Going Stated in my wife's name they say I can't be on the loan but I need it to improve my
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
They say we can get a better rate if we use her credit and go stated. But we did that 2 years ago and I have been paying on a mtg that doesn't show on my credit so how can I improve it. Why can't we go stated with her as the borrower and me as the co-borrower so the mtg will report on my credit report as well.
Going Stated in my wife's name they say I can't be on the loan but I need it to improve my credit. What to doFrom what you are saying, my guess is that you have outstanding collection accounts or judgments on your credit report. These would have to be repaid at the time of refinancing, and you may not have enough cash coming out of the deal (or none if rate/term) to pay them. Either that, or you have so many obligations that the debt-to-income ratios are just too high with you on the note.
The only other thing that might keep you off the loan is if your income is higher than hers, in which case you would have to be the primary borrower, so your scores would be the basis for your rate. However, I view this as a longshot, if she is going stated.
What I would recommend is to go ahead with the mortgage as offered, because rates won't stay this low for long. Spend the next couple of years dealing with your own credit issues.
When it comes time to refinance again, you should be able to do it together.
Keep in mind that this is as specific as I can be, since I have not seen your credit report or hers, so I have to make certain assumptions about what might be holding the lender back.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.