If you are thinking about purchasing real estate in the Park City area, or anywhere in the US, you should be aware of Fannie Mae’s and Freddie Mac’s decision to charge lenders a .5% fee on all refinancing starting in September.
3324 CENTRAL PACIFIC TRAIL, PARK CITY, UT 84098
Listing courtesy of Mary Ciminelli with Summit Sotheby’s International Realty
Why does this impact financing a real estate purchase? Because lenders are scrambling to complete refinances before September to avoid the fee. That means your financed real estate transaction could be on the back burner until refinances are completed.
What can you do to help alleviate the strain from Fannie Mae’s & Freddie Mac’s decision to charge .5% fee to lenders? You will need to ask for a longer Finance and Appraisal deadline and Settlement deadline. Educate the seller up front as to why you need a longer time frame. Don’t wait until last minute to get an extension. The Park City real estate market it too robust to take the chance. There may be a backup offer on your dream home purchase. Manage expectations up front with the seller.
Click on the link below to read the CNBC article on mortgage refinancing:
Current Mortgage RefinancingIf you want to speak to a local excellent lender to educate you further on the process, I highly recommend Nikki Varanakis with Intercap Lending in Salt Lake City. Nikki is one of a hand chosen few lenders that do an excellent job for my clients. You can reach Nikki at (801) 347-5071 Nikki@intercaplending.com
Please let me know how I may help you navigate the Park City area real estate market. I am your Park City resource.