Does refinancing hurt your credit?
- Yes, refinancing any type of loan, such as an auto loan, student loan, or mortgage loan will lower your credit rating. It is only temporary. Your credit will recover relatively quickly as long as you make your payments on time, you can expect your score to completely rebound within six months.
Is refinancing easier than getting a mortgage?
- St Paul, MN: Many people think that refinancing is easier than buying a home for two main reasons: 1) you already have a loan on the home, you make your payments, so it should be easy to refinance. 2) your current mortgage lender already has all their information, so they with easily refinance you, and they are the best place to call **.
What should I consider before refinancing?
- Get a lower interest rate than on their mortgage
- Make value added home improvements or repairs to your home.
- Consolidate and pay off high-interest debt.
- Help pay a child’s college tuition.
Is refinancing your mortgage really a good decision?
- While refinance activity is up dramatically over last year, that doesn’t mean it’s always the best move. Knowing when to refinance your mortgage is the trick. Generally, if refinancing will save you money, help you build equity and pay off your mortgage faster, it’s a good decision.
The refinancing process is often less complicated than the home buying process, although it includes many of the same steps. It can be hard to predict how long your refinance will take, but the typical timeline is 30 to 45 days.