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How will starting a new line of credit prior to applying for a mortgage affect its outcome?
Wiki User
∙ 18y ago
There are several factors to consider when opening a new line of credit prior to applying for a mortgage. The most important factor is the new account's affect on your credit score. A single inquiry on your credit can decrease your score by as much as 25 pts and that can be disastrous for mortgage qualification purposes. It is best that you know your qualifying score prior to attempting to open a new account and then be able to determine if there is a cushion for a new account's impact. There is also the issue of a new payment and how it would impact your debt to income ratio. If you need any further assitance with this feel free to contact me. Eloy D. Benavides Branch Manager Platinum Financial Group 214)607-1445 Direct line eloy@platinumfinancialonline.com www.1800PFG.com
Wiki User
∙ 18y ago
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How does a reverse mortgage affect the credit score?
eliminates the old mortgage, otherwise no effect
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.
How does a 30-day late payment on a mortgage affect your credit?
If you are trying to refinance your mortgage... it will affect the interest rate. (it will be higher) It will haunt you for at least 12 - 24 months.
How can being a car loan co signer affect applying for a mortgage?
If they pay the loan late it will report on your credit and effect your credit score--which effects your rate. But if they do pay late, and you can show from cancelled checks that they pay the loan you can still get a loan.
If you join into a mortgage as a spouse but are not liable for the underlying indebtedness will this affect your credit rating?
You need to discuss this issue with an unbiased professional. If you "join into" a mortgage you are indeed liable for the underlying indebtedness. Otherwise the lender wouldn't ask you to sign the mortgage. If the mortgage goes into default it will not only affect your credit rating but the lender can go after you for payment.
If you get married during bankruptcy will it affect your new spouse?
The only impact it might have would be relating to future joint financial transactions; for example applying for a mortgage or vehicle loan.
Is there any jobs you can't get if your ADD or ADHD?
Office jobs and jobs in which do not interest you are not advised for somebody with adhd, and in applying for a job you will have to tell them you have ADHD, which may affect the outcome of whether or not you get the job.
How did the outcome of the scope trial affect the teaching of science in school?
How did the outcome of the scope trial affect the teaching of science in school?
How does a reverse mortgage affect the credit score?
eliminates the old mortgage, otherwise no effect
Does not taking a pregnancy test in the morning affect the outcome?
No it doesn't effect the outcome of the result.
The weather will affect the outcome of the game?
Yes
What is two events in which the outcome of one event does not affect the outcome of the other event?
Dependent event :)
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.
How does a 30-day late payment on a mortgage affect your credit?
If you are trying to refinance your mortgage... it will affect the interest rate. (it will be higher) It will haunt you for at least 12 - 24 months.
What is starting pay for the mortgage employment field?
As with any job, the starting pay in the mortgage employment field can vary widely depending on the area of the country in which you live and the amount of experience and education you bring to the job. Some jobs will start at hourly rates, others will combine hourly rates with commissions, still others may be salaried positions. The size of the company will also affect the starting pay rates.
Does a binominal distribution with trials that are independent mean that the outcome of one trial does not affect the outcome of any other trial?
No. The fact that the outcome of one trial does not affect the outcome of any other trial follows from the fact that the trials that are independent. Whether the distribution is binomial or not is totally irrelevant.
How can being a car loan co signer affect applying for a mortgage?
If they pay the loan late it will report on your credit and effect your credit score--which effects your rate. But if they do pay late, and you can show from cancelled checks that they pay the loan you can still get a loan.
