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If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.

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โˆ™ 2015-07-15 21:10:01
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Q: Can you get a mortgage if you have about a 600 FICO score and your wife has around a 650 score?
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Can a married couple take out a joint mortgage even if the wife is not working?

YES. AS LONG AS YOUR CREDIT IS NOT HINDERING THE LOAN. THESE DAYS IT IS ALL ABOUT FICO SCORES. E


If your wife has a lower FICO score will adding her as an authorized user or joint account holder have a negative effect on your FICO score?

No. The person who is the card holder is the person whose FICO score applies to. An authorized user/signer is in most cases not responsible for the debt, if the card holder defaults. Actually, it can effect your score if your talking about a joint account. Authorized users aren't responsible for accounts, thus no reporting of that account will appear on their credit bureau. If your wife has a bad account, late payment stuff like that. Then I would recommend not adding your name to her acccount. It will effect your score. But there will be no change to your score if you have her added to one of your accounts. Just make sure their good ones and everyone gets a boost.


What happen when wife name is not on the mortgage after a divorice?

After the divorce why do you need your wife name on the mortgage. You should work to remove the wife name from the mortgage and have sole responsibility towards it unless you guys worked out a different arrangement.


If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?

His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.


What happens if the wife is on the mortgage and not on the note and the husband dies?

If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.


If you are married and refinance a primary residence in Florida does your wife have to go on the mortgage?

Yes. Your wife will have to sign the Mortgage. She will be on the Deed, the Title and the Mortgage. You however, if you are the only one that is borrowering the funds, will be the only on the Promissary Note.


If my wife has a house in her name, only, and she dies am I responsible for the mortgage?

Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.


What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?

Her mortgage liability will be discharged.


How do you add a wife to a reverse mortgage?

The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.


Do you have to go through probate if your wife is on the deed but not the loan and the husband dies?

If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.


Should husband and wife both sign note for mortgage?

yes


When a mortgage is in husband's name only but wife and husband have joint tenancy with survivorship warranty deed in Georgia then husband dies without will does wife owe mortgage?

You haven't provided important details such as what came first- the mortgage or the survivorship deed. You should consult with an attorney to determine your obligations and options regarding the mortgage.


Can you use a quit claim deed to get your ex-wife out of the mortgage?

If your wife signed a mortgage with the property in both your names, her quitclaim deed to you will not remove her from being responsible for the morgage. Discss the matter with the bank.


Can an ex wife place a mortgage lien on the property if she already quitclaimed her interest in the property?

No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.


How many homeowners are mortgage free?

My wife believes all homeowners in America over the age of 60 have no mortgage. Except us! Is she correct?


Is Wife responsible for mortgage if name not on it?

No. No one is responsible for a contract they didn't sign.


Can my wife get a mortgage as she is residential in the uk?

Provided that she can prove that she can keep up with the repayments.


What happens to a house if the mortgage is just in the husbands name and he dies can the wife take over the mortgage?

The surviving spouse would need to discuss that with the bank.


Husband-and-wife buy a house together the wife's name is not put on the deed until the second mortgage but the second mortgage is now paid off do we still share the deed of trust?

If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.


If a mortgage loan is in the husbands name only can he make changes without notifying the wife?

Yes, he can. Legally the wife has nothing to do with the property.


Can your wife add you to the title of her house if you currently pay the mortgage and have the mortgage in your name but you are not on the title?

Yes! All you have to do is go to the registry of deeds (or your area's equivalent) or a title company with your wife, and do what's called a "quit-claim deed" to get yourself added to the title. It usually costs between $100-150. Your wife can add whoever she wants regardless of whether or not they have any involvement in the home or the mortgage.


Can a husband sell the house if the wife name is on the deed but not on the mortgage?

No. The wife must sign the deed.No. The wife must sign the deed.No. The wife must sign the deed.No. The wife must sign the deed.


When a spouse is borrowing money and the wife must sign the mortgage does her name have to be on the warranty deed?

Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.


What happens to a mortgage when both wife and husband die within a month from each other?

Unless there is a life insurance policy that covers the mortgage, the heirs must pay the mortgage if they want to keep the property. If the mortgage isn't paid the bank will take possession by foreclosure.


The wife name is not on the security deed so can she still obtain information on the mortgage?

Generally the mortgage will be recorded in the land records. The land records are public records and your wife can check the land records in your jurisdiction to review any mortgages on the property.