March 11, 2009 Mara Bushari

According to Kiplinger’s Magazine, mortgages purchased from banks and brokers by Fannie Mae and Freddie Mac will be getting a bit more expensive…again. Beginning next month a new series of fee increases, aimed at accounting for default risks, will begin to affect a large number of home buyers and mortgage refinancers. Borrowers with a credit score of 720 and higher and less than 15% equity in their homes will no longer qualify for a quarter-point discount. For the first time, anyone buying or refinancing a condo with less than 25% down will pay .75% of the loan amount, unless the term is for 15 years or less. Borrowers with less than 30% equity will pay more if their credit score is below 700, and borrowers with less than 15% down will pay even more, even if their credit is perfect. Also, under Fannie Mae’s new rubric, someone with a $250,000, 30-year loan with 15% equity and a credit score of 699, will pay $2,500 more for a cash-out refinance than they would have before April. In short, if you are thinking of refinancing or purchasing a Boston property, do it NOW. It will be far more expensive in April.

Mara Bushari

Mara is a creative thinker and strategic marketer. She graduated Summa Cum Laude from Boston University’s College of Communication and worked in international finance before joining The Bushari Team. Mara strives to exceed expectations. As Client Relations Specialist, she is a key facilitator in all team transactions, making the buying or selling process as stress-free as possible for the client. Mara learned many of her extraordinary organizational and problem-solving skills during her service in the Israeli Defense Forces, where she earned the “President’s Award” for exceptional service. In the military, Mara solidified her abilities to achieve top results in high pressure and time sensitive situations. In her spare time, Mara enjoys skiing, photography and writing.

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