Fee hikes are coming for mortgage applications for Boston condo refi’s
Heading into 2014, one of the downers was the planned hike in Fannie Mae and Freddie Mac fees on government-backed mortgage loans, a move that could add thousands of dollars to what borrowers ultimately pay over the course of 30-year mortgages.
But wait: The new head of Fannie and Freddie says he plans to delay those fee hikes until he has time to review them.
It’s the season of miracles!
Next miracle we’d like to see occur: Reducing the amount of paperwork to process mortgage loans, which now runs at about 500 pages per application. Not that we want to go back to the no-doc era. But 500 pages? It’s absurd.
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