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Mortgage score

New Member

Mortgage score

Hi folks,
 
Getting ready to close my first home in about 30 days.  Excited and scared at the same time now that I am carrying a  monthly $2500 mortgage for the next 30 years.  Anyways, I was told that taking on a new mortgage will decrease the credit score?  Vice-versa, I also heard that in increases it too.  Which one is true?  Anybody bought a home and see any of the scenarios I mention?  My goal is to hit 700 mid-score (currently 660 mid) so I can refinance the auto loan to a lower rate offerred by my bank but stips is 700 score to do so.  I would be saving about $60-80 per month which will help out toward the extra expenses with new home ownership.  Any info would help and thanks again.  Good luck to all!
 
 
2 REPLIES
Moderator Emeritus

Re: Mortgage score

Generally, a mortage will increase your scores as it adds to your mix of credit.
Highlighted
Moderator Emeritus

Re: Mortgage score

Short term hit for the INQ's

Long term gain- NEVER BE LATE