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Q: Hi Cassandra…I’ve been watching the news and I am hearing about changes to fees on mortgages in regard to my credit score. What are those changes and what are my options?
A: Anyone in the market to purchase a home has seen the headlines regarding higher mortgage fees for well-qualified borrowers – Mortgage fee structure change will arrive May 1: Here’s what to know (usatoday.com) – there are many different loan options and in many cases these changes may not affect borrowers.
When articles are referencing changes in LLPAs (loan-level pricing adjustments) they are referring to fees that are either paid up-front or built into a mortgage rate. The new structure would increase the fees by $375 for a well-qualified borrower with a 740-759 score and 20% down. The $375 is the fee on a loan amount of $100,000, this would increase to $750 on a loan for $200,000.
However, we have other options for well-qualified borrowers that do not require us to use only the Fannie Mae and Freddie Mac guidelines. Contact me and I would be happy to go over any questions that you have in regards to mortgages.
Mortgage Loan Officer, AVPOhio Catholic Federal Credit Union
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