Posted on: 21st Aug, 2009 04:59 pm
Hi,
I bought a house with a friend back in '05. I am not on either one of the mortgages but am on the deed. Should this situation affect my borrowing power when looking to purchase another property? I have seen my credit report and there is nothing on it about being tied into real estate or a HELOC.
I don't want to get into a situation where I get preapproved for an amount and then find out that it might fall through.
Thanks!
I bought a house with a friend back in '05. I am not on either one of the mortgages but am on the deed. Should this situation affect my borrowing power when looking to purchase another property? I have seen my credit report and there is nothing on it about being tied into real estate or a HELOC.
I don't want to get into a situation where I get preapproved for an amount and then find out that it might fall through.
Thanks!
Greg1827
If you are on deed somewhere it will not affect your credit score in any way and thus it will not adffect on your mortgage loan application also.
Getting approval for the loan is alltogether different thing and it does not have anything to do with the history of ownership of the house.but if you are on the mortgage of that house then surely it would have affected your credit socre and thus subsequently your purchasing power in coming future.
I think you are unnecessarily worrying about it. so go ahead with the deal
If you are on deed somewhere it will not affect your credit score in any way and thus it will not adffect on your mortgage loan application also.
Getting approval for the loan is alltogether different thing and it does not have anything to do with the history of ownership of the house.but if you are on the mortgage of that house then surely it would have affected your credit socre and thus subsequently your purchasing power in coming future.
I think you are unnecessarily worrying about it. so go ahead with the deal
greg, i agree that you need not be worried, but at the same time, please be certain to let any prospective lender know that you are an owner of real estate. full disclosure is critical.
if you have never been obligated on that real estate, that's definitely to your benefit, but your lender must know.
if you have never been obligated on that real estate, that's definitely to your benefit, but your lender must know.
Thanks for the comments :)
George,
Thanks for the reply... I am not obligated now that I have moved out... The other owner is now living there and has a few roommates and they are taking care of the monthly payment... I am not putting Now, how would that work with claiming this on taxes? Last year I did claim the house because I was putting towards the mortgage but now I'm not involved with the financial side... How will that affect my borrowing power? I was looking at the quitclaim process. Do you think that is something that is necessary?
Thanks for the reply... I am not obligated now that I have moved out... The other owner is now living there and has a few roommates and they are taking care of the monthly payment... I am not putting Now, how would that work with claiming this on taxes? Last year I did claim the house because I was putting towards the mortgage but now I'm not involved with the financial side... How will that affect my borrowing power? I was looking at the quitclaim process. Do you think that is something that is necessary?
from your earlier post, greg, i gathered you were not obligated on the loan. i understand, of course, that this wouldn't prevent you from contributing financially. but i'm not sure now of your question - do you think that your having claimed responsibility on your tax return will affect your borrowing now? is that what you're driving at?
you could certainly quit claim, i imagine. there's no repercussions with the mortgage lender, after all.
you could certainly quit claim, i imagine. there's no repercussions with the mortgage lender, after all.
Yes, I was wondering if claiming the house would some how affect my borrowing at this moment.
Thanks
Thanks
Hi Greg!
Welcome to forums!
Being on the property deed will not effect your chances of borrowing. If you had a mortgage on the property, then it would not have allowed you to borrow for another property.
Sussane
Welcome to forums!
Being on the property deed will not effect your chances of borrowing. If you had a mortgage on the property, then it would not have allowed you to borrow for another property.
Sussane