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.
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.