Fortunately, our mortgage-loan-seeking-clients visit our blog to get industry information, not just Tampa mortgage rates. There’s a lot more to obtaining home loans than just the rates!
For example, there are still plenty of myths in circulation about borrowing. In the home mortgage world, a co-borrower is neither a life line nor a means to get a mortgage.
Identifying and submitting someone to supplement your credit score will just do absolutely no good. Lenders are going to take the lowest credit score as the baseline for the loan approval. Assuming that the credit score of the person whose assistance you seek is higher, it will be completely irrelevant to your application.
As a matter of fact, even if you and a spouse are applying for the mortgage together, it is not a combination of the two FICO scores, but the lower of the two that will drive your rate and your acceptance.
The solution here is to work on your credit and get it where it needs to be. When a potential client comes to us for loan consideration and comes up short, we help to map out a plan and let them know what they need to focus on to get the maximum benefit out of their credit history. Credit restoration is completely achievable when the issues and the goals are clearly defined.
So at the end of the day, if you are trying to work up the courage to ask a friend or family member to co-sign your loan, don’t bother. Heal thyself.