Homeowners looking to refinance will have a new fee to tangle with unless they act soon.

The new adverse market fee will cost homeowners 0.5% of the total loan amount if they want to refinance.

"If you're refinancing and you're saving say, $100 a month, $200 a month, this will change it by like $15 a month. Although it's not that bad, over time it does add up," said Robert Graybill, a senior loan advisor with Fairway Independent Mortgage.

He says federal lenders are cushioning the blow from many customers defaulting during the pandemic.

Federal regulators this week pushed the start date for the new charge back to December first. But for homeowners looking to take advantage of current low rates, Graybill recommends giving yourself plenty of time.

"Although it's moved to Dec. 1, you really want to get your refinance closed a couple weeks before that," said Graybill.

He says if you do find yourself up against a deadline, direct lenders can usually get you through closing faster than a bank will.

"We're approving loans in like five days, whereas unfortunately banks can't keep up with that volume, and they're like 60 to 90 days," said Graybill.

That could be why Fairway is expecting a busy fall. Graybill says the delayed fee is likely to cause a surge in refinancing.

The new fee will not be charged on loans less than $125,000.