Refinanced House Ouch!

[Vulcan1]

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]

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.

[CreditInspired]

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@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.

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+1 zillion

And it’s not even a little bit of money either. $270/mo! We’re talking car note territory. 

[Vulcan1]

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!!!

[Anonymous]

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@CreditInspired wrote:

+1 zillion

And it’s not even a little bit of money either. $270/mo! We’re talking car note territory. 

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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!

[JVille]

Look at your closing stmt given by the Escrow Closer and also get a copy of your payoff quote. You can tell what pmt your loan is due for by the number of days Interest is due at date of COE. Remember the Interest always runs in arrears.
Example when you make your August 1st pmt you are paying Interest for the month of July. So if you closed your refinance on August 28 and your loan was current you would have paid 28 days (maybe 30 to account for wire of payoff funds) so how many days Interest does your Settlement Stmt show AND if it’s not specific contact the Escrow Agent a have them email you the payoff quote from your servicer.

Your proof of how current or delinquent you were is right there. I hope this makes sense. You can also go you your checking acct online and pull proof of pmt (electronic or acct copies of checks clearing).

[Vulcan1]

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.

[LakeLife]

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)!!