Credit Cards

[09Lexie]

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Revelate wrote:

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09Lexie wrote:

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koalablue wrote:

I would app before the job change.  Sometimes applications will ask how long you've been at your current job, and often, if you have to recon, the agent will ask how long you've been at your current job.  If you've been there a while, you look like a more stable candidate.

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As a loan underwriter, I would not look favorable on new debt. Your scores are good and it probably will not result in a refi loan decline but why risk it? What's more important; the lower mortgage payment or more plastic ( although its tempting)?

Just my .02. 

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Lexie, random question if you work in this line but since you mentioned it, would it matter in Duncan's case if he were doing a FHA refi vs. a conventional or other loan type?

Generally speaking, It would depend- some refi's are 'streamlined' where uw only looks at the borrowers payment history with that lender ( also they will not ask for income docs- just a phone verification)   Assuming he is not pulling cash out of course- conventional refi loans will ask for income docs and will pull credit.  it would also depend if he's changing lenders/investor packages. 

Most FHA/VA loans are streamlined. 

[09Lexie]

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Duncanrr wrote:
It's my home/primary residence. I would probably rent for a bit in new location if took job but I wouldn't be living in home. Ultimately, it would be investment or second home.

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So your 'intent' is a primary residence? I would keep it simple - not suggesting you lie but  your plans are not set. If you are planning to move in to the home- I would go with that information. 

[Revelate]

Thanks Lexie!

[webhopper]

Its possible to do an Fha streamline refi on an investment property... I did that in 2012. In your case though; you intend the house to be a primary residence; so just refrain from renting it until you close on the refi. Also; you are on the same line of work with good credit history so I really don't see you having an issues with approvals. Be choosy on your apps; make them count with long term goals in mind.

[Duncanrr]

Thanks for all the input. Appreciated. I only app for cards I intend to have for a while. The only two throw away apps I've done in my rebuild we're for my secured cards (but they were necessary at the time).

[pdog661]

As you re-fi you must state its your primary residence. 

If you get another mortgage with say, 1-2 months, you may experience some pain.  The mortgage company you are working with to re-fi will know that you have turned your residence into a investment IE different insurance policy for their review. 

Speak with a re-fi agent about moving it to an investment property.  You may be surprised what they can do.  You can certainly explain away why you stated a home as a primary residence and then changed the game plan, but not with a month or two.

If you re-fi I would also suggest you do so before the job change.  1-2 month in a new job may spook the re-fi underwriters. 

[FrugalRican]

Also, if you are looking to move that far away from your home, you might want to look at possible tax benefits/deductions for doing so.

I know that's random, but something you want to look at as well.

[Duncanrr]

I actually makes more financial sense for me to do that and accept their relocation package.  However, home is home.  Im not sure I can do that just yet.  Still aways before I have to make that decision but in terms of job opportunity, I'll be hard pressed to find a better offer (of course, I'll not tell them that in the negotiations)