3 Comments June 30th, 2009

Would it hurt your credit history if you refinance today and 6 months later apply for a new home loan?

qaboutcomp asked:


I am planning to buy a house in 6 months but want to refinance my current property right now to get a lower mortgage payment. Would that hurt my credit history, if I do that? Please help…

This entry was posted on Tuesday, June 30th, 2009 at 6:17 am and is filed under Home Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “Would it hurt your credit history if you refinance today and 6 months later apply for a new home loan?”

  1. Akbar B Says:
    July 2nd, 2009 at 11:50 am

    As long as you have the income to qualify for the new mortgage, you should be fine especially if you earn enough to make payments on both mortgages easily. Good luck.

  2. Carolinahomerates.com Says:
    July 3rd, 2009 at 3:26 pm

    it’s not going to hurt your score by a lot of points..only a few…because it’s only credit pulls

  3. JustMe Says:
    July 4th, 2009 at 5:17 am

    I don’t think it will hurt, but not sure. On the one hand, getting your current property down lower should help as far as having two mortgages and six months may be enough to offset that. On the other, I’ve heard at least a year to offset points off your credit score – and there will be if you refinance, just for the mortgage company pulling your credit score.

    If you want more precise info. than I can give as a layperson, try this link:
    It’s a great free website about improving credit scores and has some great examples on there. Then they also have a link to Equifax credit monitoring – which has a simulator on it that you can enter different things into to see what effect it has on your credit score, and how they diminish/increase over time. You can try the credit monitoring for free for 30 days, or pay (I think about $15 a month) to continue with it.

    Good luck! (: