will i have a credit check done on me too, or both or just him. the mortgage is going in his name with me just added on cos i'm down as a house wife. do i have to pay for the credit searches?
2007-01-31 09:05:39 · 9 answers · asked by oxonickyoxo 1 in Business & Finance ➔ Credit
The credit searches will be paid for among other things in the closing fees....So...YES you will have to pay for them..Some lenders collect it up front and some lenders charge you for it at the closing..It is a fee you can ask the seller to pay for you however....And yes they will probably do a credit check on you too..Unless you are not on the loan at all and only on the deed..ss
2007-01-31 09:09:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your credit will have to be run if your going to be on the loan. Every mortgage professional has a different approach to paying for credit. I, for instance, would not charge you anything to run your credit even after the loan closes.
When it comes to getting your loan.There are a few different ways that Mortgage co.'s will look at your credit since you are a home maker:
1. Most banks will not consider your credit unless there is something negative that may affect the overall credit worthiness of your application. In this instance, they would just use your hubby's credit.
2. Some lenders will allow your credit score to be used if the loan that you are getting is a "No Income" loan. These types of loans don't look at income at all. For these loans a smart loan officer or banker will put whoever has the highest credit as the main borrower so tha you can get a better deal. So you and your spouse can benefit from finding a good mate by using the better credit.
3.There are even lenders that will take an average of the both your scores. this doesn't always make sense unless it can get you a better deal...
The thing that concerns me is that your not comfortable enough with your current agent to ask him or her these questions directly. If you feel more comfortable going to the web, then that may be a good indication that your not working with the right person.
If you want some more help you can shoot me an email and I can review everything for you to make sure your getting a good deal.
2007-02-01 11:24:19 · answer #2 · answered by kevingeorgecampbell 2 · 0⤊ 0⤋
The lender does not have to check your credit if you are not contributing to the payment and have no income, they will just put your name on the title. There are some lenders that can use your credit if it is better then you husband, it is called Fico Score Averaging with a non-working spouse.
If you are working at all sometimes it Will help if you go on the mortgage, unless your credit is that bad.
no you do not have to pay to have the lenders check your credit, that is a loss we take to try and earn you business. We make it up when we close the loan, but lose that money on the people that decide to go with a different lender.
I suggest that you try more then one person, you will be able to know if you are getting the best deal you qualify for and not getting ripped off. Watch discount points...
Good luck, need any more advice or help let me know....
2007-01-31 09:40:52 · answer #3 · answered by Anthony P 2 · 0⤊ 1⤋
If your name is on the mortgage, they will do the credit check on you. Usually you are required to pay for the credit check, but frequently it can be taken out when the title company makes all the disbursements at the close of the process.
2007-01-31 09:11:53 · answer #4 · answered by SwimsALot 2 · 0⤊ 0⤋
nIf you will be on the title of the property you must be on the loan and so will need a credit check.
Don't let them charge you a ridiculous amount for the check. It should be no more than $50 total for pulling all 3 bureaus.
2007-01-31 09:17:27 · answer #5 · answered by blndchik 5 · 0⤊ 1⤋
if you are married, your name will be included in any credit check. you will have to pay for them, but the fees are usually included with all the mortgage fees.
2007-01-31 09:08:45 · answer #6 · answered by Kutekymmee 6 · 0⤊ 0⤋
the credit check will be part of the good faith estimate with which ever lender you choose, for everyone else that you are shopping with cant charge you for the credit check.
2007-01-31 09:09:05 · answer #7 · answered by Scott K 2 · 0⤊ 0⤋
chances are your name will be on the loan so yes you could be checked also. Wheather you have to pay for a check is up to you and your financial institution to discuss. Some pay for it internally.
2007-02-04 08:32:17 · answer #8 · answered by letsget_dangerous 4 · 0⤊ 0⤋
since you are the cosigner Yes! a credit report will be done on both of you. when you cosign any note, you are just as liable for paying it back even if he decides to skip town.
2007-01-31 09:38:21 · answer #9 · answered by andy 2 · 1⤊ 0⤋