Find out how to qualify for a mortgage when your partner has bad credit.
When it comes to buying a home, your credit is important. Your credit is an indication of your financial habits which help lenders determine whether you’re a good candidate for a mortgage loan. When you have bad credit, however, getting a loan can be difficult, especially if one partner has good credit and the other has bad credit. While bad credit can impact your chances of qualifying for a mortgage loan, there are steps that you can take to get the loan that you need. Check out these tips to help you through the mortgage process when your partner has bad credit.
- Improve the credit score. It’s important that you both understand your credit score. Review your credit reports to determine what caused the bad credit score. Ensure that you correct any errors and that you adjust your habits so that you can boost your credit score.
- Fly solo. When your partner has bad credit, you can attempt to qualify for a loan on your own. However, keep in mind that when your name is on the loan, you’re responsible for making all the necessary payments. Ensure that you can afford the loan so that you can avoid any issues down the line.
- Talk with your lender. Your mortgage lender is a person. Talk with your lender about your situation. They may be able to make exceptions based on circumstance to help you qualify for a mortgage.
When it comes to getting the home of your dreams, ensure that you qualify for the right mortgage. Ensure that that whole home buying process is a breeze with help from the professionals. Dedicated service paired with top-tier escrow services are a must when closing an escrow deal. Contact Brighton Escrow for assistance! Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.