Fairly new mortgage, credit score slipped, question

[pritchardhallhokie]

Hey Everyone,

First off, thanks in advance.  This forum has been awesome in the past with help getting advice on credit score improvement, best practices, etc.

My question is this.  My wife and I cosigned on a mortgage a couple of years ago.  At that time, both our scores were in the low 700s.  Hers is still intact, mine however has taken a slip to the mid 500s because I missed a few payments recently this year.  Never have we been 30 days late on our mortgage, not once.  I'm just curious, could this slip in my score affect our current mortgage?  Does a mortgage company asses risk after the close and a couple of years of good payments?  Just a little worried and I would like clarity on this.  FWIW, I'm not in collections or anything like that with any of my bills, just had a lot of misses all at once.

Thanks again!

[bdhu2001]

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@pritchardhallhokie wrote:

Hey Everyone,

First off, thanks in advance.  This forum has been awesome in the past with help getting advice on credit score improvement, best practices, etc.

My question is this.  My wife and I cosigned on a mortgage a couple of years ago.  At that time, both our scores were in the low 700s.  Hers is still intact, mine however has taken a slip to the mid 500s because I missed a few payments recently this year.  Never have we been 30 days late on our mortgage, not once.  I'm just curious, could this slip in my score affect our current mortgage?  Does a mortgage company asses risk after the close and a couple of years of good payments?  Just a little worried and I would like clarity on this.  FWIW, I'm not in collections or anything like that with any of my bills, just had a lot of misses all at once.

Thanks again!

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No.  It does not affect your current mortgage. However, if you want to refinance or get another mortgage, it can affect that. Unless you have an adjustable rate mortgage, your interest rate is caped.  As long as you continue to pay your mortgage timely, they can't change your the terms of your contract, foreclose or charge a late fee.

[pritchardhallhokie]

Thanks for the quick reply!  I had a feeling this was the case but just wanted to be sure.

Thanks!