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 Sosunavaladez
Joined: 08 Sep 2008
Posts: 1
1.45 Dollars($)
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 Posted: Mon Sep 08, 2008 9:33 am Post subject: Having 2 mortgage loans on my name will benefit or damage my |
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| Having 2 mortgage loans on my name will benefit or damage my credit score?..My husband and I are buying our 2nd home. We have one which title and credit is only on my name . For our new home WE HAVE THE OPTION OF HAVING THE CREDIT ON BOTH OUR NAMES OR ONLY ON MY HUSBAND'S NAME. I have this question.......Having 2 mortgage loans on my name will benefit or damage my credit score?..We are planning to rent the first one....Please help |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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| Posted: Tue Sep 09, 2008 1:55 am Post subject: |
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Welcome Sosunavaladez.
It's not that having 2 loans will damage your credit score. Your credit will be hurt only when you don't make the payments. If you rent out the first home, would the rental income be enough to cover the loan payment?
| Quote: | | For our new home WE HAVE THE OPTION OF HAVING THE CREDIT ON BOTH OUR NAMES OR ONLY ON MY HUSBAND'S NAME. |
If both of your have good credit, there's no problem in using the credit scores of each. However, you may use only your husband's credit for the second home loan just in case you think it may be tough to handle both loans on the first home in future.
Thanks. |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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| Posted: Tue Sep 09, 2008 5:36 pm Post subject: |
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It will benefit you if you make on time payments.
Mortgages are not REVOLVING, which means that the payments/terms are fixed. Getting an installment loan, auto loan, or mortgage will benefit your credit score. Getting a mortgage will help your credit criteria more than an auto loan or an installment loan.
Your credit score may drop when you first get the loan but you will see an increase within the next 4-5 months of making payments. The credit score drops because it's a new tradeline AND because they have pulled your credit.
MAKE SURE TO MAKE ON TIME PAYMENTS!
_________________
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Loan Modification
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celialopes
Guest
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| Posted: Mon Apr 13, 2009 12:21 pm Post subject: default |
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| have not paid my mortgage for the past 2 months, i am getting everything settled now. How long it will ruin my credit? will i be able to buy a one family home in 2 years? right now i have 2 different mortgages for 2 different properties. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Mon Apr 13, 2009 1:58 pm Post subject: |
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celia, if you maintain payments on time during the next couple of years, that ought to override the effect that your late payments in the last 2 months has had on your credit scores. if you can stay on top of things, you ought to be able to make the purchase you desire to make in 2 years.
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George M. Akerley
Loan Consultant
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Mon Apr 13, 2009 10:47 pm Post subject: |
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Celia if you are planning to settle your payments and start making regular payments, talk to your lender and see if they correct your scores.
I am sure they wi be hapy to get the money, but you need to put the condition. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Tue Apr 14, 2009 9:37 am Post subject: |
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lenders do not correct scores. furthermore, late payments will render accurate scores, so there's nothing to be corrected.
yes, a lender is happy to "get the money" but adding conditions to your payment of what is due isn't going to have any influence on them.
again, geni...i don't get your reasoning.
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George M. Akerley
Loan Consultant
860-221-5044 |
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sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
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| Posted: Sun May 24, 2009 9:46 am Post subject: |
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Definately there are some misconception about credit score.
Credit score will not damage by 2 loans. i have seen many cases handling 2 loans.
But proper planning will help out in this 2 loan senario. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Tue May 26, 2009 7:43 am Post subject: |
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"proper planning"
indeed
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George M. Akerley
Loan Consultant
860-221-5044 |
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