Do you have less than 25% down to put on a home?

Do you need a loan-term longer than fifteen years?

Is your credit score less than exceptional?

If you answered yes to these questions, you could soon be paying more to get a mortgage.

Fannie Mae and Freddie Mac are raising risk fees that are charged to lenders for the first time since 2009, and these increases will affect most loans sent to Freddie Mac (beginning March 1) and Fannie Mae (beginning April 1).

Here's an example: Say you are purchasing a $250,000 home, putting 20% down, and your credit score is 720. Your risk fee will now be $1,000 (versus $500 before). And if your credit score is 680, the fee will now be $3,500 (versus $3,000 before).

The moral to the story is "visit you loan officer before looking for a home." Consumers need to know the costs associated with their real estate transaction BEFORE shopping for a home. There are too many complexities that can turn a good real estate transaction into a bad one.