Scott's Real Estate Vlog

San Fernando Valley Real Estate Video Blog

Home Buyers with Good Credit will Pay Higher Mortgage Rates!

Did you know borrowers with good credit scores (above 740) and those slightly below that will have higher Interest Rates for a 30 year fixed mortgage to make rates better for those on the lower end of the credit score scale? Watch this video to learn more. Let me know your thoughts?

Higher rate
Play Video

I’ve seen a LOT of posts on social media about fees changing on mortgages.

“People with lower credit scores are paying less than people with higher credit scores now”

This is FALSE.

It’s a sensationalized headline.  That’s what the media does.

This is causing people to think that they should tank their credit scores to get lower fees.

“So what is REALLY happening, Scott? The headlines that the media is putting out can’t be 100% false”

You’re right.

What is happening is that the GAP between what a high credit borrower and a low credit borrower has shrunk.

So yes, it’s slightly more expensive for someone with high credit now, and slightly less expensive for someone with low credit.

But high credit borrowers are still paying significantly less than low credit borrowers.

All the details (and color coded graphs) are in this article that will help out.

Share this post

Leave a comment

Related Posts

What’s Your San Fernando Valley Home Worth?

Are you thinking of selling your home or interested in learning about home prices in your neighborhood? We can help you.

Looking for a San Fernando Valley Home?

Search the entire MLS for your San Fernando Valley home.

Post Library