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Mortgage Refi Reporting

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Valued Member

Mortgage Refi Reporting

I signed final documents for my mortgage refi on 10/17 and funding completed on 10/22.. first payment due on 12/1. I am curious when this will all hit my credit report and how exactly it will all report? Will the old mortgage show up as paid off first or will I have "two mortgages" for awhile? This is the issue that I'm having with my auto refi right now (first payment due 12/19).. If I had to guess, I would think that it would not be until up to a week after I make my first payment on the new mortgage with the lower payment? I was hoping to apply for a personal loan to pay back my brother sooner rather than later, but I can't do so until my new payments are reported because as of now I'm at like "80% DTI" according to my report even though that is not the reality. 
 
Income: $60k
Original mortgage was $2729/month @ 5.625%, refi mortgage is $2120/month @ 3.75%
Original Auto loan was $470/month @ 5.19%, refi auto loan is $338/month @ 3.75%
 
Any insight is greatly appreciated.





Message 1 of 6
5 REPLIES 5
Community Leader
Super Contributor

Re: Mortgage Refi Reporting

You may have two mortgages reporting for awhile, or you might not.  It all depends on when your old mortgage lender reports paid off and the new mortgage lender reports to the bureaus.  There isn't a standard amount of time that either reports, it's unique to each person's situation.


However, with any inaccuracy on your credit report, as long as you can document the correct information then any potential creditor you are applying with should accept your documentation.  So don't worry if both mortgages report, just let whatever creditor you are applying with know the old one has already been paid off.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 2 of 6
Community Leader
Super Contributor

Re: Mortgage Refi Reporting

Kudos to you OP for refinancing home and auto, and saving more than $800/mo. That‘s awesome!
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 6
Valued Member

Re: Mortgage Refi Reporting


@CreditInspired wrote:
Kudos to you OP for refinancing home and auto, and saving more than $800/mo. That‘s awesome!

Thank you! I managed to get the last of my high interest credit card debt moved to abalance transfer card as well! Went from $10,850 @ 17.49% to 5.99% for 18 months!! Now my highest remaining interest rate is 10.5% personal loan! 

 

I am waiting for the dust to settle, scores to update etc to see where things up end and then will try some prequals to see if can potentially get a lower percentage loan to save more on interest as well. I have come such a long way since February when I had my reality check and it's really exciting to pull off stuff like this as it will only accelerate my climb out of this pit!!






Message 4 of 6
Highlighted
Community Leader
Super Contributor

Re: Mortgage Refi Reporting


@Chris_Hedges92 wrote:

@CreditInspired wrote:
Kudos to you OP for refinancing home and auto, and saving more than $800/mo. That‘s awesome!

Thank you! I managed to get the last of my high interest credit card debt moved to abalance transfer card as well! Went from $10,850 @ 17.49% to 5.99% for 18 months!! Now my highest remaining interest rate is 10.5% personal loan! 

 

I am waiting for the dust to settle, scores to update etc to see where things up end and then will try some prequals to see if can potentially get a lower percentage loan to save more on interest as well. I have come such a long way since February when I had my reality check and it's really exciting to pull off stuff like this as it will only accelerate my climb out of this pit!!


You have taken control of your destiny; and yes, it's a wonderful feeling and accomplishment. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 6
Contributor

Re: Mortgage Refi Reporting

Congrats on your refi and auto savings


In the garden until 12/11/2019
Goal is 720+
11/15/17 EQ 591 TU 469 EX 545 FICO 8
12/25/18 EQ 676 TU 669 EX 659 FICO 8
EQ 8 INQ l TU 10 INQ l EX 14 INQ I
BK 7 Discharge 12/2017
Message 6 of 6
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