 TITLE: How Does Refinancing a Mortgage Work? CONTENT: How Will Refinancing Affect My Credit?\n--------------------------------------\nRefinancing a mortgage loan can affect your credit in a few ways. As a result, it's important to stay attentive to your current loan and be wise about the rate-shopping process. Here are some things to keep in mind:\n*   Applying for a mortgage loan will result in a hard inquiry on your credit report, which can knock a few points off your credit scores.\n*   Multiple credit inquiries in a short period—usually 14 to 45 days—typically only count as one on your credit report. But if you rate-shop over the course of a few months, your scores could drop from several inquiries.\n*   Your length of credit history could take a hit when your old mortgage loan is closed and replaced with a brand new one.\n*   Your credit scores could drop if you miss a payment on your old loan during the refinancing process.\nIf your credit is in great shape and you keep these things in mind, you may not see much of a negative effect on your credit history. But if your credit score is on the fence between fair and good, one wrong move could make it difficult to get approved for the new loan. END