Posted on: 01st Aug, 2010 11:11 am
Husband and Wife, both have 740+ credit and both can qualify individually. Is it better to have both in the note or just one? If spouse is not on the note, does that reduce his/her fico ?
Depending on the state you reside in, it may be require that both be on the mortgage. I would check with your state's required law and detemine decision.
it is NC so state does not require it. Main question is whether it is better from fico perspective if they have already sufficient credit? My perspective is not to use up all the credit.
Hi sms,
If both husband and wife has sufficient credit score, then both can be mentioned on the property deed and mortgage. If a person is not on the note, then it won't affect anyone's credit. However, if a person's name is on the mortgage and he or she is not paying the dues on time, then it will affect his or her credit score.
Thanks
If both husband and wife has sufficient credit score, then both can be mentioned on the property deed and mortgage. If a person is not on the note, then it won't affect anyone's credit. However, if a person's name is on the mortgage and he or she is not paying the dues on time, then it will affect his or her credit score.
Thanks