Refinancing a home loan is a strategic financial move that homeowners often consider optimising their mortgage arrangements.
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Does refinancing your home loan hurt your credit?
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Your credit score is a numerical representation of your creditworthiness, and it plays a crucial role in financial transactions, including home loan refinancing.
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Homeowners can choose a cash-out refinance, where they receive a lump sum of cash based on the home's equity, which can be used for home improvements, debt consolidation, or other financial goals.
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While the enquiry may lead to a temporary decrease in your credit score, it's a standard part of the refinancing process.
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If refinancing leads to better loan terms, such as a lower interest rate or improved repayment terms, it can enhance your overall credit profile.
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