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Credit affected by low appraisals?

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sarrah Guest	Posted: Tue Jun 22, 2010 10:15 pm    Post subject: Credit affected by low appraisals? Like 0 Dislike 0 When getting a refi appraisal to cover the bank's 80%ltv, wouldn't it be better for a homeowner to forego a refi to protect a high FICO rather than risk credit damage by the bank turning down the refi? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
greg3 Joined: 18 Jun 2010 Posts: 121 Location: California 21.39 Dollars($)	Posted: Tue Jun 22, 2010 10:24 pm    Post subject: Like 0 Dislike 0 Getting turned down for a refi does not affect your credit. A low appraisal that prevents you from refinancing does not affect your credit. _________________ Gregorio Denny Tripoint Mortgage Group, Inc 800-335-6897 NMLS# 247044 WeFixRates.Com
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Tue Jun 22, 2010 10:47 pm    Post subject: Like 0 Dislike 0 sarrah, A hard inquiry on credit report done by bank to check credit of the person will surely affect a little bit on your credit. So,if you are planning to go for refi.then you need to think about your repayment options so you will be in position to pay the debt on right time.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Jun 25, 2010 11:54 am    Post subject: Like 0 Dislike 0 An inquiry from a mortgage lender on someone's credit record has such a negligible effect on a score as to be non-existent. It's not worth fretting about. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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