Higher Mortgage Fees for Good Credit Homebuyers Under New Federal Rule
TL;DR
Changes in the mortgage industry will result in some people with higher credit scores paying higher fees while those with lower scores will pay less, starting May 1. The changes are part of the federal government's effort to provide equitable access to homeownership. The fees that lenders pay back to federal programs that back the mortgages are the reason for the changes. It will make it more expensive for borrowers to refinance and to pull equity out of their homes to pay off consumer debt.
Topics:businessmortgage-industry#credit-scores#federal-programs#homeownership#mortgage-fees#mortgage-industry#refinancing
- 'It's going to hit the consumer hard,' Those with higher credit scores may pay higher mortgage fees CBS Boston
- A new federal rule to subject good credit homebuyers to higher mortgage fees CNBC Television
- Mortgage fees are rising on home loans backed by Fannie Mae and Freddie Mac NBC News
- Editorial: Rewarding bad credit | The Blade Toledo Blade
- Biden's mortgage plan: 2008, but with an inflation crisis Washington Examiner
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