Mortgage pricing is changing and it could have a large impact on your mortgage rate.

Trying to get the best rate on a home mortgage just got tougher. The two largest mortgage agencies that securitize mortgage backed securities have rolled out adjusted loan pricing based on a borrowers credit score and loan to value. This is one of the first major mainstream adjustments to mortgage lending since the credit meltdown. If you are  a borrower with a loan to value ratio over 70% and a credit score under 680 then your pricing adjustments (surcharge)will be as follows:

• Under 620 fico = 2%
• 620-639 fico    = 1.75%
• 640-659 fico    = 1.25%
• 660-679 fico    = .75%

On a one hundred thousand dollar loan that could be anywhere between and extra $750 to $2,000 in fees. If you are planning to buy a home or refinance your mortgage then knowing your credit score and improving this if possible could save you thousands of dollars.

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12-10-2007 ? LoanNetwork.com

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