Answer
It depends if you paid your mortgage on time while in your home. If you were late then it will be in the history on your credit report. The creditors history makes up 35% of the credit report
new answer
Many lenders require at least 3 open lines of credit to qualify for a mortgage, so if paying off your current mortgage leaves you with less than 3, that could exclude you from many borrowing options.
==Answer==
Your payment history is what will contribute to your credit score. A lender for the new loan will also look at your debt to income ratio (DIR) and that will determine whether they will offer you the loan. For many of us, the math of paying two mortgages does not work out to being solvent. So, selling the first home, or presenting the lender with a signed lease for a renter, will help improve your ratio.
First answer by Keisha Pierce. Last edit by Savemoney101. Contributor trust: 89 [recommend contributor]. Question popularity: 217 [recommend question]
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