U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-30-2008, 11:04 AM
 
3,627 posts, read 12,405,273 times
Reputation: 2682

Advertisements

Does anyone know if selling my current home and renting will hurt my credit rating?

Right now, it is over 750 and it is not a short-sale or anything like that - we are planning on moving. We will probably move into a large home my parents are buying and paying them rent. [I guess I should have some sort of "lease" with them to use later if I want another mortgage - or does that matter if it is official lease document or not?

[just for this purpose, other issues notwithstanding - I am well into adulthood - kids are grown, parents need help now I have had mortgages myself for many years - just makes more sense to be in one big house than two medium houses and I cannot afford the bigger house they can afford]
Reply With Quote Quick reply to this message

 
Old 07-30-2008, 05:10 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,095,994 times
Reputation: 1007
Anything over 740 gets the same rate/treatment as someone who has an 850.
I would get a lease agreement because it can be used in the future to show that you paid rent on time. If it has the same last names on it, then it will not serve any purposes.

BTW - As long as you keep a good standing your other accounts, then you should be fine.
Since you had multiple mortgages, then it wouldnt matter if you didn't have one.
It would be the same thing as if you paid your home off....

Quote:
Originally Posted by grannynancy View Post
Does anyone know if selling my current home and renting will hurt my credit rating?

Right now, it is over 750 and it is not a short-sale or anything like that - we are planning on moving. We will probably move into a large home my parents are buying and paying them rent. [I guess I should have some sort of "lease" with them to use later if I want another mortgage - or does that matter if it is official lease document or not?

[just for this purpose, other issues notwithstanding - I am well into adulthood - kids are grown, parents need help now I have had mortgages myself for many years - just makes more sense to be in one big house than two medium houses and I cannot afford the bigger house they can afford]
Reply With Quote Quick reply to this message
 
Old 07-30-2008, 05:22 PM
 
3,627 posts, read 12,405,273 times
Reputation: 2682
Thanks - no it sure would not - I took my husbands last name when we married.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top