Homebuyers who make down payments of 15% - 20% will be hit with the largest fees.
It's about not using large down payment to get the monthly charge down. Then the financing makes more money off of you with interest. There are banks they penalize you paying your mortgage off early.
Under the new Biden rules, those with lower credit scores and smaller down payments will qualify for better mortgage rates and discounted fees thanks to the surcharge on those with good scores.
It's about not using large down payment to get the monthly charge down. Then the financing makes more money off of you with interest. There are banks they penalize you paying your mortgage off early.
Interest is how they make money.