Posted on: 06th Jan, 2010 04:33 pm
I am awaiting approval on a short sale to purchase a new home. I also own a manufactured home that I am considering refinancing to reduce the payment & rent out. If I begin the mfg home refi now (before the mortgage on my new home closes) will it have a negative impact on my new mortgage?
the home I am buying is a short sale. my current home is a manufactured home that I am considering a refi to reduce the payment. Is there any way to run a "hypothetical scenario" to see how the refi might affect my credit? I would have thought the refi would reflect better on my credit???
Given what you've told me then, in the reverse situation, how would a new mortgage affect a refi on the mfg home?
THanks.
Given what you've told me then, in the reverse situation, how would a new mortgage affect a refi on the mfg home?
THanks.
By lowering your current monthly debt, it should only positively impact your scenario. Any loan officer should be able to provide a "hypothetical scenario." The reverse scenario, you will be incurring more debt and might interfere with your refinance.
