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I refinaced my home and dropped my mortgage by $270.00. I went from 4.75% to 3.50%. That is the good news!
Bad news is it dropped my FICO by 52 points! **bleep**! It did raise my mortgage by 4k because of slosing costs rolled in (VA) but WOW!
Took all the air out of my sail!
@Jnbmom wrote:
You are saving money, that is what is important!
Your scores will recover over time, I will take saving money over FICO scoring any day of the week.
+1 zillion
And it’s not even a little bit of money either. $270/mo! We’re talking car note territory.
The savings is a good thing but I was shocked how much it went down.
I had another issue. The mortgage company did pay off the first loan and reported it on September 3rd and then added the new mortgage September 2nd. Then yesterday, I received another alert. They reported I was two months late on my payments.
I was one month ahead when I refinanced and never late, not even by 5 minutes. So, I called them and they said they didn't show that on their end. They told me to download my credit report to their website. I was fuming mad. I couldn't believe they asked me to do that. I just sent in a dispute with Experian and we'll see what happens but I'm still PO!!!
@CreditInspired wrote:
+1 zillion
And it’s not even a little bit of money either. $270/mo! We’re talking car note territory.
ahhh, you mean retirement funding territory right? did you misspell that one? haha jk
OP, hope that 2 missed payment thing gets fixed quick for your sanity.
Otherwise, 52 points, peeesh dont worry they will come back soon.
you gotta pay some points sometimes...thats what they are there for!
I actually was paid one month ahead so I was good until September 1. My new loan payment starts Oct 1, so I never missed a payment at all. Saturday, I received a check back from them for $71.00 with no explination. I will nefinately get to the bottom of it and I have copies of my check so I believe everything will be fine. It's just a pain and a waste of time on my end.
Hope you get it all worked out soon. We are in the process of a VA IRRRL and will be going from 3.875% to 3.25% with a savings of over $200 a month. We're going to still make the same mortgage payment each month though just to build more equity since we'll be selling when I retire in a little over 4 years. I love the VA IRRRLs (this will be our second go at it)!!