When Is The Best Time To Buy Your Second Home in 2022..

Edgar DeJesus • January 7, 2022

 It is about to get really expensive to buy a second home and to buy a primary residence with a mortgage loan amount greater than $647,200.00. 


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The Federal Housing Finance Authority, announced that on April 1st it will require Fannie Mae and Freddie Mac to implement “targeted increases” in the upfront fees they charge for certain high-balance loans and second-home mortgages. 

 

For so-called high-balance loans or super conforming loans (loans over $647, 200), the upfront fees will jump between 25 and 75 basis points, depending on the loan-to-value ratio. Second-home mortgages will see an even greater spike in fees, ranging from 112.5 bps to 387.5 bps, also tiered by LTV. 

 

What does this mean?  It means that mortgage interest rates offered for these two types of loans will increase...by a great deal. 

 

What should you do? If you’re looking to buy a second home or purchasing a higher priced home (mortgage loan amounts greater than $647,200.00). Buy and Finance now before April 1st 2022.



If you have any specific questions regarding the home loan pre-approval process, let me know. To check out all your loan options, our services page. 

 

“Here’s what to do now… download your free homebuyer ebook, click here.” 

 

My name is Edgar DeJesus. I’m the mortgage advisor and branch manager of Treasure Coast Home Loans. Call or text, (772) 444-6362, with any questions that will let me separate opinion from opportunity. 

 

Thank you for taking the time to read my latest real estate and mortgage report.


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