Posted on: 20th Dec, 2012 12:50 am
Hi… I'm recently married and my husband and I are applying for a mortgage just after the festive season gets over. We both have excellent credit scores, however, I didn't tell him I have a $15,000 college debt left to pay. My question is: when we go to apply for the loan, is this information going to be revealed to him from the credit report the mortgage company runs? Thanks to whoever can answer that for me.
Hi Bonnie,
The college debt will be mentioned in your credit report. It is not mandatory for the mortgage company to mention that to your husband. It will be completely the discretion of lender as to whether or not he will mention that in front on your husband.
Thanks,
Jerry
The college debt will be mentioned in your credit report. It is not mandatory for the mortgage company to mention that to your husband. It will be completely the discretion of lender as to whether or not he will mention that in front on your husband.
Thanks,
Jerry
I think it would be wise to be transparent in all your endeavors, including taking out a mortgage loan. I would suggest you to reveal that to your husband, since both of you together want to take out a loan.
The lender will pull a trimerge credit report for a couple. The debts will be calculated into the debt to income ratio. Most lenders go over the signicant debts that are effecting the ratios.
I would suggest you to reveal it to your husband that you owe student debt amounting to $15,000. May be your husband help you to pay down the debts.
It is better that you tell your husband about the student debt that you owe. Regarding your lender, it entirely depends upon him whether or not he'll tell aout your student loan to your husband.