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A new mortgage

June 11th, 2012 at 02:56 pm

We went to the bank to begin the process of borrowing money against the house we live in. That would be what is currently listed as Mort. 2. What's currently listed is money we borrowed from family members to renovate the house we live in. Interest rates are low, and it's time we borrowed money from the bank, and get them most of that money back. With the real estate market, especially in Michigan, we won't be able to borrow all of the money. I'm figuring somewhere between 56 and 58K is all we'll be able to borrow. The house is probably valued at right around 70K.

The mortgage originator ran all three of our credit scores. I don't remember exactly what mine came in at, but they were all greater than 700, and less than 710 (I think). What I remember for sure is that they were all +700, and pretty close together.

DW's scores were in the 7 teens. Like 715 or so. 20 months ago, my score was 580. I'm quite satisfied with the improvement.

1 Responses to “A new mortgage”

  1. creditcardfree Says:
    1339425997

    Always nice to see credit scores go up! We received ours recently. We are in the high 700's with each of us having one score above 800.

    Good luck getting the loan and terms you need. Money is so cheap now!

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