Election Year Politics Kills US Mortgage Refinancing Fee

by | Aug 26, 2020 | Wealth Management

pexels david mcbee 1546168

When is a government fee not really a fee? When it is a tax in disguise! This is exactly what the two government-sponsored mortgage agencies were going to put into effect beginning September 1st. Freddie Mac and Fannie Mae were going to charge homeowners a ½ of 1% fee to refinance their homes because they want to make up for losses due to foreclosures and non-payments during the COVID-19 pandemic. This so-called fee was not going to be applied to new home financings, but solely to re-financings. This became too controversial for the politicians, especially in an election year, that they have decided to delay the fee until December 1, 2020. How coincidental that the delay in the new tax was postponed until after the election. Welcome to the land of fees and taxes.

We are telling people to re-finance now, if appropriate before your taxes (we mean fees) go up.

Latest From The Blog


Our Services

Investment Management

Tailor portfolios to your needs and goals.

Retirement Planning

Investing and saving wisely is vital to success in retirement.

Financial Planning

Navigating the complexities of your financial affairs can be simplified.

Tax Management

Help to increase the amount you “take home”.

Estate Planning

Protect your loved ones and make sure your legacy endures.

Executive Compensation Analysis

Simplify the many options and decision points of executive compensation plans.

Education Planning

Confidently plan for your children’s future.

Charitable Giving

Give in a tax-smart, simple way.

*Please Note: Limitations.  The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent.  BFSG does not prepare legal documents or tax returns, nor does it sell insurance products.  Please Also Note: Different types of investments involve varying degrees of risk.  Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.

Sign Up For Our Newsletters

(They're great, we promise)

Connect With Us

Financial Services Group BBB Business Review