When Is The Best Time To Buy Your Second Home in 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.
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
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“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.
Call or text 561-223-9347 or email edgar@treasurecoasthomeloans.com to discuss your move-up plan and determine whether a bridge loan is the right fit for your situation.
Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by the borrower(s). A loan is only approved when the lender has issued approval in writing and is subject to all lender conditions. Any specified rates and terms are contingent upon loan approval and are subject to change without notice due to unpredictable market conditions. Innovative Mortgage Services, Inc. is a Florida licensed lender. Company NMLS #250769. Originator NMLS # 230414. Florida Mortgage Lender License, License/Registration #: MLD178 Florida. Mortgage Lender Servicer License, License/Registration #: MLD2167 Equal. Equal Housing Lender
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