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(MCT)-QUESTION: My wife and I are looking to purchase a $450,000 home, and I am wondering whether I should apply for the mortgage as an individual, or jointly with my wife. I make $84,000 a year and have a credit score of about 800. She makes $48,000 and has a credit score of about 680.
I have about $25,000 of financial assets in my name and no debts; she has $32,000 and no debts. Figure we will be here for 7 years.
ANSWER: Congratulations on considering this question before you start house-shopping. The extra time could come in handy, as I'll explain shortly.
When you apply for a mortgage jointly, your incomes are combined, and so are any financial assets that are carried in your individual names. Combining income and assets strengthens your application, making it more likely that you will qualify for the mo...
John Gandolfo, a Licensed Associate Broker & Team Leader Of The Gandolfo Team, majored in sales & marketing in college. Before beginning his career in Real Estate, John first worked in construction, and afterwards, spent 25 years in a sales & marketing career. With his background real estate was an easy choice. His knowledge of structure, architecture and marketing prepared him well to start his real estate career. Often times an agents past work experience can benefit greatly when transitioning to a career in real estate of which John is a perfect example.
John has been a Nassau County resident for over 28 years and is very active in the community. He gives back to the community by contributing to several local charities including The Knights of Columbus & Easter Seals.
John has been a top Real Estat... If the email address was found in our system, your password has been sent. Please check your inbox.
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