Monday, March 4, 2024
HomeMortgagesInside a Plan to Save Homeowners Hundreds of Dollars Closing Their Mortgages

Inside a Plan to Save Homeowners Hundreds of Dollars Closing Their Mortgages

The Biden administration has directed Fannie Mae and Freddie Mac to identify ways to make housing more affordable, with special focus on closing costs. Photo: Michaela Vatcheva/Bloomberg News
WASHINGTON—A government-controlled mortgage giant has a plan that could help more Americans save around $1,000 on closing a mortgage, the latest attempt to chip away at high costs that officials say discourage home buying.
Fannie Mae last month said it would expand the types of mortgages it will purchase that rely on a cheaper alternative to title insurance, which is one of the biggest fixed costs tied to closing a mortgage.

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