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Higher fees for borrowers with good credit? Inside Biden's new rules on mortgage fees

Updated: Feb 15

First-time homebuyers with high credit scores would pay more under this new rule.

Before May 1, if you have a credit score of 740 or higher, on a $500,000 loan, you would pay a fee of 0.25%, which is $1,250. After that date, you could pay as much as 0.375% - or $1,875 - on that same loan.

People with lower credit scores will pay a lower rate. Those who put 15% to 20% down on a home could feel the biggest increases.

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