Big News in Mortgage Lending!

In a significant update for the mortgage industry, starting today, lenders will treat VantageScore and FICO scores equally when evaluating home loans. Previously, lenders imposed additional charges when utilizing VantageScore, which has now been eliminated. This change allows lenders to opt for the higher score of the two, potentially lowering the mortgage rate for borrowers. This is a significant shift that can save homeowners money in the long run.

The notice encourages borrowers to inquire whether their lenders are considering both scores to ensure they receive the best possible rate. This adjustment aims to provide more flexibility and fairness in the lending process, opening doors for better financial opportunities for individuals looking to purchase or refinance their homes. As the market adapts to these changes, borrowers are advised to stay informed and communicate with their lenders to maximize the benefits of this update.

Jonathan Leidel, Producing Branch Manager at Buying a new home or refinancing? Local Mortgage Authority are top-rated brokers offering competitive rates from our Asheville, NC & Spartanburg, SC offices.. NMLS #1312477. Call (828) 242-5597.

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