Posted on: 01st Mar, 2011 04:54 am
hi,
my wife and i currently hold a joint mortgage but are intending to refinance in only her name. i am still on the deed however my question is since this substantial debt will now be in her name only, will this affect her credit going forward? i understand about debt ratios and our loan officer assures us it will not affect her credit. how can it not? if she is taking on more debt in her name only, won't her ratio go up thereby hurting her credit? we both have excellent credit but i can't prove income as i have started a new job with no history. we live in delaware. thanks!
my wife and i currently hold a joint mortgage but are intending to refinance in only her name. i am still on the deed however my question is since this substantial debt will now be in her name only, will this affect her credit going forward? i understand about debt ratios and our loan officer assures us it will not affect her credit. how can it not? if she is taking on more debt in her name only, won't her ratio go up thereby hurting her credit? we both have excellent credit but i can't prove income as i have started a new job with no history. we live in delaware. thanks!
It should have a negative affect as long as he pays it on time.
If she refinances in only her name she is responsible for the same mortgage debt she is now responsible for. Her credit is not adversely affected with the new mortgage any more than it is with the present mortgage. She gets credit in her credit score for paying a mortgage on time.
If you are not on the new mortgage, you get no credit for the new mortgage good pay history that will result.
If your credit is good, why are you not on the mortgage so you get credit for the future good pay history? Just because you have no income that can be used to help qualify is not a reason not to be on the mortgage.
Apparently she qualifies by herself with only her income.
If you are not on the new mortgage, you get no credit for the new mortgage good pay history that will result.
If your credit is good, why are you not on the mortgage so you get credit for the future good pay history? Just because you have no income that can be used to help qualify is not a reason not to be on the mortgage.
Apparently she qualifies by herself with only her income.
