If your credit score is high, now may be a good time to buy your Chicago home.
Beginning April 1, Fannie Mae will begin raising the adverse market delivery charge on all loans. This charge was created in 2008, due to changes in the real estate market. At that time borrowers with low credit scores were asked to pay additional fees while borrowers with higher scores were exempt.
Now, even “good” borrowers will start having to pay this new fee. If your credit score is above 740, you may be spending 0.25 percent more on your loan. Borrowers with scores between 720 and 740 are expected to see a 0.5 percent increase. The lower your credit score, the higher the fee, up to 3.25 percent.
With these potential increases, now is the time to lock in a great rate. At Sergio and Banks, our team of professionals can help you do just that. If you would like to learn more about getting the best Chicago home and locking in the best loan rate, you can rely on Sergio & Banks. Give us a call today at 773.235.6100, so we can help you get started on buying your Chicago home.