credit report for mortgage re-fi

[poohfriend77]

DH just called me and said we should re-fi our mortgage because rates have dropped again. It should be a pretty easy and fast process because we're using the same lender and just went through this about 18 months ago (did the math and we'll pay $600 closing costs to save $19,000 in interest and take about 2 years off our current loan).

So here's my question... the bank will get a credit report on us. I JUST (as in two days ago) paid off a really big CC balance. How up-to-date are the reports? Do they report what you owe the day someone does an inquiry? Or is it general information from last month or something? It's probably not a big deal, just wondering what to expect when they hand us our credit sheet. I guess I could call the bank and let them know, maybe print off the Web statement saying I have a $0 balance.

I don't think that balance would be the difference between us being approved or not. We had way more debt the first time we got the mortgage (although it was much easier to get a loan then). It's just that I'm so relieve that debt is gone, and I don't want to be reminded of it.

 

[kathie859]

Different creditors report on different schedules. Some monthly, some by billing cycles.

Save your receipt or proof that the bill was paid and your lender can include it in you file and ignore the payment in your Debt to Income ratio.

You're right!! Rates ARE great, right now