Mortgage fees to rise for buyers with high credit scores, fall for those with lower scores

So, I came across a pretty interesting article about mortgage fees recently. Basically, if you have a high credit score and you’re trying to buy a house, your fees are going to go up. But if you have a lower score, your fees will actually decrease. Crazy, right?!

Apparently, this is because lenders are trying to balance their risk and reward. They’re seeing that people with high credit scores are more likely to pay off their mortgages without any issues. So, they’re bumping up the fees for those people to make more money. On the other hand, they’re lowering fees for people with lower credit scores because those folks are seen as higher risks, so the lenders want to encourage them to buy homes.

Personally, I think this is kind of messed up. If you’re responsible with your credit and have a good track record, shouldn’t you be rewarded instead of punished? But I can also see why lenders would want to make more money over time.

At the end of the day, this news just reinforces how important it is to keep your credit in good shape. If you’re thinking about buying a house, make sure you’re doing everything you can to boost your score and prove that you’re a reliable borrower. Otherwise, you’ll end up paying even more in fees and interest over the long run.