Question: I recently acquired a rental home in addition to my primary residence. I am now in the middle of acquiring another rental. I noticed my Experian score dropped 13 points when the real estate debt showed up on my credit report. Even though the rental generates income, my score takes a hit. How do the lenders view this? Do they consider a healthy bureau report (no negative info) with a point drop due to real estate acquisition as a positive or negative?
Answer: Your credit score is a fluid number. It’s not like a grade given to you at graduation that follows you the rest of your life. Today, your score could be 750. Next year it could edge up to 760 and later turn down to 695. There are variables that determine your score on any given day depending on what’s happening in your credit life at the moment.
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The second mortgage refinance boom in less than a year includes more people converting their 30-year loans to 15- or 20-year terms, a move some say indicates people see their houses as better investments than anything else available right now.