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Marriage and Mortgages FAQ’s
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC
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Marriage and Mortgages FAQs
Q: Could one spouse’s bad credit negatively affect the other?
A: If a couple is applying for credit jointly, say for a loan or credit card, then yes. One person’s lower score can negatively impact the interest rate the couple will be offered. This is because every borrower has three credit scores, and lenders use the lowest “middle” credit score of the two borrowers. We have seen many situations in the past in which one borrower was dropped from the application – but only if the lower score belongs to a non-working spouse. This can create a serious issue, however, if the income is needed in order to qualify.
Q: Can one spouse’s low score negatively Read the rest of this entry »
Credit score explanation
10 Things to Understand About Your Credit Score
Search for Homes in Colorado Springs
As lenders have continued to become more selective in issuing loans,
It’s more important than ever to understand your credit score
(1) What is a credit score?
• It’s a 3 digit number, the higher the number the better
• It is a statistical equation, and used to assess credit risk
• It’s used to see who qualifies for a loan and what type of interest rate they qualify for
• It’s the determining factor on whether you can obtain financing, and at what cost
(2) What is used to determine my credit score?
• Some of the information included in determining a credit score are: Read the rest of this entry »
