Homebuyers with good credit scores could soon pay higher mortgage fees
(CBS DETROIT) - Starting in May, some people with higher credit scores may actually end up paying a higher fee on their mortgage, while those with lower credit scores pay less.
These changes are part of the federal government's effort to make homeownership available to more Americans. This applies to all loans guaranteed by Fannie Mae and Freddie Mac, regardless of the lender.
Frank Hempel, a mortgage advisor with Action Mortgage of Michigan joined CBS News Detroit on Tuesday to better understand the changes.
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