image of two people giving a thumbs up

It’s now mid-August 2021 and we’ve seen two recent changes in mortgage loans. Recently Fannie Mae and Freddie Mac did away with their added fee for refinances. The fee was issued on all loans during the early months in 2021 but they just dropped it. What this means for borrowers is that rates are even better for refinances than they have been.

This is a great opportunity for all home owners who were on the fence about refinancing. Home owners should at least look to see if a refinance is worthwhile as it may save hundreds of dollars per month. But be careful shopping that mortgage, as some national lenders are still taking advantage of homeowners. Be very cautious with online lenders, especially the one that sound like “pocket” and that “quick sounding” lender. When we compare their offer, they are often charging very high fees—sometimes it then isn’t in the borrower’s best interest.

The other big change is that Indigo Mortgage can now offer VA 100% cash-out refinances. Prior to this, most lenders were limited to 90%. So if you’re a veteran and need to push that cash out to 100% and you have been turned away by another lender, give Indigo Mortgage a call. We can even use the previous appraisal as long as it’s less than 6 months old.

Remember to shop your mortgage around but be sure to include a local trusted mortgage company like Indigo Mortgage.

Your Credit Report Churning a Loan