Does my spouse qualify for a mortgage?

[Homerhomer]

What pisses me off personally is when you help someone, take time to respond and inform, provide links and the person doesn't even have enough courtesy to say what appears to be a very little known couple of words "thank you".

Although it happens so often I am getting used to it by now.

[dougbos]

Hi Everyone,

I am wondering if I can get some mortgage advise help here. I am not sure if I am in the right place but appreciate directions.


My spouse has a credit score of 716 and a monthly income of ~$4k from a part-time job and an owned business. The credit report for one of the credit cards was first reported 3 years ago, for another 2 years ago, and for another 1 year ago.

Only one of the cards has been used continuously. Spouse has $40k cash in business owned bank account (sole proprietor) and $15k in another bank account from part-time job.

There are no outstanding debt and all credit cards are $0 balance.

I would like to get some advise before going to a broker who will run the credit with so many banks and might do damage. Is this credit good for obtaining $260k-$300k mortgage? Should it be relatively easy to get mortgage?

Thanks,

To clarify a point. A mortgage agent does one credit check. That is used to send an application to a potential lender. If that lender says no, it will be send to another but the credit bureau only records the one check by the agent.

[marina628]

I am no legal expert but there may be some reasons you should consult a lawyer before doing this.Most banks will insist on mortgage insurance if one spouse if left off the deal .I think I have experienced most situations in my 20 years of RE Investing but we always purchase homes together ,there are different rules if this is your primary residence or an investment property.You need to look at full picture and tax implications if the home owner dies etc.Not every situation will be black and white.

[Toronto.gal]

What pisses me off personally is when you help someone, take time to respond and inform, provide links and the person doesn't even have enough courtesy to say what appears to be a very little known couple of words "thank you".

Although it happens so often I am getting used to it by now.

If you bothered to take the time to help someone, whose impression of you [us in plural, b4 u replied], was that you were an 'unemployed' blabber, what else would you have expected?

[Homerhomer]

If you bothered to take the time to help someone, whose impression of you [us in plural, b4 u replied], was that you were an 'unemployed' blabber, what else would you have expected?

My statement was more general and not just addressed to OP, however in this case some of the posts and responses to the initial question were like a cat pissed in everyone's cereal, is it OP fault that there were 50 other questions from new members posted in the last few weeks which would have been easily answered with a minimal amount of effort (like google or call the bank)? However she happened to be the one who got all the snippy replies, how would you feel joining a new forum and this would be all you got? How is she suppose to know that most poeple who posted here are actually quite nice and helpfull, just not in this instance?

[Toronto.gal]

I agree that a bit more tolerance should be exercised with newbies, however, if he signed up just to get a question answered fast, IMHO, he should have ignored some of the comments rather than become rude/critical at his 2nd post.

[Square Root]

I agree that a bit more tolerance should be exercised with newbies, however, if he signed up just to get a question answered fast, IMHO, he should have ignored some of the comments rather than become rude/critical at his 2nd post.

Yes more tolerance is always good. A newbie who starts off by introducing themselves, saying hello, maybe giving some indication he has an interest in matters of a general financial nature, maybe sets out some general issues or goals, and seems like (s)he intends to paticipate in the future, gets lots of tolerance from me. Unfortunately, these have been relatively rare recently.

[Young&Ambitious]

Unfortunately, these have been relatively rare recently.

There is doing your own research, and then there's getting others to do it for you. "Gimme gimme gimme" says a lazy person and yes there have been a number of such recently.

[Causalien]

Don't think credit checks affect your credit score. If it does, it is minimal. This is according to what my friend working at the bank says. What the bank sees is your entire credit history and your usage pattern. Your 3 credit cards only makes a difference if you max them out and just transfer balances between them to delay the day of reckoning.

Back to the real question. No, I don't think you'll get a mortgage. But didn't your SO pay him/herself with a paycheck from the company? If so, there shouldn't be a problem.