Would it affect your credit if you refinance now and 6 months later to ask for a new home loan?

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I plan to buy a house in 6 months, but now wants to refinance my current home for a lower mortgage payment. Would this hurt my credit history if I do that? Please help …

3 Comments
  1. Reply
    Akbar B
    May 2, 2011 at 2:32 am

    As long as you have the income to qualify for the new mortgage, you should be fine especially if you earn enough to make payments on both mortgages easily. Good luck.

  2. Reply
    Carolinahomerates.com
    May 2, 2011 at 2:40 am

    it’s not going to hurt your score by a lot of points..only a few…because it’s only credit pulls

  3. Reply
    JustMe
    May 2, 2011 at 2:58 am

    I don’t think it will hurt, but not sure. On the one hand, getting your current property down lower should help as far as having two mortgages and six months may be enough to offset that. On the other, I’ve heard at least a year to offset points off your credit score – and there will be if you refinance, just for the mortgage company pulling your credit score.

    If you want more precise info. than I can give as a layperson, try this link:
    http://www.myfreecredittips.com/credittips.php?keyword=YICS
    It’s a great free website about improving credit scores and has some great examples on there. Then they also have a link to Equifax credit monitoring – which has a simulator on it that you can enter different things into to see what effect it has on your credit score, and how they diminish/increase over time. You can try the credit monitoring for free for 30 days, or pay (I think about $ 15 a month) to continue with it.

    Good luck! (:

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