Denver Real Estate Agency Warns New Mortgage Fee Rule Proposal Can Penalize Good Credit Homebuyers
May 09, 2023 at 16:07
Westminster, Colorado -
Frank Duran Homes (Team Duran in Westminster), a real estate agency based in Westminster, CO, is bringing to light that a new mortgage fee rule proposal can penalize good credit homebuyers. The real estate agency serving Denver and other nearby areas is talking about the new schedule of home financing fees announced in January 2023 by the Federal Housing Finance Agency (FHFA), which oversees home financing giants Fannie Mae and Freddie Mac.
This new pricing for home financing has resulted in criticisms that it will result into higher fees for home buyers with higher credit scores, which implies that they will subsidizing home buyers with lower credit scores. These changes only apply for those who have conventional home financing, which means those who obtained their funding backed by the Dept. of Veterans Affairs (VA), Federal Housing Administration (FHA), or the USDA, are not affected.
It is important to clarify that those who have higher credit score will still be paying less in fees when compared to those who have lower credit scores. It’s just that the reward for higher credit has narrowed for some home buyers. This means that credit score still continues to be the most essential driver for a home buyer’s home financing rate. The new schedule of fees means that some home buyers with high credit scores are getting less of a break compared to the previous fees.
The adjustment in the home financing fees is intended to increase the revenue of Freddie Mac and Fannie Mae and thus improve their financial soundness. The FHFA has been trying to balance a need to bolster the finances of Fannie Mae and Freddie Mac with the wants of home buyers. With the most recent adjustment in fees, a home buyer is still rewarded to keeping a high credit score and paying a larger down payment although the difference compared to those with lower credit scores has be reduced.
Meanwhile, the Frank Duran real estate agency is ready to provide their assistance to home buyers or home sellers in Westminster and surrounding areas. Frank Duran says, “When you sell your home or are looking for a new home, you need a professional seller’s agent who will represent you properly, provide you with the best MLS listing and promotional content and resources, negotiate with the buyer for you, and ensure that all the proper details and documents are accounted for before closing. A reliable Westminster realtor will take care of those tasks with confidence and without missing any of the details. What you will find at Frank Duran Homes is precisely that, but with an extra dose of professional conduct, proficiency and determination thrown into it.”
The real estate agent from Frank Duran Homes will be working closely with the client who wants to sell a home and the agent will be finding the suitable buyers for the home and ensure that the phone will be ringing off the bat as quickly as possible. They will also provide the client with the appropriate assistance and representation on decisions with regards to the improvement, renovation, and decoration of the home before trying to sell it. They can also provide support and information on how to resolve title problems, including suggestions on who to depend on when it comes of legal and financial issues. For homebuyers, they will ensure that they will find a new home for sale as quickly as possible and make sure that the whole buying process will proceed smoothly,
Frank Duran The Real Estate Man is one of the most popular and trustworthy names in the real estate industry in Denver. The team is made up of top selling real estate agents and brokers who have decided to partner to provide an easy-to-use website from which people can find the perfect home to buy in Westminster and surrounding areas, from single family homes to condos for sale.
Those who are interested in learning more about the home selling and home buying services offered by Frank Duran Homes can check out their website or contact them on the phone or through email.
For more information about Team Duran, contact the company here:
9737 Wadsworth Pkwy
Westminster, CO 80021