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Refinance other loans

Posted on: 04th Mar, 2013 01:21 am
i want to take out a mortgage to buy my new home. i have car loans and student loans as well. i have got option to refinance the car loan as well as student loan. should i refinance them just before taking out the home loan?
Hi Guest,

If you refinance you other loans now, the creditors will pull your credit report. This will have a negative impact on your scores as it will lower your scores by few points. So, it will be better if you could first take out the home loan and then think of refinancing other loans.

Thanks.

Jerry
Posted on: 04th Mar, 2013 02:16 am
Hi Guest!

Welcome to the forums!

I personally don't think that it will be a good option to refinance your car loan and student loan just before taking out a home loan. Once you are done with your home loan closing, you can go ahead with the refinancing of the other loans.

Feel free to ask if you've further queries.

Sussane
Posted on: 04th Mar, 2013 07:15 pm
You should take out the home loan at first. After that, you may think of refinancing your car loan and student loan. This will enable you to avoid having negative impact on your credit score.
Posted on: 08th Mar, 2013 09:20 am
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