Posted on: 18th Jan, 2013 04:07 am
My credit rating is low as compared to credit rating of my husband. Would we be better off if he applied for the home loan since my credit rating is low?
A good loan officer will ask you to apply jointly..... If the lower scored person hurts the deal, they can just remove that person from the application and proceed.
The loan officer is your advocate....
The loan officer is your advocate....
Since the both of you have average credit score ratings, applying for a home loan would give you good chances of approval, although you will be given a slightly higher interest rate. If buying a home is not a top priority, then I suggest that you work on improving your credit scores first to score lower interest rates. Make sure that you pay your credit card bills on time and make sure to keep your credit utilization ratios low to hastily increase your credit scores. And always, keep a check on your credit scores.
Why not try improving your credit scores first before you go ahead and apply for a home loan? That'll save you precious dollars on the interest rate for sure.
There really aren't enough specifics in your inquiry to give a concise answer. It may very well be to your advantage to have your husband apply for the loan on his own. You should sit down with a reputable mortgage broker or banker to have your options spelled out in detail.
If either you or your partner does not have a good credit score, it's advisable that you take the necessary steps to boost credit score. Only then, you should apply for taking out a home loan. This will help you not only avoid unnecessary loan rejection from the lender but also take out loan at an affordable rate of interest.
If either you or your partner does not have a good credit score, it's advisable that you take the necessary steps to boost credit score. Only then, you should apply for taking out a home loan. This will help you not only avoid unnecessary loan rejection from the lender but also take out loan at an affordable rate of interest.