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Michael,How can you say the fees aren't higher? Fannie Mae charges 1.75% of loan amount under 75% and 3% of loan amount over 75%. The fees ARE higher.
Lender can no longer absorb this cost with higher rate because the YSP/SRP premium are too thin at higher coupons. Customer is going to pay that fee. In particular, this customer asked if they could take advantage of lower rates, so they probably want the 4.75 - 5.25 rate that they are hearing about. They CAN get that rate, but at significant cost.
Justin, I dont agree. First of all Nick, you would have to classify the home as an investor property or 'non-owner occupied' which is subject to higher rates. The fees arent higher (as justin said) or any different than any other loan. Also, your rate wouldnt need to drop by 2% for it to be advantageous. Your rate would have to drop to the point that it would make sense. You cant put an arbitrary number on what is a benefit to YOU and what makes sense.
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