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Before you make any big financial decision, it’s crucial to learn how it may affect your credit score. If youâre looking to refinance, itâs natural to wonder if it might hurt your credit.
Typically, your credit health will not be strongly affected by refinancing, but the answer isnât always black and white. Whether youâre still considering your options or already made your choice, weâve outlined what you need to know about refinancing below.
What Is Refinancing?
Refinancing is defined by taking on a new loan to pay off the balance of your existing loan balance. How you approach a refinancing decision depends on whether itâs for a home, car, student loan, or personal loan. Since refinancing is essentially replacing an existing debt obligation with another debt obligation under different terms, itâs not a decision to take lightly.
If youâre worried about how refinancing will affect your credit health, remember that there are multiple factors that play into whether or not it hurts your credit score, but the top three factors are:
1) Having a Solid Credit Score
You wonât be in a strong position to negotiate refinancing terms without decent credit.
2) Earning Sufficient Income
If you canât prove that you can keep up with loan payments after refinancing, it wonât be possible.
3) Proving Sufficient Equity
Youâll also need to provide assurance that the payments will still be made if your income canât cover the cost. Itâs recommended that you should have at least a 20 percent equity in a property when refinancing a home.
How Does Refinancing Hurt Your Credit?
Refinancing might seem like a good option, but exactly how does refinancing hurt your credit? In short, refinancing may temporarily lower 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.
Whenever you refinance, lenders run a hard credit inquiry to verify your credit score. Hard credit inquiries typically lower your credit scores by a few points. Try to avoid incurring several new inquiries by using smart rate shopping tactics. It also helps to get all your applications in during a 14â45 day window.
Keep in mind that credit inquiries made during a 14â45 day period could count as one inquiry when your scores are calculated, depending on the type of loan and its scoring model. Regardless, your credit wonât be permanently damaged because the impact of a hard inquiry on your credit decreases over time anyway.
Changes to Loan Balances and Terms
How much your credit score is impacted by changes to loan balances and terms depends on whether your refinanced loan is reported to the credit bureaus. Lenders may report it as the same loan with changes or as an entirely new loan with a new open date.
If your loan from refinancing is reported as a new loan, your credit score could be more prominently affected. This is because a new or recent open date usually means that it is a new credit obligation, therefore influencing the score more than if the terms of the existing loan are simply changed.
How Do Common Types of Refinancing Affect Your Credit?
Refinancing could help you pay off your loans quicker, which could actually improve your credit. However, there are multiple factors to keep in mind when refinancing different types of loans.
Refinancing a Mortgage
Refinancing a mortgage has the biggest potential impact on your credit health, and it can definitely affect your FICO score. How can you prevent refinancing from hurting your credit too much? Try concentrating your credit inquiries when you shop mortgage rates to a 14â45 day window â this will help prevent multiple hard inquiries. Also, you can work with your lenders to avoid having them all run your credit, which could risk lowering your credit score.
If youâre unsure about when to refinance your mortgage, do your research to capitalize on the best timing. For example, refinancing your mortgage while rates are low could be a viable option for you â but it depends on your situation. Keep in mind that losing your record of paying an old mortgage on time could be harmful to your credit score. A cash-out refinance could be detrimental, too.
Refinancing an Auto Loan
As you figure out if refinancing your auto loan is worth it, be sure to do your due diligence. When refinancing an auto loan, youâre taking out a second loan to pay off your existing car debt. In some cases, refinancing a car loan could be a wise move that could reduce your interest rate or monthly payments. For example, if youâre dealing with an upside-down auto loan, you might consider refinancing.
However, there are many factors to consider before making an auto loan refinancing decision. If the loan with a lower monthly payment has a longer term agreement, will you be comfortable with that? After all, the longer it takes to pay off your car, the more likely it is to depreciate in value.
Refinancing Student Loans
When it comes to student loan refinancing, a lower interest rate could lead to major savings. Whether youâve built up your own strong credit history or benefit from a cosigner, refinancing can be rewarding.
Usually, you can refinance both your federal and private student loans. Generally speaking, refinancing your student loans shouldnât be detrimental in the grand scheme of your financial future. However, be aware that refinancing from a federal loan to a private loan will have an impact on the repayment options available to you. Since federal loans can offer significantly better repayment options than private loans, keep that in mind before making your decision.
|If the cost of borrowing is low, securing a lower interest rate is possible||Credit scores can drop due to credit checks from lenders|
|If your credit score greatly improved, you can refinance to get a better rate||Credit history can be negatively affected by closing a previous loan to refinance|
|Refinancing a loan can help you lower expenses in both the short term and long term||Refinancing can involve fees, so be sure to do a cost-benefit analysis|
How to Prevent Refinancing from Hurting Your Credit
By planning ahead, you can put yourself in a position to not let refinancing negatively affect your credit and overall financial health.
Try to prepare by reading your credit reports closely, making sure there are no errors that could keep your credit application from being approved at the best possible rate. Stay one step ahead of any errors so you still have time to dispute them. As long as you take preventative measures in the refinancing process to save yourself time and money, you shouldnât find yourself struggling with the refinancing.
If refinancing makes sense for your situation, you shouldnât be concerned about it hurting your credit. It might not be the most ideal situation, but itâs extremely common and typically relatively easy for your credit score to bounce back.
If you notice that your new loan from refinancing causes alarming changes when you check your credit score, be sure to reach out to your creditor or consider filing a dispute. As long as youâre prioritizing your overall financial health through smart decision making and budgeting, refinancing shouldnât adversely hurt your credit in the long run.
The post Does Refinancing Hurt Your Credit? appeared first on MintLife Blog.
Matt Winkelmeyer/FilmMagic Dwayne “The Rock” Johnson wants to rock a sale of his horse property in Powder Springs, GA.
The Georgia spread landed on the market for $7.5 million.Â The A-lister faces a heavy lift with a potential sale and is prepped to take a loss. He bought the place in 2019 for over $9 million.
A sprawling 46-acre property, the parcel is dotted with multiple buildings and offers a rustic, upscale retreat.
Built in 2003, the 15,000-square-foot main house includes eight bedrooms and nine bathrooms, and features wide-plank, old-growth walnut flooring, stone fireplaces, high ceilings, and natural light.
The master suite sits on the main level and opens to a flat, walkout private backyard. The kitchen includes a breakfast bar, island, and stone counters, and looks out to the family room.
In addition, the floor plan includes a den, library, living room, office, gym, wine cellar, and a guest apartment.
On the grounds, there’s a pool, pool pavilion, two apartments, five-car garage, and grassy lawn.
The property also boasts a working 12-stall barn, a riding arena with viewing deck, a haybarn, and a 1867 farmhouse with a historic log cabin.
It’s located close to the popular Buckhead neighborhood and about 45 minutes from the Atlanta airport.
Itâs not clear whether the âFast and Furiousâ actor spent any time in this property at all over the short period of his ownership.
While he owned the place, he was renting a different home close to Atlanta, while he was shooting multiple movies there last year.
Watch: Sylvester Stallone’s Reported New Palm Beach Home Is a Knockout
The star posted a mea culpa showing that he had ripped out his front gate with his pickup, in a power outage that left him unable to open it as he was on his way to work.
“Maybe next time, I’ll just hop the gates and call an Uber,” he posted, before joking, “Actually, no, I won’t. There’s no fun in that.”
View this post on Instagram
Given that Forbes has named him the highest-paid actor in the world, weâre guessing that he was able to cover the cost of the repair.
Now, heâll also have to eat another couple of million dollars after deciding to let go of the equestrian estate for way less than he purchased it.
Johnson, known as âThe Rockâ from his wrestling days, starred in the âFast and Furiousâ movies and the âJumanjiâ franchise. The global star has two upcoming movies: âBlack Adamâ and âRed Notice.â
The post Rocky Times for The Rock? Dwayne Johnson Prepares To Take a Loss on Georgia Mansion appeared first on Real Estate News & Insights | realtor.comÂ®.
If your country kitchen is running out of room, consider a dresser. Even though you’re used to bureaus being only for bedrooms, it can be a valuable addition to a kitchen for storing napkins, utensils, and more. Repaint the dresser in colors to match your kitchen and you’ll have guests asking where you got your newest piece of kitchen furniture.
Don’t Discard Dingy Dressers
If your furniture is weathered or out of style, that’s not necessarily a reason to replace it. There are plenty of ways to spruce up old dressers, chairs, and tables. Everybody loves quilts, so why not drape one over that old chair that needs re-upholstering? You can also try using colorful fabrics on the fronts of nightstand and dresser drawers. Just get some scrap cloth from your last project or from a fabric store, and attach it to the dresser drawers with a staple gun. To have even more fun with it, we like to paint part of the piece and color-coordinate it with the cloth we’re using.
Handled With Style
If your cabinets are getting old and worn, you can revive them just by replacing the knobs and handles. A good variety should be available inexpensively at your local hardware store. They’ll make your kitchen or bathroom look brand new!
A Gift for Decoration
Dress up an inexpensive set of plastic drawers by covering them in wrapping paper. Choose some paper you love (you can even pick several coordinating designs), and cut the pieces to fit the size of the drawers. Then spread a crafting glue/sealer, such as Mod Podge, on the plastic and smooth the wrapping paper onto it, being careful to eliminate bubbles. Allow to dry, and apply a coat of sealant on top. Not only does the paper look beautiful, but it also hides the contents of the drawers, making everything appear neat and tidy.
Matching Not Necessary
You’ve probably noticed this at the restaurants you frequent, but it’s becoming more and more acceptable nowadays—even hip—to eat your meals on vintage, mismatched chairs. Instead of spending a fortune on a dining-room set, go for the mismatched look and hunt for your chairs at thrift shops and used furniture stores.
Brighten Up the Bookshelf
If you’re looking for an easy, inexpensive way to add a pop of color to a room, look no further than the bookshelf. You can paint the interior back “wall” of the bookshelf a color that either contrasts or coordinates with your decor. It will add a modern touch for not a lot of money!
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Image courtesy of Shutterstock.
We don’t have to tell you that Thanksgiving looks and feels a lot different this year. This may be the first you you are cooking the big meal yourself. While we wish we could be there to help, the next best thing is to share with you our favorite tools for prepping a Thanksgiving feast. And once you’ve got all the tools ordered, be sure to check out our Pinterest boards, for all of our favorite recipes both for Thanksgiving dinner and for the accompanying drinks.
fat separator–ALL THE GRAVY-NONE OF THE GREASE
BRINING=ACING THE TURKEY GAME
SAVE STOVETOP SPACE -SLOW COOK YOUR MASHED POTATOES
BECAUSE YOU’RE PROBABLY NOT EATING THAT WHOLE PIE IN ONE SITTING…BUT WE WON’T JUDGE IF YOU DO
GET THE RIGHT TEMP
BASTE LIKE A PRO
BECAUSE MANHANDLING A HOT TURKEY IS NOT A GOOD LOOK
Stainless Steel Trash & Recycling Center
Read Must Have Tools for Thanksgiving Dinner Prep This Year on Apartminty.
We’re all about scoring a good deal here at Apartminty. While we love perusing the top-of-the-line luxury apartments in DC, we also understand, sometimes an affordable rent is the better option. Either way, instead of you searching for Washington, DC apartments on Craigslist and property management company listing sites, we are delivering our choice of the best apartments to rent in DC right now. Here’s our pick for the best Washington, DC apartment for rent today. Want more information on moving to DC? Check out Apartmintyâs Ultimate Guide to Moving to Washington, DC.
Adams Morgan/Columbia Heights
1768 Columbia Road NW
Washington, DC 20009
Unit #: 308
330 Sq Ft
Why it’s a great deal:
The Shawmut is in the intersection of Adams Morgan and Kalorama and just a quick walk to Dupont Circle. This apartment building is one of the most pet friendly buildings in D.C. They allow cats and dogs, but do not charge pet rent or a pet fee. The customer service and maintenance team are incredible.
The price on this studio apartment is not something you will see often! PLUS The Shawmut is offering two months free if you lease before the end of December! You are only responsible for electric and cooking gas. If you’re interested, reach out today! Looking for something a little different? Check out Apartminty’s guide How to Find an Apartment in DC. *Pictures may not be of exact unit.*
Read Get Two Months Free on This Adams Morgan Studio on Apartminty.
After a few weeks of talking about ways to go green, I thought an episode on how to save electricity would be a great way to finish out this green series. Hopefully you’ve enjoyed learning ways to save water, to cut down on the amount of trash you create in your kitchen as well as some environmentally-friendly laundry tips.
If you’ve ever Googled “How to save electricity,” you’ve found out the hard way that there are hundreds of tips out there. Some of these tips are easy to implement, but some of the ways to save electricity that are suggested online are tips like, “Use candles instead of turning on lights.” While this will certainly save electricity, it’s not incredibly practical. That’s why I decided to put together a list of some of my favorite, easy-to-do tips to help you save electricity.
Tip #1: Save electricity by turning off lights
If your parents were like mine, you probably still have a voice rattling around your head saying, “Turn off the lights!” whenever you exit a room. Our parents had it right, because there’s absolutely no reason to keep a light on in a room you are not in. If you can commit to simply turning off the lights in every room when you leave it, you can save electricity immediately.
Whether you are going to return to the room in 10 minutes or 10 seconds, there’s no reason to have the light on while you’re not in the room.
Tip #2: Save electricity by turning off (and disconnecting!) electronics
Just like there’s no use in keeping lights on while you’re not in a room, there’s no use in keeping electronics on while you’re not using them. When you leave for the day, make sure all your electronics are off. This includes your TV, sound system, computer, and any other electronic gadgets you may have around your home.
Did you know that electronics that are plugged in, and not even turned on, can account for 5-10% of electricity used in a home?
Taking it one step further, did you know that electronics that are plugged in, and not even turned on, can account for 5-10% of electricity used in a home? Computers, printers, coffee makers, and even phone cords that are plugged in can be energy vampires, sucking electricity (and your hard-earned money) when they aren’t in use. So you may want to invest in a power cord that you can plug most electronic devices into. That way, you can simply unplug off just one switch when you leave for the day (instead of walking around unplugging things throughout your home). Yes, it might take 2 more seconds of your time to turn the power cord on than simply turn the electronic device on, but it can make a big impact in your electricity bill.
Tip #3: Save electricity by taking care of your air conditioner
If you live in an area of the world where you use your air conditioner a lot, this can play a major part in your energy consumption. If you want to save electricity, there are a few things that you can do to make sure your air conditioner is running as efficiently as possible.
First, have your air conditioning unit serviced annually. Most companies charge a nominal fee to have this service completed. It involves cleaning out the coils and checking for any small repairs that are making your unit work overtime. Next, make sure you change your air filters monthly. These filters catch a lot of dust and dirt, which starts to clog them. The more clogged the filters, the harder your air conditioning unit has to work to get the air to pass through the filter. If your filters are any color other than white, making a slight whistling sound, or worse yet, are bent because they are being sucked into the vent, change them immediately. This change alone will save a ton of wasted electricity from being used to cool your home.
Tip #4: Save electricity by making easy swaps
A couple of quick swaps in your house can help you save electricity. The first you may want to consider is using ceiling or box fans instead of running your air conditioner as much. Oftentimes, just circulating the air in a room will help the room feel cooler. Instead of running the massive cooling unit outside your home, a fan uses about the same amount of electricity as a light bulb. For every degree you can raise your air conditioner, you save about 5% of the energy being used. I live in the desert of Arizona and my fellow dessert-dwellers are very familiar with this technique. It costs an arm and a leg to cool a house in Arizona to 70 degrees, so most people set their thermostats between 77 and 81 degrees and run the fans to do the rest. It keeps us comfortable, both with the feeling inside our house as well as when we see our electric bills!
Another easy change is to switch incandescent light bulbs to fluorescent, otherwise known as CFL, light bulbs. CFL bulbs use just 25% of the energy of regular light bulbs, so when you combine that with always shutting them off, you can dramatically save on your electricity consumption. Just remember that CFL bulbs contain a small amount of mercury, so they need to be disposed of properly. Check with your local government agency to see how they require these bulbs to be disposed of.
Tip #5: Save electricity by keeping nature outside
The final tip on how to save electricity is to make sure you don’t have any drafts coming into your home. If you hold a feather around the edges of your windows and doors, the feather should be perfectly still. If it wavers, that means outside air is getting into your home. The more outside air that gets into your house, the more your air conditioner or heater has to run. Seal up your windows and doors with weather stripping, which is available at your local hardware store and is relatively easy to apply.
Also, during the summertime, keep the sunshine out of your house using room darkening blinds and curtains. By keeping the sun out, especially from south and west facing windows, you will keep your house from heating up, which will do a big part in helping to save electricity.
These are just a few tips to save electricity to get you started.
Ben and Erin Napier of “Home Town” usually renovate single-family homes, but in their latest episode, they’ve turned their keen reno eye toward a good cause.
In “Color Psychology,” Napier’s clients Lisa and Mike Cochran have bought a house in Laurel, MS, for $25,000 in order to turn it into a women’s home. They want this nonprofit to be a welcoming place for women who have run into tough times. It should be comfortable and beautiful, but they also know it needs to function for multiple people (and their kids) at once.
Ben and Erin set out to create the ultimate “roommate house” with a modest all-in budget of $100,000. Read on to find out Erin’s favorite beautiful (but inexpensive) upgrades, and find out if you can use them in your own space.
Use bright colors for a welcoming home
Erin knows that the women who will move into this house have been through a lot, so she wants to create a welcoming, happy ambiance.
One way she does this is by using color to make the common spaces and the exterior give off a joyful energy.
âI did a lot of research in college about color psychology, and certain colors make you feel hungry or happy or sad or sleepy,â Erin explains. âIn a color palette of sky blue, light-coral colors, lemon-meringue yellow, and then lots of neutrals and creams around those colors together give you a feeling of happiness.â
So Erin paints the exterior a beautiful blue, with a playful coral on the front door. Inside, she brightens up the living room with sunny yellow walls set off by creamy white trim.
Watch: Exclusive: HGTV’s Orlando Soria Gives Us a Tour of His Home
When the paint is dry, the house looks like it’s bursting with joy and life. Sometimes, the right colors can make all the difference.
Invest in small updates everyone will appreciate
Just like a fresh coat of paint, new windows are something everyone in the house will enjoy, and a window upgrade doesnât have to cost a lot.
That’s why Ben and Erin decide to upgrade this house by replacing a window upstairs. While this only brings extra light to the attic, it also gives the exterior a more elegant look.
âThat window is beautiful,â Erin says when she sees the new window installed. âThat small change is like changing the world for this house.â This new window proves that sometimes the smallest update can have a huge impact.
Create a designated workspace for everyone
Erin knows that a home should be beautiful as well as functional, which is why she decides to add two custom desks to the living space.
With kids living in the home, she wants to make sure they have space to do their homeworkâbut these convenient desks could also work in a house with roommates.
âWe can make it even more multipurpose,” Erin says when looking at the dual kitchen and dining room. “Weâre going to have kids. I want to think about how we have a really communal sort of dining space where thereâs also maybe desks.â
Ben and Erin find space in the corners of the dining room where one desk could be tucked in on either side of the room, away from the dining table and out of the way of foot traffic.
The desks look lovely and prove that, while there might not be room for a dedicated office in a shared house, there can still be workspaces for everyone.
Use inexpensive and easily-cleaned materials
Ben and Erin next move onto the kitchen, choosing a backsplash that is beautiful, inexpensive, and easy to clean. They use vinyl wallpaper as a clever substitute for tile, giving the room a pop of color that doesnât cost a lot. To protect the wallpaper from messes, Erin covers it with plexiglass so it can be quickly cleaned.
âWe went with this because itâs affordable but itâs really pretty, because we want this to be a lovely, soft first landing for these women and their kids,â Erin says.
Best of all, Erinâs wallpaper is peel-and-stick, so itâs easy to put up and easy to take down. This makes it an especially great choice for any roommates who want to be able to change up the look of their kitchen without spending too much money.
Don’t go too pricey with kitchen features
With a great roommate-friendly backsplash, Erin wants to continue the theme of inexpensive, sharable space with style. So she uses laminate countertops in the kitchen, knowing that this durable material will look greatâand cost just $300. And that frees up funds for the nonprofit to use somewhere else.
âPeople want to be down on laminate,â Erin says, acknowledging how laminate might not be the popular choice. âBut it wouldnât make sense if we had put $2,000 worth of countertops in this house that was all about the budget.â
And the laminate counters look just like marble, giving the new tenants a beautiful kitchen that isnât breaking the bank.
When the house is finally finished, Erin and Ben get to present their clients with a happy home that will be enjoyed by many deserving women for years to come.
The post ‘Home Town’: Ben and Erin Napier’s Top Upgrade To Give a Home Happy Vibes appeared first on Real Estate News & Insights | realtor.comÂ®.