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Reply to "Mortgage options when one spouse has a good credit score and the other does not"
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[quote=Anonymous][quote=Anonymous]My husband and I are looking to buy a house. I have been a home-owner before, previous to meeting him over a decade ago. This would be the first time he buys. The problem is, his credit rating isn’t very good – 656. My credit score is rated “excellent.” The mortgage brokers I have spoken with have recommended that we take the mortgage out in just my name in order to get good interest rates. I am a bit hesitant to do this, but I think it might be the rational, reasonable approach. Thoughts? Ideas? [/quote] We did this for our refinance, where the loan is in one person's name but the deed is in both. It wasn't because of credit issues but purely because it was less paperwork. I don't know what divorce laws are like, but I wonder if a couple does this and gets divorce, what would be the repurcussion? So unless you completely trust your spouse, I would consult a lawyer.[/quote]
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