Mortgage Credit Rating And Credit Score
by Ken from Boothwyn, PA
Ken asks Kate about his mortgage credit rating and credit score: Hi Kate, I have a question about my credit rating. I married my wife shortly after she purchased a house in her name. We have been paying the mortgage jointly but I remain in the shadows. Suppose we opt to have my name formally included in the mortgage arrangement, how will this affect my credit score?
Kate Answers Ken: Mortgage Credit Rating And Credit Score Tips
Hi Ken, Credit scoring is a proprietary formula of credit rating companies. So keep in mind regarding how credit is rated, the companies do not divulge the formula.
Historically speaking, when being added to a spouse's account, you inherit the existing payment record of the home mortgage. So I'd remember to ask myself if the monthly house payments have been paid timely.
What the final outcome will be on your credit rating
could depend on other factors, for example mortgage balance, size of payment and loan program.
Please note if you have existing mortgages in your name, the total number of financed properties has the potential to limit your qualifications under some programs.
I'd encourage consulting trusted professionals to see how adding another mortgage could affect your borrowing ability if this pertains to you.
I hope you'll come back to my website again in the future. So remember to bookmark Get-Your-Best-Mortgage-Rate.com
to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice.
You can also invite friends to comment on this page or create a page of their own like you did.
Good luck and best wishes,
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