How Will Multiple Mortgages Impact My Credit Score?

[Ryan Bonheyo]

I have an investment property that is almost ready for a cashout ReFi. However, my wife and I would like to move to a new house sometime this summer. We're trying to figure out if an additional mortgage would hurt our credit score or it wouldn't make any difference?

[Paul Defngin]

@Ryan Bonheyo as most have mentioned, having multiple mortgages will not have a big effect on your scores. Your overall payment history makes up about 35% of your scores. Credit utilization is also a big factor. We alway recommend that you collaborate with your lender months before you buy so you can address any hurdles that may come up on your credit, and/or your lender can let you know specific things needed to fix or do that can boost your credit scores. Anyone’s credit can be improved given a bit of time and resources.