3 Steps To:  Dodd-Frank Compliance | How Does Dodd-Frank Affect My Business The federal regulator for Fannie Mae and Freddie Mac will propose Thursday charging slightly more for all mortgages in a handful of states where it takes longer for banks to foreclose. Read more at WSJ.com.

A second mortgage with an APR more than 8.5 percentage points higher than the average prime offer rate for a similar second mortgage. A loan of less than $20,000 with borrower-paid points and fees that exceed the lesser of 8 percent of the loan amount or $1,000.

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Higher mortgage rates mean higher interest expense and subsequent higher payment on the same amount borrowed in an otherwise more favorable rate environment. This puts more of a strain on qualifying for the loan, let alone the adjusting of the budget to fit the new mortgage payment.

When you do a low-cost or no-cost mortgage, you are willingly accepting a higher mortgage rate than the "market rate" in exchange for having some or all of your loan fees waived.

You may also find that some lenders will charge higher mortgage rates for condo mortgages made in certain states, particularly Florida and Nevada. While these increases are often fairly small, in some cases they can be nearly half a percent higher than what you’d pay for the same loan in a different state.

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secondary residential mortgage loans, current licensees with only secondary lender authority, of which there are less than five, will have to be licensed under the RMLA and the proposed amended rules as a mortgage lender and meet the applicable licensing standards. Consumer

High-Cost vs. Higher-Priced Mortgages. This 5 percent tolerance includes but is not limited to the following: origination fee, broker fee, processing fee, underwriting fee, document-preparation fee, wire fee and loan-servicing set-up fee. The loan has a prepayment penalty beyond 36 months from closing or the prepayment penalty exceeds 2 percent of the amount prepaid.

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