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Does refinancing hurt my credit score?
If I refinance will it hurt my credit score? I have ok credit, but I'm working hard to build it up. I have a mortgage with a high interest rate and want to refinance. But I'm worried that it will hurt my credit score.
Asked By June | Springfield, MO | 35 views | Home Loans | 1 week ago
Answer(2)
Mark Gordon
Mark Gordon, Christiania
Refinancing your mortgage can cause a small, temporary dip in your credit score because lenders pull your credit during the application, but the impact is usually minor and short-lived. If you make on-time payments after refinancing, your credit score often recovers quickly and can even improve over time thanks to lower monthly payments and better debt management. The bigger question is whether the savings from locking in a lower interest rate outweigh that short-term credit hit—and for most homeowners with “ok” credit, refinancing is a smart long-term move to save money and strengthen financial stability.
- 20 hours ago
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Heather Polites
MBA Realty
Refinancing usually triggers a hard inquiry, which can cause a small, temporary dip in your credit score. In many cases, lowering your rate and payment can improve your long-term financial health. Always review your specific situation with a trusted lender before deciding.
- 4 days ago
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