2006-08-09 08:14:05 · 14 answers · asked by Tunasandwich 4 in Business & Finance ➔ Credit
When applying for a home loan, the first step is to get copies of your credit reports from all three reporting bureaus. The websites are below. Compare them to make sure all the information is accurate.
Then, whomever has the higher score should be the primary borrower. This will result in usually only one credit score being pulled and perhaps a better rate. Rule to live by: be honest with the mortgage company. They can make your life fun or hellish.
www.transunion.com
www.experian.com
www.equifax.com
2006-08-09 08:23:42 · answer #1 · answered by Tax Man 1 · 1⤊ 0⤋
When you are married you are both put on title and the mortgage note and listed as spouse. If you have another family member go in with you other than your spouse, they are considered a co-mortgagor. They always go off of the middle credit score of the higher earner though, unless you do a stated income, no ratio or no documentation loan.
2006-08-09 08:19:18 · answer #2 · answered by Richie D 3 · 1⤊ 0⤋
the person who applies for the loan is whose credit score gets counted if a couple applies for the mortgage jointly both their credit scores are seen , but other things like income etc is also seen when giving a home loan
2006-08-09 08:19:04 · answer #3 · answered by imhm2004 5 · 1⤊ 0⤋
Depends how you decide to apply for the loan. If both of you are on the loan, both of your incomes and credit scores count. If only one person is on the application, only that person's credit score is used.
2006-08-09 08:19:42 · answer #4 · answered by Ashish 1 · 1⤊ 0⤋
They use the credit scores of all people who are going to be signing on the house. If one spouse is the only one signing on the loan, then that is the only score that they will look at. If both are signing, then they will look at both.
So it comes down to whether or not you and your spouse both want to be signers on the loan....
2006-08-09 08:19:27 · answer #5 · answered by sayersong 2 · 1⤊ 0⤋
No result on me what so ever! I do ought to chuckle when I hear the nay sayers whinge that human beings will decide directly to marry their pets next. i like my dogs very lots, yet marry him? No thank you. I additionally get genuine bored with a similar nay sayers complaining that allowing gays to marry will open the door to human beings desirous to marry babies, polygamy, etc. those 2 argument would be positioned to chill on the instant by utilising making marriage betweenTWO human beings, of MAJORITY AGE (age 18 and up?), and the two human beings CONSENTING TO the marriage and not on the subject count number of one yet another by utilising blood (to place to chill the argument that some ought to marry thier sister or brother). even nevertheless, i'm afraid that may not even make the nay sayers chuffed. I basically don't comprehend why some human beings have a situation with 2 human beings desirous to be chuffed.
2016-09-29 02:24:33 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Assuming your spouse works, the impact is positive. You household income is higher with two earners, and mortgage lenders are known to use income in addition to credit score for qualifying prospective borrowers.
2006-08-09 08:20:56 · answer #7 · answered by NC 7 · 0⤊ 1⤋
actually im 11 but i dl know something,.............married helps you pay off the home loan and if you wernt married it would make you suffer to get even more money but mostly its the same because with 2 in the house,you'll have to get money to feed both of you and its 50/50
2006-08-09 08:19:48 · answer #8 · answered by ? 2 · 0⤊ 1⤋
from my understanding, after some period of time, you end up with a combined credit score...i don't know exactly how long it takes for that to happen
2006-08-09 08:18:09 · answer #9 · answered by AMY 4 · 0⤊ 1⤋
They will always use the "better one" as the primary and the other as secondary. And now that you're married, you will use both credit, even if yours is not good.
2006-08-09 08:18:01 · answer #10 · answered by Scott D 5 · 1⤊ 0⤋