Credit Scores Determine Rates and Fees
Whether you’re hunting for easter eggs or hunting for a new house this weekend, here’s a little mortgage tip from the Easter bunny! If you’re ever shopping for a mortgage, obviously double check the lender’s rates and fees; but also make sure to look at their monthly PMI also known as mortgage insurance. When it comes to rates and fees, most people don’t realize that certain lenders have better deals depending on the credit scores. Some lenders have better rates and lower fees for lower credit score customers and some lenders are more ideal for higher credit score customers. Aside from that, some lenders also get cheaper PMI for conventional loans than others. Yesterday, we saved a customer $30 a month on their rate with the same closing costs as their other lender… but an additional $55 a month on their PMI compared to the competitor. Shop us out and see for yourself, but look at the whole picture.