Freddie Mac Is Tightening

According to Housingwatch.com, Freddie Mac, the government-sponsored mortgage-finance company, is going to be raising the fees to lenders on riskier home loans. That's right, this will affect homebuyers with lower credit ratings. For those with credit scores under 660, the charges can go as high as 3.25% while those with a credit score of 740 or higher can expect a raise of 0.25% upfront fee. To counterbalance an upfront fee of 0.25%, your lender can raise your 30 year loan by 0.05 of a percent or about $10 a month on a loan of $200,000. What does all of this mean? All My Sons of Atlanta, your local Atlanta moving company, suggests to check your credit score sooner rather than later. A score of 740 or higher can save you thousands of dollars on your monthly payments! This squeeze from Freddie Mac is going to take effect starting March 1st. This of course should not scare you from buying that new home or condo. When you do decide on buying your new place, trust the local Atlanta movers for your moving needs. All My Sons of Atlanta are professional movers backed by four generations of moving experience so you know they can be trusted.