**UPDATE: On Wednesday, May 10, the Federal Housing Finance Agency announced it rescinded its loan-level pricing adjustments regarding debt-to-income ratio fees over 40 percent. We will continue to closely monitor this situation for new information and will share updates as available.**

Q&A with Tara McCluskey, Vice President, Mortgage Originations

Recently, there’s been a lot of buzz around fixed-rate mortgages and credit scores. Is it true that individuals can get a better fixed-rate mortgage if they have a lower credit score?

Not at Greylock! Everyone who qualifies for a fixed-rate mortgage gets the same published rate. We don’t adjust rates based on credit score.

So, why has this been in the news?

Fannie Mae and Freddie Mac (government-sponsored agencies that purchase mortgages from banks and credit unions) released new guidance on what are known as “loan-level price adjustments.” These are fees that can be charged to a borrower based on their credit score, down payment, and debt-to-income ratio, for example. Typically, these fees are then built into the final mortgage interest rates that many financial institutions offer.

Greylock does not use loan-level price adjustments. Our fixed-rate mortgage interest rates are not based on your credit score. A borrower with a 640-credit score will be offered the same rate as someone with a 740. 

It was also stated that borrowers with higher credit scores will be charged more fees, while borrowers with lower scores will be charged less. Is that the case?

The rate published on our website is the rate qualified borrowers will get. We offer one rate. Period.

How can I learn more?

If you have questions about mortgage loans, whether a fixed rate or adjustable, please reach out to Tara McCluskey at (413) 236-4871. She would be happy to discuss your unique situation and get you the answers you need. 

Greylock is the face of financial inclusion in the communities we serve. We treat everyone with the same level of respect and enthusiasm, no matter your credit score. Greylock is an equal housing lender. All mortgage loans are subject to credit approval.