Can a spouse with a high FICO score apply for a mortgage independently to secure a better rate?

A spouse with a high FICO score can indeed apply for a mortgage independently to potentially secure a better interest rate. Lenders often use the FICO score as a crucial factor in determining the creditworthiness of a borrower. A higher score typically indicates a lower risk to the lender, which can result in more favorable loan terms, including a lower interest rate.

By applying independently, the spouse with the higher credit score can showcase their strong financial standing, which may make them more attractive to lenders. This decision is particularly beneficial if the other spouse has a lower credit score that could adversely affect the mortgage terms if they applied jointly.

It’s important to note that even if the spouse with a lower score can be excluded from the application, the independent applicant should still meet the lender’s requirements in terms of income, debt-to-income ratio, and other financial criteria. Consequently, a strong FICO score is a significant asset when seeking mortgage approvals and negotiating better rates.