Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Credit affected by low appraisals?

Posted on: 22nd Jun, 2010 10:15 pm
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?
Getting turned down for a refi does not affect your credit. A low appraisal that prevents you from refinancing does not affect your credit.
Posted on: 22nd Jun, 2010 10:24 pm
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.

:!: :!: :!: :!:
Posted on: 22nd Jun, 2010 10:47 pm
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.
Posted on: 25th Jun, 2010 11:54 am
Page loaded in 0.270 seconds.