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New Member
Posts: 2
Registered: ‎04-10-2007
0

Old Mortgage

I have a mortgage on my reports that has been paid/moved to a new mortgage company. It is still showing on my reports. It makes it appear as if I have two mortgages. I am wondering what affect this will have the paid mortgage off my record.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Old Mortgage

I am guessing the other one is closed. There really is no worry assuming you have no late payments reporting.
New Contributor
Posts: 67
Registered: ‎04-13-2007
0

Re: Old Mortgage

I am not sure how this will affect your credit, but if you the next time you are in the market for a new mortgage, it could affect your ability to get financed. Does the old mortgage show a monthly payment being due. If so,  a lender will assume this is a valid cuurent mortgage ands it will increase your debt to income ratio. If the ratio is too high, you cannot get a new mortgage.
New Member
Posts: 2
Registered: ‎04-10-2007
0

Re: Old Mortgage

On Equifax, it shows a 0 balance, but is on my active accounts list.
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