Co-Borrower on Mortgage?
Let me try this again, for clarity- Does anyone have experience with co-borrowers on a mortgage? I do not need help getting approved, but my parents' credit is near-perfect and I am hoping to get a better interest rate. Does anyone have experience with situations like this? I would appreciate your take on the situation. Again, I am just looking for a better interest rate. Thanks! by chrisjr from Little Rock, Arkansas. Jul 13th 2011
Brian French (bfrench)
#11 ranked lender in Arkansas - 58 contributions
fstadler is absolutely correct. If your goal is to improve your interest rate, then you may want to look at having your credit report rescored. It takes a bit of time, and maybe some cash, but if you are able to reach certain middle score thresholds, you can achieve your goal.
Jake OLeary (joleary)
#28 ranked lender in Washington - 11 contributions
Rates are going to based on the lowest mid score of all borrowers on loan so it sounds like your mid score will be used. There are ways to build up your score depending on what is showing on your credit maybe review your credit and see if you can improve your scores. Good Luck Jake O'leary!
Tom Winberry (wtom17@gmail.com)
#61 ranked lender in Arizona - 16 contributions
Interest rates are always based on the lowest middle score. If your middle credit score is lower than your parents, your rate will be based on your score.
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