Mortgages and Loans Q&A
Q: My husband and I are purchasing our first home. How will my husband’s credit history and mine affect our mortgage prospects?
A: Your credit history plays a significant role in your mortgage loan, particularly with interest rates. Lenders use your credit report in the underwriting process. The bottom line is that the higher your credit score, the lower the interest rate you may receive.
When you got married, your credit histories weren’t merged together, but in looking for a mortgage together, both credit histories will be taken into account. If you and your spouse both have good credit scores, you'll have nothing to worry about. If your credit scores could be healthier, you'll find strategies toward building healthy credit in the Credit Education Center.
Before you try to get a mortgage, look at both your credit scores to determine the health of your credit. If you are happy with your credit report, start shopping around for a mortgage loan.
Now that you know more about credit scores, sign up for TransUnion Credit Monitoring today and receive your credit report & score.