How and When does a Mortgage L

Discussion in 'Credit Talk' started by MikeG, Feb 26, 2001.

  1. MikeG

    MikeG Well-Known Member

    Hello everyone,

    I bought a home on December 28 of last year. Yes, I am upset that the interest rates have dropped a whole point since then. Anyway, I was wondering how long it usually takes for the mortgage loan to hit my credit report and to affect my scores. I checked worthknowing last week and it was not there yet. I also checked equifax and experian and the loan was not there yet either.

    My first paymen was due Feb 1st. Although I mailed it in immediately, it did not come out of my checking account until last week. Thanks in advance

    Mike G.

    GEORGE Well-Known Member

    RE: How and When does a Mortga


    WORTHKNOWING is months behind sometimes and is not a F.I.C.O. score (if that matters).

    Also a mortgage should help, but who knows how much???
  3. ted

    ted Guest

    RE: How and When does a Mortga

    Up to 3 months for the mortgage to show up on the credit report. If it is immediately sold in the secondary market, it might be more as the new lender will be delayed putting it in.
  4. jshimmer

    jshimmer Well-Known Member

    RE: How and When does a Mortga

    Mike G. -

    Don't feel bad - I closed on a new home in 3/00 at 8.875% for a 30 year fixed mortgage (I am A+ paper).

    I *just* refinanced (11 months after original closing) three weeks ago at 7.125%, and all it cost me was $225 for appraisal, $200 for closing/title fees, $308 for title insurance premium and $425 in broker costs (I funded my new escrow accounts myself, but I get that back from my old escrow account with the old mortgage, so it's a wash after 30 days or so).

    My house appraised for $40k over the purchase price 11 months ago. I was paying $103 a month in PMI, but since I'm at 79% LTV after the appraisal, I was able to drop PMI altogether. My payment went down (including no PMI) almost $250 a month. Well worth the $1158 it cost me -- the monthly savings will pay that back in just over 4 months.

    If you're paying over 8.125% or 8.25%, I would absolutely refinance (personal opinion) if you're going to stay in the home long enough to recoup the costs of the refi.

    Check out - their advertised rates on the site are .125% more than what you'll actually get (don't ask me - something to do with 'internet division' of the company). Ask for Carrie Summers.

    No, I don't work or spiff for them -- I'm just a very satisfied customer.

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