The House on Thursday passed a contentious foreclosure-prevention package, which still faces a veto threat from the White House and an uncertain fate in the Senate. In a 266-154 vote - with 39 Republicans voting in favor - lawmakers approved a proposal, to let the FHA insure up to $300 billion in new loans over four years if FHA lenders agree to reduce the mortgage principal. To qualify, the FHA mortgage lender would have to cut the debt to no more than 85% of a home’s current appraised value Broker fees may come in different forms, either as an addition to your interest rate, a separate fee, or points paid at closing. With all these additional fees, you might find that your best mortgage rate deal may not sound so great after all.
