Mortgage Refi Reporting

[Anonymous]

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.

[ShanetheMortgageMan]

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.

[CreditInspired]

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

[Anonymous]

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

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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!!

[CreditInspired]

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@Anonymous wrote:

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@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!!

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

[Kasuito39]

Congrats on your refi and auto savings

[MrsDW]

Congrats! I am stuck with high interest cc. Would you mind sharing what company helped get you the 5.99%.

[Anonymous]

It was a promotional balance transfer offer on my Discover IT card. I was able to choose between 12 months @ 0% with a 3% transfer fee or 18 months @ 5.99% with no transfer fee. This offer wasn't something I had to apply/ take a hard pull for.

[MrsDW]

Hoping to get there really soon. Have all sub prime cc with crazy interest, trying to get to the magic #. Thank you for sharing.