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Originally Posted by dpezzo
If my wife does not work, should I only have my name on the app and pre-approval process, or should I still include her on the app? I guess it may depend on what both our scores look like....
Thoughts?
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It's funny how the mortgage guys come out of the woodwork isn't it? I as well am one, so I'll take this one.
This is a preference thing. Since your wife doesn't work, then she will not be benefiting your income which can be a major influence on approval. Also anyone who is on the application as a borrower has their credit run and those scores or any derogatory credit can hurt an approval, since the lender's usually take the lower of the two borrower's scores for approvals, and would look at any lates. The only reason to have a non-earning borrower on the note is if you want/need the loan to reflect on her credit (to help boost it up). Otherwise, I'd always leave it off. It's late, and I hope I'm making sense. You can PM me if you'd like to talk more about it.