If a mortgage is in two peoples names, does it matter who actually makes the payments?
My brother and I have a mortgage together. I have the monthly payments coming out of my account because I have direct deposit. We both check our credit occasionally to make sure everything is ok and noticed mine seems to be doing pretty good score wise but yet his does not. My question is, does it really matter who makes the payment even though the loan is in both our names? Or is there another reason why my credit score is moving up faster than his. We have owned (well been paying on) the house for over two years now. He has a credit card that he pays on regularly and has had for almost two years. I have one card that I have had for over three years and another I just got less than six months ago. I pay on them all the time too. He pays all the utilities (including cell phone, G&E, water, internet, etc.) even though the internet and cell are in my name. Can someone help us understand how this all works? If you need more details let me know.
- M WLv 79 years agoFavourite answer
It doesn't matter who actually pays the payment. There is no way for you to accurately compare your credit to his. There is nothing that is the same on both reports. There are other reasons your score is changing.
Forget trying to compare, it doesn't work. His credit limits may be different, his balances are not the same, utilities don't get reported to credit agencies unless you default and it goes into collection.
You may be the major borrower on the mortgage and he may be the co-signer, that would be the reason the mortgage could be on your credit report and not his.
- Anonymous4 years ago
You are complicated tax credit with deductions. The highest tax advantage of deducting loan curiosity (or every other deduction) is the volume that your deductions exceed your general deduction expanded by way of your marginal tax fee. You NEVER pop out forward by way of claiming a deduction on an cost that would be have shyed away from within the first position. If you're in a 25% tax bracket and feature $one million,000 in loan curiosity over and above your general deduction, your tax financial savings is $250. You are nonetheless $750 within the gap at the curiosity. If the deduction pushes you right into a cut down tax bracket, your tax financial savings will likely be much less and your web cost will likely be larger. The rule of thumb is if you'll be able to get a greater fee of go back on an funding than the fee at the loan, hold the loan and take the deduction. If you cannot get a greater fee of go back, repay the loan ASAP.
- Sean RobertsLv 79 years ago
A mortgage has a number associated with it. The mortgage company credits your account based on the number on the coupon which you send along with the check. It doesn't matter whose name is on the check.