topic Re: Refinancing in next few months in Mortgage Loans

Refinancing in next few months

Anonymous — Sun, 23 Jan 2022 00:21:44 GMT

I am planning to refinance in March of this year. What is a good amount of lenders to apply for refinance? If I apply all within the same week or so, approximatly how would that affect my mortgage score?

Thanks in advance.

Re: Refinancing in next few months

disdreamin — Sun, 23 Jan 2022 01:28:09 GMT

Personally I shopped rates at credit unions and banks and only applied to the one that offered the lowest rate for the product I was interested in. I didn't see any reason to do any other applications since I'd already located the best deal for me. Curious what others have to say, perhaps I missed something by not applying to mutiple lenders.

Re: Refinancing in next few months

Anonymous — Mon, 24 Jan 2022 00:33:59 GMT

Thanks for your input. I guess not alot of info on this forum for this particular question. Unless I missed it!

Re: Refinancing in next few months

ridgebackpilot — Mon, 24 Jan 2022 00:39:51 GMT

Multiple mortgage inquiries within a two week period are considered a single inquiry for scoring purposes. So don't worry about "rate-shopping", everyone does it and the credit bureaus recognize that and account for it. Good luck!

Re: Refinancing in next few months

Anonymous — Mon, 24 Jan 2022 00:41:15 GMT

Thank you!

Re: Refinancing in next few months

VALoanMaster — Mon, 24 Jan 2022 23:24:43 GMT

@Anonymous wrote:
I am planning to refinance in March of this year. What is a good amount of lenders to apply for refinance? If I apply all within the same week or so, approximately how would that affect my mortgage score?

Thanks in advance.

I second what @disdreamin said.

You can apply with one lender to find our your mid mortgage score and then shop around without needing to apply with each lender.

Re: Refinancing in next few months

Anonymous — Tue, 25 Jan 2022 01:07:16 GMT

Thank you!