In the Bay Area, the change could shift total mortgage closing costs by thousands of dollars.
. Still, borrowers with lower credit scores will, for the most part, still pay much larger fees than those with higher scores.
Many factors beyond credit scores go into determining closing costs, which can make up between 3% and 6% of a home loan. The updated fees are just one of those costs, and lenders can structure home loans in different ways to balance out the higher charges. , conforming loans aren’t an option for many local buyers and therefore new fee rules won’t affect them.A buyer who makes a 20% down payment with a credit score of 660 — considered a “fair” score — would see their fee dip from 2.75% to 1.875%, for example. For a $1 million home loan, the change provides a $8,750 discount, reducing a fee of $27,500 to $18,750.
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