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how is your credit score affected after closing on a mortgage?
thank you
For us, it took almost 4 months to start reporting to the CRA's and the impact was +/- 5-15 points. My score went up with some CRA and down with others. If you lose any points you will get them back with positive payment history.
Thank you, I'm considering refinancing a rental that purchased years ago with a ridiculous interest charge of 9% (it's a huge financial burden at this interest rate) was wondering if it would be possible to refi after mortgage closing, or not? Anyone know?
@Anonymous wrote:Thank you, I'm considering refinancing a rental that purchased years ago with a ridiculous interest charge of 9% (it's a huge financial burden at this interest rate) was wondering if it would be possible to refi after mortgage closing, or not? Anyone know?
As long as you still meet the DTI requirements with the new mortgage you should be fine. Your credit score shouldn't be impacted by more than a handful of points in either direction after the new mortgage reports.
Thank you, I've really been concerned as to if this was possible .