July 2017 // Real Estate & Home Builders Guide // 5M
Understand your credit history
before applying for a mortgage
By Ilyce Glink
and Samuel J. Tamkin
Tribune Content Agency
Q
: My name is on a title
of a home but not on
the mortgage. If I want
to go out and purchase
property or a home will my
name being on a title affect
my ability to qualify for a
mortgage?
: If you own a home
with somebody else
but the debt is not in
your name, you should
have no problem going
out and buying another
property. Usually, credit
reporting agencies obtain
information on borrowers’
payments from lenders for
their algorithms. In your
case, the lender that holds
your home’s loan does not
have your name tied to that
loan. So they shouldn’t
have anything to report for
you.
Having said that, there
A
are times that real estate
taxes and other obligations
related to home ownership
rights get reports on the
people that presumably
pay those taxes and those
would get reported. While
you might see your name
on some items related to
the home, you probably
will not see the debt tied to
your name.
The smart thing to do is
to check what your credit
report looks like before you
start applying for credit.
A great place to start is
at AnnualCreditReport.
com. This is the one site
sponsored by the three
major credit reporting
bureaus (required by the
Federal Trade Commission)
that allows you to get one
free credit report per year
from each of the three
credit reporting bureaus.
We’d suggest you log on
and download one credit
report. If you don’t already
get a free credit score from
your credit card, you may
want to pull a copy of your
score to see where it is.
Once you have the
report in hand, you can
see the history of your
financial life. You should
see active and dead credit
cards accounts. You’ll see
a history of other debts
that you may have or have
paid off. But hopefully, you
won’t see a debt payable
with a balance to the lender
on the home you own.
While you are checking
your credit history, make
sure the information is
accurate, that there aren’t
any debts that are showing
unpaid that you paid off
in full, and that you aren’t
showing any late payments
or that you aren’t showing
any debts that have been
written off. If there are
mistakes or errors on your
credit history, pull copies
of your credit history from
the other credit reporting
bureaus.
Ken Wick ~ Principal Broker • Judy Willis ~
Principal Broker • Linda Warnock ~ Broker
Karen Raminha ~ Principal Broker • Adam
Saxton ~ Broker • Rob DeSpain ~ Broker
Jon Wick ~ Broker
3480 PLACE • BAKER CITY, OR 97814
“16th Street - between Auburn and Place”
CELL: 541-518-2800
Licensed in Oregon
D
UCE
RED
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110 S. Mill Street - PO Box 370, Sumpter Oregon 97877
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Cell 541-519-9939
Scott@rusticrealtyproperties.com
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