Higher mortgage fees for those with good credit? Not so fast
Fox News
Depending on the data, whether one pays more in fees varies dramatically depending on the size of the down payment and the borrower's credit score.
Rodney P. Mock is a professor of accounting at the Orfalea College of Business at California Polytechnic State University.
For example, under the new pricing-matrix all borrowers, regardless of their credit score, will now pay less in fees if their down payment is less than 5%. Moreover, for those borrowers with a credit score of 780 or greater they will either receive a reduction in their fees or have no increase at all.
The only exception to this involves those unfortunate 780+ credit score borrowers with a down payment of 15%, but less than 20%. For some bizarre reason, like a remote island, the matrix penalizes those 780+ credit score borrowers putting down 15%, but less than 20%.
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