out refi on 7th single family home April 2021

[Terry Jacobsen]

I am looking at doing a cash out refi on number 7. No problem, but want to charge 5000 dollars at 4.65 % 30 year fixed. April 2021

It was recently announced that Fannie Mae and Freddie Mac were being directed by the Treasury to reduce their risk exposure for certain types of loan transactions that they acquire. The result of this requirement is that Fannie/Freddie will be limiting the amount of Investment property and 2nd Home transactions they will purchase on a monthly basis beginning April 1st.

They say this is why the fees have gone up.  Is this what people are finding?

Regards Terry

[Monica Bynum]

Yes, this is happening. I agree with shopping the rates. I had one of my lenders call and discuss with me because I deal with a ton of investors from all over the world in Memphis, Tn. It’s best to shop around!