Those with higher credit scores may pay higher mortgage fees

[neurosis]

What kind of ass backward bullshit is this?  lol

Work hard, be responsible, get screwed. 


'It's going to hit the consumer hard,' Those with higher credit scores may pay higher mortgage fees

https://www.cbsnews.com/boston/news/mortgage-fee-changes-good-high-credit-scores/

"It's really a big change," explained mortgage loan officer and credit score expert Al Bingham. "It's going to hit the consumer hard when they go to apply for a mortgage."

The changes are part of the federal government's effort to provide equitable access to home ownership.

According to Bingham, it comes down to fees that lenders pay back to federal programs that back the mortgages. For some first-time homebuyers those fees are often rolled into a higher interest rate paid by the consumer.

Here is what it will mean for first-time homebuyers who fit certain income guidelines.

For a homeowner with a $500,000 purchase price who puts down the minimum down payment, a person with a 660 credit score will get a rate of about 6.25% while a buyer with a 740 score will pay 6.5%.

[Jim at Gentex]

Well Biden just announced he is running for re-election, so if you want more ass backwards bullshit, he's your man.

The changes are part of the federal government's effort to provide equitable access to home ownership.

^^^The key word here is 'equitable'^^^

The only way to achieve that is to penalize those who worked hard and obeyed the rules.

The liberal mindset is to MAKE everyone equal, whereas the conservative mindset is to give everyone the OPPORTUNITY to be equal. 

To quote my friend Matt:
"Govern me harder, Daddy!!"

[RobertELee]

"You will own nothing, and be happy"

[neurosis]

The key word here is 'equitable'

I wonder how many foreclosures this is going to cause? 

[Del.]

I wonder how many foreclosures this is going to cause? 

3

[pmartin]

I suppose that if you want to refinance you will first need to make some late payments to get that pesky score down. Mine is 850 for the last 3 years and by gosh I am proud of that. (I'll probably just pay cash for my next big purchase.) So there

[YoDoug]

I suppose that if you want to refinance you will first need to make some late payments to get that pesky score down. Mine is 850 for the last 3 years and by gosh I am proud of that. (I'll probably just pay cash for my next big purchase.) So there

That's what I was thinking. My credit is usually in the low 800's. The only credit I use is my mortgage. If intentionally lowering my score gets me a better rate then it will be considered.

[CADCAM396]

That's what I was thinking. My credit is usually in the low 800's. The only credit I use is my mortgage. If intentionally lowering my score gets me a better rate then it will be considered.

easy peasy. just open up a bunch of free credit cards, this will lower your score.

Am I in the minority if I don't know my credit score?
Or how to find it out?

I would hope so. not checking it is risky. some one may take advantage of it, and if they are real slick you may not know for years and end up on the hook for 100's thousands of dollars.

https://clark.com/credit/how-to-monitor-credit/

[CADCAM396]

Urgh?
How can I be on the hooky if I've not purchased/signed something?

identity theft. mine has been stolen (sold ) several times. they did not get far because my credit is locked. got notices in the mail declining application for loans I did not apply for. declined due to the bank they applied through cannot access my credit status.

[Tim Johnson]

Am I in the minority if I don't know my credit score?
Or how to find it out?

My bank tells me. I was 810 but now I'm 780. I think it's because I paid cash for my last pickup.

[MIL-TFP-41]

Does this mean me having no credit score will get me some really good rates?

[neurosis]

Does this mean me having no credit score will get me some really good rates?

It will supposedly get you better rates than someone with a 650 or above and the guys with the higher credit scores will be subsidizing your lower rates.   

[Del.]

I don't think this is about interest rates but fees bank charge to make the loans. I hate banks.

[rdshear]

I don't think this is about interest rates but fees bank charge to make the loans. I hate banks.

That's what I heard as well.  I also heard it was for Gov backed loans like FHA HUD loans.  I hope that's the case at least because then a conventional loan sourced through a bank wouldn't be subject to it.

[Del.]

I left the bank and refinanced with Rocket Mortgage. Very happy with them other than the constant emails and messages.