Issue link: https://www.ifoldsflip.com/i/1332652
cabinetry,casualdining islandsandWhirlpool appliances.Comfortably spaciousbedroomspro- videawelcomeretreat forfamilyandguests, whileelegantbathrooms includesolidsurface countertopsandeasy-care one-piecetub/shower surrounds.Frontyards showcaseprofessionally- designedlandscaping withfullrearyardfencing. Oursalesofficeis nowopenbyappoint- mentat5457Mountain RidgeWayfrom1to5 p.m.Mondayandfrom 10a.m.to5p.m.Tuesday throughSunday.Call (925)303-2946oremail ParkRidgeTheHills@ davidonhomes.comfor moreinformationorto scheduleanappointment. TheCrestatPark Ridgefeatureseight lifestyle-friendlyplans withthreespacioussin- gle-storydesignsranging from2,078squarefeet toover3,100squarefeet withuptofivebedrooms andthree-and-a-half bathrooms.Fivetwo- storyplansrangefrom 2,788squarefeetto3,553 squarefeetandinclude uptosixbedroomsand fivebathroomswithcre- ativeroomconversions. KitchensatTheCrest areappointedwithslab graniteorquartzcoun- tertops,contemporary shaker-stylecabinetry andbrushednickelknobs, stainlesssteelWhirlpool appliances,largewalk-in pantrywithwoodshelv- ing,andluxuryvinyl plankflooring.Inviting greatroomsincludegas fireplacesandsliding doorstoexpansiverear yardswithoptionalcov- eredoutdoorlivingareas. Studies,recreation roomsandloftsprovide idealspacesforahome office,classroomorper- sonalexercisestudio, whilegenerous-sizesec- ondarybedroomscreate comfortableenviron- mentsforeveryoneto calltheirown.Elegant mastersuitesfeature spaciouswalk-inclos- ets,slidingglassdoors andoptionalfireplaces, withsumptuousmaster bathroomsshowcasing hand-settileflooring,en- gineeredmarblevanities andshowersurrounds, anda5-footovalsoaking tub. Allofthehomesat ParkRidgearebuiltwith qualitycraftsmanship andanextensivearrayof energy-efficient,comfort andsafetyfeatures,in- cludingdual-zoneHVAC systems(perplan),ceil- ingfanprewireinselect locations,LEDlighting, Low-Evinylwindows, water-savingshower- headsandtanklesswater heaters,firesprinklers, andsecuritysystems. LocatednearLone TreeWayandCanada ValleyRoad,ParkRidgeis withinminutesofHigh- way4andtheAntioch BARTStation—provid- ingcommuter-friendly convenienceandeasyac- cesstonearbyparksand schools,andtheshops andrestaurantsofboth Antiochandthepopular StreetsofBrentwood. TheCrestsalesoffice andmodelhomesare locatedat5445Mountain RidgeWay,openbyap- pointmentfrom10a.m. to5p.m.Tuesdaythrough SundayandMonday from1to5p.m.For moreinformation,call (925)303-2022oremail ParkRidgeTheCrest@ DavidonHomes.com. Visitusanytimeat DavidonHomes.com. Contentprovidedby DavidonHomes DAVIDONHOMES frompage1 By Erik J. Martin CTW FEATURES Historicallylowmort- gageinterestratesover thepastseveralmonths havebeenagodsendto homeownersseekingto refinanceandhomebuy- ersalike. Butformanyinthe formercamp,thewindow ofopportunitytosavethe mostmoneyiscomingto anend.That'sbecausethe FederalHousingFinance Agency(FHFA)isstart- ingtotackona0.5%fee toallrefinancesbacked byFannieMaeandFred- dieMac.Foraffectedbor- rowers,thatcanaddup topayingthousandsmore outofpocket. "TheFHFAan- nouncedinAugustthat therewouldbeanaddi- tional50basispointfee onallrefinancesofloans backedbyFreddieMac andFannieMae.The newscameasashockto bothlendersandtheir borrowerclients,asthis feewasinstitutedwithno warning,"explainsPaul Buege,presidentand chiefoperatingofficer ofInlantaMortgagein Pewaukee,Wisconsin. Initially,thefeewas settogointoeffecton September1,2020.But followinganoutcrybythe mortgageindustry,itwas postponeduntilDecem- ber1,2020. BrianDavis,theBal- timore-baseddirectorof educationforSparkRen- tal,saystheFHFAbe- lievesthefeeisjustified. "Theyimplemented thefeeasawaytorecoup theirexpected$6billion inlossesfromdefaulting borrowersduetotheon- goingpandemic,"hesays. Thefeewillbeused tosupportongoingac- tionbeingtakentohalt foreclosuresandestablish forbearanceprograms designedtoprovide homeownersbreathing roomonpayingtheir mortgageiftheyhave beenimpactedbythe coronavirus,accordingto JessKennedy,co-founder andCCOofProvidence, RhodeIsland-headquar- teredBeeline. Thebadnews?"The averageborrowerwillpay around$1,400forthisad- ditionalfee—asubstantial sumofmoneytohitbor- rowerswith,"Davissays. Ona$250,000refi- nanceloan,expecttopay awhopping$1,250. Thegoodnews? "Thisfeeonlyapplies torefinancetransactions above$125,000.Sopur- chasesandlowerbalance loanswillnotbeimpacted bythefee,"Kennedysays. "Also,certainrefinance productsareexempt,in- cludingFannieMaeand FreddieMacaffordable productslikeHomePos- sibleandHomeReady loans." Buegeaddsthatsome lenderswillincurthefee directlytoremainrate- competitive,whileothers willpassthefeeontothe consumerviaahigher rateoffering. "Or,borrowersmayopt topaytheadditionalcost allatonceupfronttokeep theirinterestratelower.If so,thefeewillamountto 0.5%oftheirloanamount andbeaone-timecharge," shenotes. Agoodruleofthumb istoponderrefinancing ifyourcurrentmortgage rateis50to100basis pointshigherthancur- rentrates. "So,ifyourcurrent mortgagerateis4%or higher,refinancingis definitelysomethingto consider,evenwiththis additionalfee,"Buege suggests."Rememberthat interestratesarestillat historiclowsandratesare veryattractiveformost consumers." Don'texpectthe FHFAtoeliminatethis feeanytimesoon,theex- pertscaution. "Theproblemwith feesandtaxeslikethis introducedduringtimes ofrecessionisthatthey don'tdisappearwhenthe economyreturnstonor- mal,"Davissays."Thegov- ernmententitiescharging themsimplyrollthem intotheirbudgetsmoving forward,creatingacycleof higherfeesandtaxesthat nevercorrectsitself." Kennedyexpectsre- financeactivitytosuffer afterthefeegoesinto effect. "Therearenogreat optionshere,andhome- ownerslookingtorefi- nancewillseeratesthat arehighertoaccountfor thisfeeinsomeway,"she says."Ifratescreepup andthefeeisadded,refi- nanceactivitycouldslow downwhilepeoplefigure outifarefinanceisgood forthemwhilethisfeeis inplace." Looking to refinance your mortgage? 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