Personal loan mortgage refinancing affected?

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I had to approve $ 30,000 personal loan at my credit union. This is a secured loan, when I put in the savings account with a $ 30,000 security fund. I have a savings of $ 30,000, but will not use this until just now. As the need for 30K loan that I had to approve the low rate of 3.75%. Question: Is it a personal loan on my credit score? It has about 765 nüüd.Küsimus: If I refinance my mortgage low rate of Wells Fargo, to show on your credit report personal loan? It does not affect the personal loan refinance my mortgage? Thank you.

  1. Reply
    the tax lady
    February 23, 2011 at 8:17 pm

    Your ability to use the line of credit will affect your ability to refinance.

    Before you got the line, you had $ 30K in savings which was an asset.
    No you have the line of credit (whether you use it or not) which cancels out the savings.
    It also affects your debt to income ratio.

  2. Reply
    February 23, 2011 at 8:23 pm

    Yes, it will show up on your credit report.
    Yes, it will lower the amount of monthly mortgage payment you will qualify for?
    Yes, it will lower your score – new credit lowers score.

    Why are you doing this.
    A goal when re-financing should be not to make any new loans 18 months before hand.

  3. Reply
    February 23, 2011 at 8:31 pm

    If you have the $ 30,000 dollars, why would you want to PAY the bank money to use it. That makes no sense to me.
    Yes the personal loan will affect your credit score.
    Yes, the personal loan will show up on your credit score, and yes it will affect refinancing your mortgage.
    If you are determined to get your loan, why not refinance before you get your loan so you can keep the credit score you have now, and then take out your loan?

  4. Reply
    Alrady Regnah
    February 23, 2011 at 9:25 pm

    I wonder why you would want to refinance your loan traditionally????? you might want to explore new programs for help… or other ways of paying of your loan. Dave Ramsey has some great stuff on paying off debts…. I am including two blogposts and an article which have been helpful…

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