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fha streamline mortgage refinance-- pros & cons

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Anonymous
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fha streamline mortgage refinance-- pros & cons

Hello all,

 

I am interested in a fha streamline refinance.  We seem to be eligible.  My question is whether a fha streamline refi will negatively affect my credit?  I've heard several different answers to the question.   Please advise. 

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ShanetheMortgageMan
Super Contributor

Re: fha streamline mortgage refinance-- pros & cons

It'll affect your credit by stopping your current mortgage from reporting, and it'll add an additional trade line.  Depending on how sensitive your credit is to recently closed & new accounts would determine if your score would change at all.  Most people here report a couple point dip after a paid/closed trade line and subsequent new trade line is added, and then within a few months the scores return to previous levels.  

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