In additional to the normal closing costs and pre-paid items that you incur when you purchase or refinance a home, there are additional costs that are charged depending on your credit score and other factors of your loan. In this weeks blog, I explain an example of one of these costs and how they are determined. These costs are not created by the banks that lend the money, but by the secondary market that sets the rules for all lending institutions. Please see these costs summarized below.
