Refi is gonna hurt

[Anonymous]

Hey all,

Just bought my house August 2006 and going to refi probably by the end of march. Getting rid of 80/20 mortgage and going to one at 4.99% which I would be crazy to pass up, BUT how hard am I gonna get hit when all this goes down.

  I think it is stupid you have to loose any points just to take months to get them back.

I am riding 677/660/678 actual FICO's and that is why I am worried. I finally got over that magic number 660 with Equifax.  

[ShanetheMortgageMan]

It depends on your entire credit profile, how much new credit has been obtained, etc.  If there are a lot of other new accounts, then the fact that you would be adding a new mortgage account could further aggrivate your credit scores... if there isn't much or any trade lines recently added, the negative impact of the new mortgage should be minimal.  I was told once that the FICO scoring system can recognize a new trade line replacing an old trade line, and not give a hit for the new trade line, but not sure how much truth there is in that.