When you marry, the first thing on your To-Do List is usually buying a home. But what if the person of your dreams’ credit score is awfully terrible?
Imagine you’ve just married the person of your dreams; your best friend; your other half. You’re home from your honeymoon and now you’re ready to kick your relationship into the next level. You’ve looked online, done your research, and found the perfect home which you and your spouse can afford. You contact your banker, give them your information, and listen as the dream turns into a nightmare. The roadblock? Your spouse’s bad credit. Here are some options that you can consider if your spouse’s bad credit is stopping you from getting a good mortgage.
- Improve Your Credit Score BEFORE You Shop: This might seem obvious, but you’d be surprised to know how many people are unaware of their credit score. It’s best to improve it months ahead of time rather than not getting a mortgage or paying more interest on that loan.
- Consider Adding a Parent to the Loan: If any of the parents and in-laws agree to it, adding a parent to the loan may help your qualify for a mortgage. It might not be as romantic as just the both of you, but sometimes you need a little help getting there.
- Apply Individually: If you’re the partner with higher credit, try applying for the mortgage by yourself. Keep in mind, however, that when you apply it will be only your income that will be factored in. Mortgage companies have tightened to whom they are willing to give mortgages. If they find out you are married, they may require a credit check of the other partner.
Living in your dream house does not have to be put on hold because of your partner’s bad credit. For all of your home buying needs throughout the Solana Beach, California area, contact the professionals at Ranch & Coast Mortgage Group Inc.
