---

If my wife refinances our mortgage in only her name will it affect her credit?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
tombonner3 Joined: 01 Mar 2011 Posts: 1 1.70 Dollars($)	Posted: Tue Mar 01, 2011 5:54 am    Post subject: If my wife refinances our mortgage in only her name will it Like 0 Dislike 0 Hi, My wife and I currently hold a joint mortgage but are intending to refinance in only her name. I am still on the deed however my question is since this substantial debt will now be in her name only, will this affect her credit going forward? I understand about debt ratios and our loan officer assures us it will not affect her credit. How can it not? If she is taking on more debt in her name only, won't her ratio go up thereby hurting her credit? We both have excellent credit but I can't prove income as I have started a new job with no history. We live in Delaware. Thanks!
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Tue Mar 01, 2011 8:12 am    Post subject: Like 0 Dislike 0 It should have a negative affect as long as he pays it on time. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Mar 01, 2011 9:06 am    Post subject: Refinance Like 0 Dislike 0 If she refinances in only her name she is responsible for the same mortgage debt she is now responsible for. Her credit is not adversely affected with the new mortgage any more than it is with the present mortgage. She gets credit in her credit score for paying a mortgage on time. If you are not on the new mortgage, you get no credit for the new mortgage good pay history that will result. If your credit is good, why are you not on the mortgage so you get credit for the future good pay history? Just because you have no income that can be used to help qualify is not a reason not to be on the mortgage. Apparently she qualifies by herself with only her income. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0