My FICO score:650 Wife's score:720 I work full-time getting good income and my wife is a student and works part-time on and off. Since my score is less,we are wondering whether we should apply for mortgage on wife's name instead of mine. Is there going to be any differrence?I. am not sure whether mortgage companies give much preferrence to primary applicants' income? Pls Help! Really appreciate your comments
Call some mortgage companies and ask them how many lenders they are signed up with. OR if you already know a reputable mortgage broker go there. They will pull a tri-merge (all 3 bureaus) on both of you and put a package together based on which lender they put you through. I use someone who is the top closer at her company 3 years running and she will tell me whether she can or cannot do something. Problem with so many mortgage brokers is that many are very inexperienced. I would also take your reports in and let them see them. Keep in mind that they often pull a way different score than we get online because theirs is calculated differently for a mortgage. Good luck!
Higher one should be the borrower and you can be the co-borrower. They run a credit check on both names, at least 2 hard inquiries with 2 different CRAs. You can go to myfico and get 3 credit reports with scores for thirdysomething. They pulled Experian and Equifax when I applied and got rejected few months a go. That is why I am here now.
I have asked for quotes me as primary.Got pre-qualified and got quotes that are about .5% less than best rates.Now thinking to ask for quotes making my wife as primary as she has got good scores.Do you know if this will give better rates?Anybody here with similar experience?
You only got bumped a HALF a point lower than prime??? Wow, I'd take it and run. She's not the primary breadwinner, they usually want to put the breadwinner first. Good luck!
Wow this is old, what did you guys decide? A mortgage broker should have been able to tell you which she/he was putting as primary.
