Jeff Ostrowski
Alexandra Clough
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For borrowers with less-than-pristine credit, mortgage fees add up
Another reason to carefully cultivate your credit score: Mortgage giant Fannie Mae has begun levying extra fees for borrowers with poor credit.
Called “loan-level price adjustments,” the fees give a break to borrowers with high FICO scores and penalize those with low scores. And the fees will jump a bit June 1.
Say you buy a $250,000 house, put $50,000 down, and borrow $200,000. Here’s how the fees will affect you:
The fees vary both by credit score and the amount of the down payment. See the complete list here.
Mortgage broker Jim Sahnger of Palm Beach Financial Network in Sewall’s Point that these fees are just one more reason that deals will fall apart in a shaky market.
Permalink | Comments (5) | Post your comment | Categories: Jeff Ostrowski
Comments
By drive by media victim
April 23, 2008 4:17 PM | Link to this
South Florida HOMEOWNERS, BUILDERS and real estate industry professionals can thank the SLEAZY REPORTERS at The Palm Beach Post for the DESTRUCTION of the South Florida real estate market! The news media has been POUNDING THE TABLE for a REAL ESTATE CRASH for the past four years! By constantly using FABRICATED HOUSING HORROR stories to SCARE AWAY HOME BUYERS reporters like Jeff Ostrowski at The Palm Beach Post have destroyed the real estate market along with the many businesses enties that comprise it. Jeff Ostrowski has been particularly nasty by MASQUERADING foreclosure consultants as impartial real estate experts in his articles who use fabricated statistics like the MYTH of 100,000 condo’s being built in Miami to scare away home buyers. The fact is there were never more than 6,000 condo starts a year in all of Miami-Dade County, and according to The Miami Herald only 23,000 condo’s built in the past 5 years! Ostrowski’s weekly FORECLOSURE HORROR STORIES always seem to forget to mention that 42% of Florida homes are owned free and clear WITHOUT ANY MORTGAGE! What’s worse is these REAL ESTATE NIGHTMARE articles get syndicated and reappear hundreds of times across the U.S. and worldwide in what has become a SELF-FULLFILLING prophecy to destroy the housing market by SCAREING AWAY HOME BUYERS! Builders, REAL ESTATE brokers and mortgage lenders like WACHOVIA and BANK ATLANTIC should cancel all ADVERTISING with The Palm Beach Post!
By Curious
April 23, 2008 6:20 PM | Link to this
Wow!
The above person sure sounds like one of the classic dumbos who purchased at the top of the bubble and who lost, or is about to lose, his/her shirt. Sounds like one of the psychological stages in the classic human denial syndrome – try to find temporarily relief by slashing out and blaming someone else.
Have to remember that if you have good health, possibly a good family and such, the money is a small thing that can always be regained if you learn something from every negative happening.
Cheers!
By Curious
April 23, 2008 6:23 PM | Link to this
Wow!
The above person sure sounds like one of the classic dumbos who purchased at the top of the bubble and who lost, or is about to lose, his/her shirt. Sounds like one of the psychological stages in the classic human denial syndrome – try to find temporarily relief by slashing out and blaming someone else.
Have to remember that if you have good health, possibly a good family and such, the money is a small thing that can always be regained if you learn something from every negative happening.
Cheers!
By de Idiot
April 23, 2008 8:22 PM | Link to this
I think Wachovia, and Bank Atlantic will both cancel their ads with The Post…. They will do so, because they are both headed for BANKRUPTCY….. [They spent to much money on ads]
By Where is Cw on this one?
April 24, 2008 10:16 AM | Link to this
Credit scores? People buying homes who shouldn’t because of bad credit? Cw would be having a field day on this one. I miss his daily rants on the credit-reckless among us, lol.