Question by melissa: mortgage refinancing?
my spouse is in process of refinancing on home. My credit score is slightly below to receive a certain rate. If he still does refinance and when my credit score goes up slightly can I be added to new mortgage? Can this be acheived without changing the percentage rate he locked in at?
Answer by Caveat Emptor
You/he would probably have to refinance again to “add you” to the mortgage. You do NOT want to be “on the mortgage” unless you are also “on the property title.” Title and loan are two different things.
What do you think? Answer below!
The answer to all your questions is no.
It sounds like your spouse is refinancing without you on the mortgage so that your lower credit doesn’t affect the mortgage rate you’ll qualify for. This is smart, assuming your spouse has the required income to qualify without your income. This will allow you to qualify for the lowest possible rate, which is extremely low today (rates are at the lowest levels since 1955).
However, in order to add you to the mortgage once your credit is improved, you’ll have to refinance again. That means you’ll get the rate at that time, not the rate today. It could be the same, it could be higher (most likely) and it could be lower (very unlikely).
The only way to add someone (or remove someone) from a mortgage is to refinance.
Hope this information helps. I included a link to more information on refinancing if you need it. Good luck on the refinance and congratulations on taking advantage of the lowest rates in decades (probably the lowest we’ll see in our lifetimes).
I would recommend waiting to refinance to avoid paying fees twice a possibly then getting a better rate. Since he is already qualified for the mortgage on his own adding you (co-applicant) to the mortgage (even with low credit score) should be fine unless you have a lot of debt which would mess up the funding ratios.
This is capitla NO.
Since you are not included in the refinancing processing your spouse is processing then you are not eligible to be added in the future.
So, the only way to be included is to refinance again. Then, the new rate will be put in place.
I hope this helps
You may check the link below for more tips and guidelines on mortgage refinancing.