Hey all!
I love this site but I only ever post or read the credit card threads.
My fiancée and I are going to refinance our mortgage on the house and both have multiple CC inquiries on our credit reports.
Will this adversely affect the results of the refinance?
Should we wait until they all drop off?
Excuse my ignorance on the topic.
I appreciate the responses in advance!
Cheers!
I love this site but I only ever post or read the credit card threads.
My fiancée and I are going to refinance our mortgage on the house and both have multiple CC inquiries on our credit reports.
Will this adversely affect the results of the refinance?
Should we wait until they all drop off?
Excuse my ignorance on the topic.
I appreciate the responses in advance!
Cheers!
No. Multiple inq's don't hurt your application.
For mortgages, the lender uses the mortgage scores - read the sticky above about mortgage scores.
The lender will use the lowest mid score of the applicants on the loan. So if you have a mortgage mid score of 760 (for example) and your wife's mortgage mid score is 725, then her score will be the qualifying score.
The most important factors for a refinance are:
- DTI
- Verifiable income
- Value of the property and LTV
There are other factors, but you have been through the process. A refi is easier 