1% penalty on 2 family?

Categories: Mortgage

I’m looking into refinancing my loan on a two family brownstone and my mortgage broker told me that there was a 1% two family add on from Fannie/Freddie which bumps the beast available rate up to a little over 5.6%. Has anyone else run into this? We’re looking at a 30 year fixed regular conforming loan but that added 1% is putting the kybosh on any real savings since our current loan is at 6%. Any way around this to get a better rate?

By ralph gardens | 04/02/2009 9:54 AM