How Refinancing Hurts Your Credit
Does Refinancing Hurt Your Credit? That’s a question many consumers ask before applying for this type of mortgage loan, but the answer isn’t as clear-cut as you might think. Let’s look at the facts to see if the refinancing does hurt your credit and whether you can be approved for refinancing with bad credit or no credit at all. 1: Home Refinancing Isn’t Bad for Your Credit While it’s true that many people will be wary of taking out a loan because they don’t want to jeopardize their credit, refinancing may not hurt it as much as you think. Depending on how many times you’ve taken out loans and what kind of terms and interest rates you have, you might have a good or bad record when it comes to home equity. If you can get a better deal with more favorable terms with your refinance, go for it. Just make sure you understand all of your options before making any decisions. Refinancing isn’t always necessary—and if you don’t need it, then there’s no reason to do it. ...