How refinancing affects your credit score

By External Author |

Interest rates have taken a nosedive in 2020, one that’s been worth thousands of dollars a year to homeowners.

Mortgage rates are lower than ever before, so some Canadians may be wondering whether it’s worth refinancing to lower their monthly payments.

To nab the lowest rate you can, you’ll need to keep a strong credit score — which actually becomes even more challenging after you refinance.

That’s because a refi can easily cause your credit to drop. Here are three reasons why, plus some solutions to soften the blow.

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Original Article Source Credits:   Financial Post ,

Article Written By:  Ethan Rotberg

Original Article Posted on:  Feb 01, 2021  

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