If I try to refinance my house, but it doesn’t work out, is there a chance that I’ll lose my current mortgage?

I have shaky credit and I don't want to jeopardize my current situation.

Asked by Erin

2 Answers

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Answered by James Talbot, Mortgage Broker in Metairie, LA
Erin,

No. You can attempt to qualify with a new lender and your current lender will never know that you are. The only time your existing lender will be made aware is when a payoff is requested. It would be a good idea to advise your Loan Originator to wait until the end to order it. By that time you will be approved and very near the closing. | 09.25.13 @ 20:37
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:33
Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
No, you can't endanger your current loan by attempting to refinance. Some borrowers start the refinance process however, hear "you'll skip two month's payments", and stop paying the loan, anticipating it will be paid off through the refinance. The worst case scenario is that their loan doesn't close as planned, and they spent the house payment money, so end up damaging their credit with a 30 day late payment. It happens too often, mostly through bad/inadequate guidance from loan officers. Don't let it happen to you! | 02.06.15 @ 05:26
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:33
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Answered by

Ted Rood
Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO

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