Mortgage insurance rate going up, from $70 to $113?!?
We had to have an updated credit report, and apparently one of scores dropped almost 50 points, just from the old inquiries, our debt is actually lower, there’s nothing else on y it dropped!… We were told that since only my 1 score dropped that much, our mortgage insurance is going to go from $ 70 a month to $ 113 a month?!! My husbands scores stayed the same, so since they pull 3 credit reports from each bureau, that it would increase $ 40 a month! That’s ridiculous!!! Please tell me it’s ridiculous? It’s a conventional loan NOT FHA! Why would 1 of my 3 reports that dropped, drop so much?! They can’t see why it did, just from the old inquiries!
I did get a copy of the credit reports, it just says too many inquiries, from the past, before the older credit report was pulled! I read through it all, it makes no sense y my score would drop that much!