![]() Whenever you refinance, lenders run a hard credit inquiry to verify your credit score. ![]() As a reminder, the main loan-related factors that affect credit scores are credit inquiries and changes to loan balances and terms. Refinancing might seem like a good option, but exactly how does refinancing hurt your credit? In short, refinancing may temporarily lower your credit score. It’s recommended that you should have at least a 20 percent equity in a property when refinancing a home. You’ll also need to provide assurance that the payments will still be made if your income can’t cover the cost. If you can’t prove that you can keep up with loan payments after refinancing, it won’t be possible.
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