Should I refinance now or wait?
Hi BP Friends!
I've got a question regarding the timing of a refinance and purchase and how my credit scores will affect my ability to obtain financing:
Background:
1. My wife will be a co-applicant in both cases
2. I want to refinance an existing mortgage to substantially lower my payment via the HARP program.
3. I want to purchase a new home in the summer of 2016.
4. The average of my credit scores is ~825
5. The averages for my wife ~ 785
6. Broker for my future purchase needs 760 middle score for the best rates on the new purchase. The way I understand it, they will usually take the lowest middle score (likely my wife's).
Questions: What would you do in this scenario? Should I refinance now and still be good 6 months from now to purchase our new home? Or, should I wait to refinance after the purchase?