When you refinance a mortgage, you’re essentially paying off your existing home loan with a new one. When it comes to your credit score, the age of your credit accounts matters. In fact, 15% of your FICO credit score is based on the length of your credit history.
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– If your goal is to get out from under credit card debt, refinancing your mortgage to pay your high-interest debt might be a good option. The Canadian housing market remains strong and interest rates are expected to remain near record low levels in 2017.
Refinancing could negatively impact your credit. If you’re considering applying for a mortgage or that really exclusive credit card you’ve had your eye on, you may want to hold off on refinancing to keep your score as high as possible and maintain your chances of being approved.
Refinancing is simply the process of replacing an existing loan with a new one that has a different rate and/or term. Your current lender is a great place to start when you need to refinance your car loan. If you’ve kept up with your payments and are in good standing, they may consider refinancing.
Refinancing an auto loan can save you money if your credit score has improved since purchasing the car. A higher credit score leads to a lower interest rate. Lowering an interest rate a point or two can mean more money in your wallet. Unlike refinancing a mortgage, the auto loan refinancing process is generally simple.
"It really isn’t a good idea to refinance when you’re upside down," said Bruce McClary, spokesperson for the National Foundation for Credit Counseling. "Because a portion of the loan is above and beyond the collateral, there is significant risk to the lender.
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. to refinance if you can lower your interest rate by 1% or more. Make sure you plan to stay in the home long enough to recoup the costs of refinancing. Getting rid of private mortgage insurance, or.
Determining your eligibility for refinancing is similar to the approval process that you went through with your first mortgage. Your lender will consider your income and assets, credit score, other debts, the current value of the property, and the amount you want to borrow.