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Homeowner refinance – State of the Union address

Homeowner refinance – State of the Union address

So I just listened to President Obama mention that responsible homeowners will have the ability to refinance with a “small fee” so it doesn’t add to the National Debt. So what is this small fee? If you haven’t heard , it is called the Guarantee Fee or “G” Fee.

What does this mean? In short it means higher interest rates. How? Because lenders will have to set aside money to send off that will be funneled back to the Treasury. This is how these programs will be funded, and this is how the Payroll Tax Cut extension has been funded as well. So while you may get an extra $40 in your paycheck , if you buy or refinance a home, you will pay more in interest as a result of the currently little known Guarantee Fee. But you will as lenders layer this in to their rates and you see rates slide up.

If you are wanting to see if it makes sense to refinance or are looking to buy a home, apply now

Ray Williams

Branch Manager, Summit Home Mortgage Denver, 303-779-0591 x101

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

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Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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