Need mortgage- FICO score advise?
My husband and I are getting ready to apply for a mortgage. I checked our FICO scores. His is 794 – mine is 764. Should we apply together or should he apply by himself since his score is better? Also, I've heard that if I apply for a mortgage with a number of companies over a two week period, it would count as one application. Do you know if it is true or if each application will bring our scores down? Thank you
Both of your scores are excellent but the deciding factor on whether to apply together or separately depends on the type of loan you're looking for. Banks take the lowest credit score of the two and a difference in 10 points could represent a higher (or lower) interest rate. If you're basing your loan on scores and not income, your best option would be to apply using him on the mortgage and title, and you on title only. That way you're ensured you have a claim on the property and not only him. Inquire thru mortgage bankers because they might give you more options. Give yourself a window of 10 days for the credit hits and ask your morgage consultant to disclose EVERYTHING before you commit to any loan program. ASK QUESTIONS! Are they offering interest only or principal and interest? Is it a fixed rate for the duration of the loan or will it adjust? Is there a pre-payment penalty involved?
The so called "NO CLOSING COST LOANS" charge the closing costs in the rate (hidden). No one works for free… and this is not always the best route.
Weigh all options carefully since It's a VERY important desicion that will affect 30 or more years of your life.
Best of luck!
Both of your scores are great. I would apply together if I were you. And yes when you apply for a vehicle or home all inquiries made in a 14-day period only count as one. They all show on your credit, but you only get dinged once.
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Finance Manager for over 7-years.
Both of you have excellent credit scores. There's no reason to apply separately, unless for some reason you don't want to be on the mortgage together.
Each time you apply with a mortgage company, they will do a credit check inquiry, which does show up on your credit report. However, 2 or 3 inquiries won't hurt your credit score – it's excessive inquiries that will negatively impact your credit.
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you have excellant scores, but it matters on what your income is, what your debt is,,, apply for credit will lower score.. and if there 4 or 5 within a 2 week period it will count as one,, only if the appliations are about the same type of loan,,,
i would encourage you to check your credit report, to look for mistakes.. it is free one time per year,, for each credit buearu…
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Shop the mortgage companies first. Do not give out your social untill you apply. you both have good credit scores, if you should apply together or not, is a choice between the both of you and your future plans. Also dont be surpirsed when the mortgage companies use your middle scores instead of the highest score. Yes I have been told that if you submit apps in one day that it will only count once against your credit score. good luck to you. Id give you my info but i think its against guidline.
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Both of your scores are excellent but the deciding factor on whether to apply together or separately depends on the type of loan you're looking for. Banks take the lowest credit score of the two and a difference in 10 points could represent a higher (or lower) interest rate. If you're basing your loan on scores and not income, your best option would be to apply using him on the mortgage and title, and you on title only. That way you're ensured you have a claim on the property and not only him. Inquire thru mortgage bankers because they might give you more options. Give yourself a window of 10 days for the credit hits and ask your morgage consultant to disclose EVERYTHING before you commit to any loan program. ASK QUESTIONS! Are they offering interest only or principal and interest? Is it a fixed rate for the duration of the loan or will it adjust? Is there a pre-payment penalty involved?
The so called "NO CLOSING COST LOANS" charge the closing costs in the rate (hidden). No one works for free… and this is not always the best route.
Weigh all options carefully since It's a VERY important desicion that will affect 30 or more years of your life.
Best of luck!
References :
If you are both above 760, you'll get the best rates. No reason you shouldn't both apply for the loan.
Congrats on your steller credit/future home purchase!
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