Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Does refinancing a mortgage hurt your credit score?

Does refinancing a mortgage hurt your credit score?

I am in a arm loan and am looking to refinance after 2 years. I heard that refinancing can drop your credit score up to 30 points? Am i better off trying to sell or refinancing if i’m planning on selling after 5 years?

RELATED POSTS:

  1. When refinancing mortgage will it reveal credit details to spouse? My spouse and I are going to be refinancing our mortgage and added me on. I did check my credit...

  2. Is it a bad idea to apply for a credit card while in the middle of a mortgage refinancing process? I have a high credit score (760), and was approved for my bank’s best rate. The refinancing process is taking...

  3. mortgage refinancing? my spouse is in process of refinancing on home. My credit score is slightly below to receive a certain rate....

  4. Mortgage Refinance – Home Mortgage Refinancing – Bad Credit Mortgage Refinance Need mortgage refinance advice? USLOANZ will help you to get Home Mortgage Refinance and Bad Credit Mortgage Refinancing easily...

  5. We need help with mortgage refinancing? Me and my wife have a low credit score and were are behind two payments on our mortgage, our balloon...

Written by

Filed under: Mortgage Refinancing · Tags: , , , ,

8 Responses to "Does refinancing a mortgage hurt your credit score?"

  1. colemansbluff says:
    I have never heard it will effect your score, if it saves you money I would go for it
  2. mazziatplay says:
    Refinancing your loan should have minimal impact on your credit score.

    If you don’t have a second mortgage or equity line of credit you may qualify for a streamline refinance that will lower the costs and expedite the process for you.

    Feel free to email me with any questions.

  3. Yanswersmonitorsarenazis says:
    I could see it having a marginal negative impact, at least in the short term. You’ll have at least one new credit inquiry that will cost you a couple points. A new account might cost you a few more.

    How long is your loan fixed still before it adjusts? Is it going to adjust before you move? How long before? What’s the difference in cost between refinancing costs and any increased rate/payments on your existing, and for how long?

    I wouldn’t concern yourself about a small impact on your scores. What is a concern is whether you would actually really benefit from this refinance. A good loan officer will show you, clearly, on paper, what if any savings could be had over the expected time you think you’ll remain in your home. So go shop and find out.

  4. Nathan Grant says:
    Usually refinancing increases credit scores. The only effect is having a Mortgage Inquery and even then it won’t effect the credit unless you have too many inqueries done. Keep your shopping around at a minimum or look into a broker that can do the shopping for you. It all depends on the situation and what you are trying to accomplish. Your best bet would be a 5yr fix program if you are planning on selling th home. Shoot me an email if you have any other questions or want to look into your options. There are many different programs available that would get you out of the adjustment as well as save you some money on your monthly expenses.

    Nathan Grant
    Ngrant@pacifina.com

  5. white_lines15 says:
    Credit scores became common in the industry in the 1980’s, and today are widely accepted by lenders as a reliable way to evaluate a potential borrower’s willingness and ability to repay a loan. The process of calculating a credit score is quick, efficient and objective, enhancing business and helping consumers get the credit they need.

    A credit score is generated from the elements in a consumer’s credit history. A borrower’s credit status is condensed into a single number, which changes as the elements in a credit report change. For example, a late payment, the payoff of a loan or a newly acquired credit card account could cause a score to fluctuate up or down. The credit score reflects the risk level of lending to a potential borrower, with a higher number indicating lower risk.
    Individual lenders may use such elements as income, occupation and type of residence in determining their own custom credit score. Other factors include an applicant’s income vs. the size of the loan.

    Scores cannot use demographics which are prohibited under the Equal Credit Opportunity Act, such as race, color, religion, national origin, gender, age, marital status, receipt of public assistance or exercise of rights under the Consumer Credit Protection Act.

    Call me today to learn more!
    go to my website
    http://www.americanhm.com/denielle.hass

  6. djdraven99 says:
    no

    but not paying your bills on time will hurt your score.

  7. justgetaloan says:
    Well there are many loan programs available for you, and no they wont drop your scores. Additionally if you are looking to sell in 5 years you may even consider a pay option arm. If you would like to hear more i may be contacted at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player