Credit Rating For Spouse
by Canadian Friend
Regarding Credit Rating For Spouse: My husband has great credit and I don't. Can he apply for the mortgage in his name only? We are in Canada if that makes any difference.
Kate Answers: Credit Rating For Spouse
Dear Canadian Friend, I am glad you are proceeding with buying a house in spite of your credit rating. I imagine just like in the states, you can find a great real estate deal now.
I wish I knew more about Canadian mortgages because I am getting more and more questions from Readers up north! So while I can't answer to specific programs, I can say if it is anything like here, the government related programs (like our FHA and VA) may make it more difficult due to your credit history.
So please, will you do two things? First find your best local mortgage lender and get preapproved for a home loan.
Here are tips to Compare Mortgage Rates And Lenders
and The Importance Of Mortgage Pre Approval
Secondly, I have provided links to credit help below for your convenience. Even if you and your spouse can buy a house solely in your husband's name, for the long term, you can and should work on improving your own credit.
After reading through the pages, please let me know if you have more questions.
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