Re: Does no longer having a mortgage affect credit
10-25-2010 10:23 AM
Thanks for your reply. If possible, can you please answer my question in Message 3:
So looks like my spouse's credit will be fine in a few months. So for me, I only have auto loan which will last for another 3 years and I use 2 of my credit cards very actively.
Basically, the difference in closing cost will be about $1500 more (not due to credit scores), if my name is to be added to the mortgage. I am just trying to weigh the factors here and decide if it is worth paying 1500 more in closing right now and keep mortgage on my credit (or)
not pay 1500 more hoping that I am not losing out on building my credit ???
Any further comments/suggestions?
What would I do? I would save the $1,500 but I'm a cheapskate.
In my opinion it's not worth it but only you know your exact situation and only you can decide what to do for yourself. If you live in a community property state it might be required that both names be on the mortgage. I just don't know. I am absolutely no mortgage expert by any means.
Hopefully one of the true mortgage gurus will come along and give you better advice than I can.
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work