KIESHA McFADDEN CHECKING IN WITH... REFINANCING JUST GOT CHEAPER, AND IT’S A GREAT TIME TO TAKE ADVANTAGE. /// On July 16, 2021, the Federal Housing Finance Agency (FHFA) announced it was finally removing the Adverse Market Refinance Fee. The additional fee, which was introduced last year, raised either interest rates or closing costs on all conforming refinance loans. Removing the fee will make refinancing less costly for millions, with refinance rates or fees dropping as a direct result. And the good news is, those lower costs start now. Refinancing your mortgage can provide a lot of advantages, from lower monthly payments to being able to take equity out of your home for major repairs or unexpected expenses. With interest rates currently averaging 2.80%, it’s a great time to reevaluate your home loan and see if a refi is the right option for you. Ever since the pandemic hit and mortgage rates crashed, homeowners have flocked to mortgage lenders looking for a loan refinance. Applications for refis made up 67% of all home loan requests for the week ending July 23, according to the Mortgage Bankers Association. In fact, refinance applications have made up at least 60% of all loan originations for more than a year. While plenty of homeowners have already taken advantage of the opportunity provided by low interest rates, there are many more who stand to benefit from a mortgage refinance. As of late June, there were 12.2 million homeowners who can qualify for a meaningfully lower interest rate on their home loans and save an aggregate of $3.4 billion in monthly payments. I’m also starting to see many people that were in the market to purchase a new home now take advantage of the rising equity in their current home to remodel or add pools. With the potential to save hundreds of dollars on your monthly payments, and pull equity out to turn your current home into your “Dream” home, it makes sense to at least check out your mortgage refinance options. GIVING BACK — THE NIGHT OF HOPE GALA I know I’m not the only one who’s excited for the return of in-person events. We invite you to a glamorous old Hollywood evening to support Amanda Hope Rainbow Angels and bring hope to our childhood cancer warriors. The Night of Hope Gala will be held September 18, 2021 at the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch. For the 2nd year in a row, yours truly is hosting a fundraising team, FIGHT LIKE A KID . To donate or find more info for this event, please scan our QR code. 16930 E. Palisades Blvd., Fountain Hills, AZ 85268 NMLS #1467650 KIESHA MCFADDEN 480.252.9365 Kiesha@TolisMortgageUSA.com NMLS #198458