Just my husband's name on re-fi or both of us? Need advice...

[JenMTA]

Hi, all! We are hoping to refinance our home at a fixed rate and we're filling out an application for Wells Fargo - what I'm wondering is if we should fill it out with just my husband's info. on it or if we should include me as co-borrower, as it is on our current mortgage, which we've had for 8 years. My credit is not as good as his. My credit score itself is pretty good - 732, I think (my husband's is 785), but I have a LOT of debt, and a couple years ago I had some late payments (on a medical bill and on a couple of store credit cards - I know, dumb) that led to my big credit card companies lowering my limits and/or raising my interest rate, even though I had never had a late payment for either of them. So for about a year my credit score hovered in the high 600's. It's back up now, as I said, but if I put my name on that application they're going to run a credit report on me and see all this stuff that's less than 3 years old. We've never had a late payment on our mortgage, or car loans, or anything else. My husband is by far the primary bread-winner. I have a part-time job working from home but I only bring in 3-500 a month before taxes. It would be good to include that income on the app., but at the same time I wonder if we risk not getting the great interest rate if we put me on there. On the other hand, would my credit be hurt further by not having a mortgage in my name??

 

Thanks for any advice on this!

[Mortgagase]

Any good lender or broker should be able to run the numbers for you and see which way would be best. If your husband can qualify with his income and debt only then you would just sign the deed at closing. In that case your debt ,credit and income would not be a part of the mortgage application. I don't think your credit would be hurt if you don't become part of the mortgage application.