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Old 04-12-2011, 08:44 PM
KellyCO KellyCO is offline
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Join Date: Apr 2011
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Default Will a mortgage assumption impact my credit score?

Hello, I was hoping to get some feedback on the impact of assuming a home mortgage? I am going through the process of assuming the mortgage from my ex-husband (we are currently both on the loan). I intend to sell the house in May of next year, but am wondering if assuming the mortgage will have a negative impact on my score? Thank you in advance!
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Old 04-13-2011, 07:44 AM
Reliable2all Reliable2all is offline
Join Date: Mar 2011
Location: India
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Default Re: Will a mortgage assumption impact my credit score?

Yes, it will impact you credit score.... A credit score is a single number that helps lenders and others decide how likely you are to repay your debts. ... Late payments will decrease your credit score further.

If you are deciding to sell the house by May next year, then please ask for a lower interest rate when assuming. However consider the amount you will lose on foreclosure, if you intend to close the mortgage loan from selling the house.
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Old 03-21-2013, 07:55 AM
Amyk Amyk is offline
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Join Date: Dec 2012
Posts: 22
Default Re: Will a mortgage assumption impact my credit score?

A mortgage assumption will indeed have an impact on your credit score especially if you encounter late payments. Since you are going to be selling the house by next year, I would suggest that you ask for the best rates possible when assuming so that they could work for you and your situation. Conduct a credit check regularly during this time so you can monitor how your financial activities are affecting it.
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Old 12-12-2013, 12:36 AM
whichcreditreport whichcreditreport is offline
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Default Re: Will a mortgage assumption impact my credit score?

Yes probably it'll impact on your credit score, assuming a mortgage will be affect your credit rating too
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Old 08-05-2015, 08:37 AM
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Richard Johnson Richard Johnson is offline
Join Date: Jun 2015
Location: California
Posts: 57
Default Re: Will a mortgage assumption impact my credit score?

When you assume a mortgage, you pick up where the seller left off. Your balance, interest rate and term will be the same as the seller's was when he made his last payment. The original lender must approve any mortgage assumptions, so you'll need to go through a standard mortgage application and approval procedure before you can take on the loan. This typically involves a credit check, verification of your income and a few closing costs.
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