I currently have 3 mortgages: Primary residence (jumbo), rental (small balance, due to be paid in full 5/18), and as a co-signer on my husband's vacation home. I am in the process of refinancing the jumbo loan, and it would be helpful to not have the rental mortgage on my DTI ratio. I am in a position to pay it in full, but am worried that my credit will take a hit. I'm working with my broker to try to time the pay off so it is a condition of the jumbo loan so it all happens at once. But assuming that can't be done, how much of a hit can I expect, it at any, if I pay off one mortgage with 2 others remaining? My current B/D ratio is about 72%. After I remove the rental mortgage, it will be 91%.
Starting FICO 8's (7/2016) EQ 715|| TU 743 || EX 762
Current FICO 8's (10/2022) EQ 838|| TU 828|| EX 826
Goal FICO 8's: 780 across the board - Goal met 9/2018;
Next Goal FICO 8's: 800 across the board - Goal met 10/2022
