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2:23Now PlayingHere's what homebuyers should know about new mortgage fee changes | JUST THE FAQS
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2:23Now PlayingMortgage fees are changing for homebuyers in May. Here's how that could affect you.
RELATEDHow to spot the most common hidden bank fees
If you're looking to buy a home, be aware that mortgages will change next month. Starting May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted because of changes in the Loan Level Price Adjustments (LLPAs), the fees that vary from borrower to borrower based on their credit scores, down payments, types of home and more. The changes relate to credit scores and downpayment sizes.
In some cases, people with higher credit scores may end up paying more while those with lower credit scores will pay less.
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