Q : I'm married and my spouse credit is bad (charge offs)but I can qualify for a loan, should I make the application alone? Would a broker charge up to 3 percent of the loan as fees or commission?  

A: If you can qualify for the loan based on your income alone then you should keep your spouse off the loan. Due to the previous credit problems your spouse has incurred your loan would be viewed as a higher risk to the lender.This would lead to you paying a higher interest rate. Your spouse should still be able to go on title to the property even though he/she is not on the loan. If you have good credit and a loan amount over $100,000 a broker charge of 3% seems a little on the high end, but if you have a complicated loan this may not be an unusual fee. You can visit us at www.midwestmortgagecapital.com or call and speak with one of our mortgage consultants at 800.803.9910. Good Luck.

Jerry



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