Reply
Member
bigred
Posts: 7
Registered: ‎04-02-2007

Will refi now hurt getting mortgage later

Here is my situation.... I may be looking at a possible move and trying to get a mortgage. At the moment (as of today) my scores were Trans 639, Experian 646 and Equifax 684. I have a house now that I bought on an REC about 7 years ago (we didn't have any for a down and we didn't exactly have wonderful credit histories). Income is around $70k with no outstanding debt (I have a dept. store card, but that is it). If a move isn't happening for us, should I refi? At the moment, we pay 9% (big ouch) but our principal is only $83k on our house. If I do refi to get a lower rate (does anyone know what I would be looking at for that going by credit scores), will it hurt my scores if I decide to go ahead and move in a year and buy a different home, in a different city?
 
Thanks.
 
New Contributor
boheme
Posts: 67
Registered: ‎04-13-2007

Re: Will refi now hurt getting mortgage later

What is the value of your home? If you have assets and can document your income you should be able to do much better than 9%. Probably high 6 to mid 7% depending on information above.
 
Refinancing today should not adversely affect your credit or your abilities to buy a new home in a year.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+