Mortgage Credit Pulls

[ezdriver]

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@Anonymous wrote:

We are applying for a mortgage for our new home and have a great rate from Chase. My credit according to MPM is around 775. My wifes, on the other had, is more like 700.

They are telling me that IF her score is low, it can raise our rate. 

They said that with both of us on the loan, they would do a credit pull for the two of us together. Then if we decide her score is low and want to do the mortgage just for me, they would have to re-pull my credit. So that would be 2 hard pulls on mine.

Any advice on what to do here?

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What Chase told you is normal procedure. The lower of two applicants' middle scores is what the lender will base its pricing and underwriting decisions on. Conventional loans rates are tied to scores mor so than government loans. Keep in mind that a lockable rate is all that matters. Two hard pulls to produce a one-person as well as a joint credit report is normal and will not really affect your overall credit standing don't don't worry about. All the best to you.

[Anonymous]

OK just pulled hers here. It is Equifax 755, Transunion 772, Experian 713.

Not as bad as I though, but I wonder if, because the middle is 755, they are going to dock us...?

By the way, MPM showed hers as Equifax 702, Transunion 703, Experian 696.

[Anonymous]

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@Anonymous wrote:

• • The DTI is all on me as I earn most all of our income. I sort of just want her on there because we have been married only 2 years, and although we love each other, you never know what the future will bring. So if we were to get divorced, wouldn't it be dangerous to just have me with the liability of the mortgage??

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This comment is rather disturbing.  Perhaps you and your spouse should hold off on entering into a mortgage for right now.

[Anonymous]

We have a 5 month old beautiful baby and are very very happy and excited to own our new home!

I just always want to make sure things are done properly. As mentioned in my post, noone can predict the future and being SAFE is SMART.

[Anonymous]

Just pull my myFico scores:

Experian 783, Equifax 800, Trans 807

as comparison, MPM scores:

Experian 749, Equifax 804, Trans 743

[leahkline86]

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@Anonymous wrote:

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@Anonymous wrote:

• • The DTI is all on me as I earn most all of our income. I sort of just want her on there because we have been married only 2 years, and although we love each other, you never know what the future will bring. So if we were to get divorced, wouldn't it be dangerous to just have me with the liability of the mortgage??

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This comment is rather disturbing.  Perhaps you and your spouse should hold off on entering into a mortgage for right now.

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Agreed. This is sad. I hope your wife never sees this. Breaks my heart for her. I cannot imagine my husband even entertaining the idea. I would be crushed. 

[Anonymous]

First off I am not sure how those comments are relevant to my questions besides derailing the thread.

Second of all, I don't see how discussing the future and being safe is a negative. My wife and I have joint EVERYTHING, bank accounts, savings, stocks, etc. SoI would find it weird to be just me on the mortgage.

If anything, my WIFE is more about everything being in both of our names than I am!

[GirlMelanie89]

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@Anonymous wrote:

First off I am not sure how those comments are relevant to my questions besides derailing the thread.

Second of all, I don't see how discussing the future and being safe is a negative. My wife and I have joint EVERYTHING, bank accounts, savings, stocks, etc. SoI would find it weird to be just me on the mortgage.

If anything, my WIFE is more about everything being in both of our names than I am!

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I can understand this, as I am in a similar situation but just not married.  My boyfriend and I have been together for 7 years and he is one of the main reason I had to file bankruptcy in 2014. I want to buy a house this year and I wont be putting him on anything for several reasons...i.e, his credit sucks and he is just now kind of showing financial responsibility, plus he has not contributd to the home buying process. My brother from another mother always told me, you want as much as possible in your name before marriage so if something were to happen, the partner doesn’t reap the benefits of the seeds you have sewn. I understand wanting to look at the situation from that perspective, as its just about being a realist and weighing out all possibilities...Buying a house is a huge step.  I say, add her on there, but make sure that if something were to happen, you could afford the payments on your own. Does that make sense?

[Anonymous]

Thanks for the support! In fact, it is pretty much 100% my salary that will be paying the loan. For now I am happy to say she is an amazing stay at home mom and will work her freelance job as she wants.

[GirlMelanie89]

No problem! Sometimes that is the downfall of this type of communication, it can misconstrued or misinterpreted. But the beauty of your situation, you guys both have excellent credit! That's an awesome plus! You guys will be ok! Good luck!