Hire Residential, Commercial Mortgage Loans Broker Expert Laredo Texas
Laredo-Texas Mortgage Rates?
Laredo city is located in south Texas. Laredo-Texas Mortgage borrowers looking for Lowest Mortgage Rates in Texas would find the article helpful.
Texas is a community property state. Community property law essentially means. That spouse asset is my asset and spouse debt are my debts. Here the rules of refinancing are different.
Let’s consider FHA or VA loan Laredo-Texas. So if you have a mortgage which is either an FHA or VA and your spouse has a bad score. You would like to do the mortgage using only your credit scores. However what you need to understand is while only one spouse score will be considered to do the mortgage but the debts and credit report of the spouse will be considered. So while your credit report may be clean and high scores. That gives you the advantage to secure lower rates. However, if your spouse has the collection, then those need to be paid off or any late on credit etc. That shall be considered while assessing the risk on the file.
So what you need to understand here is that as long as it’s a Government-backed mortgage like FHA VA. The debts of the spouse will be considered while qualifying the mortgage and NOT the credit score. The spouse will have to sign all the legal documents as if it were also his/her obligation to repay the mortgage.
When it comes to conventional loan in a community property state. The spouse with better scores and income should use his income and score to qualify the mortgage. As long as it’s conventional mortgage the debts and the credit score of the spouse will not be considered to get the mortgage qualified.
So in some cases, it’s advisable to take the conventional mortgage route.
The best thing for the mortgage Laredo-Texas mortgage borrower would be to seek the help of a Laredo-Texas mortgage expert while looking for lowest mortgage rates in Texas.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154
Article by: Roger Shanker
