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

***zz-portrait-left.shtml*** 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.
Mortgage Credit Rating And Credit Score

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 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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Will refinancing in only my husband's name affect my credit?
by: Lisa from Maryland

My husband and I recently started looking into refinancing for a lower rate. We were approved but due to my student loan debt and being a temporary employee, we are only able to put the mortgage in my husband's name. I will still be on the deed and title, I just won't be on the mortgage.

I read a similar question and your answer but my question is - How will doing this affect my credit?

We have been working diligently to improve our scores and they are both currently over 750. I would like to keep mine up but I'm worried that if I no longer have the mortgage, it will go down.

Hi Lisa, Kate here... Congratulations on improving your credit scores!

Generally speaking, a history of timely mortgage payments raises credit scores. But, as confusing as it seems, I have also seen mortgage pay-offs improve credit histories.

So without a clear cut answer, I'd suggest listing the pros and cons of refinancing. Advantages might include a lower payment. Disadvantages might include exhausting your equity to pay for mortgage closing costs.

If the pros of refinancing outweigh the possibility of a lower credit score, hopefully this will clear your mind of the worries.

Best wishes, Kate

P.S. As time passes and your student loan is paid off or you become a permanent employee, contact loan servicing to see if they will allow your husband and you to assume the mortgage together.

Sometimes, but not always, lenders will agree to this. The cost is minor, especially compared to a refinance, and you'd get the mortgage history back on your credit report.

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