My husband & I own a home, but the mortgage loan is under his name. We are preparing to refinance, while adding my name to the loan in the process. Currently my scores are 753, 753 and 771 and each credit simulator I have used, shows an approximate drop in nearly 100 points if I add this mortgage! (Our refinance amount would be approx 164K)
That is terrifying, but is it true? Can I expect such a huge negative impact on my score if I take out a mortgage?
Read more: Is the negative impact on your FICO score as severe as the score simulators predict?
