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Mortgage  Question?
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Affect credit if assume mortgage on inherited home?

I assumed the mortgage on a home I inherited. The lender said this will not affect my credit report -- is that true?

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

It sounds like there may have been a misunderstanding with the mortgage company. If the property title is transferred to you and you assume the mortgage so it is in your name then that information will definitely appear on your credit report. Make sure that you sign the mortgage assumption document and confirm that the property title transfer is recorded by your local municipality. Going forward, if you make the monthly mortgage payments on time it will have a positive effect on your credit score but if you miss a payment or experience a negative credit issue with the mortgage it will hurt your credit score. Perhaps the mortgage company was trying to communicate that assuming the mortgage and taking title of the property will not adversely impact your credit score in the near term. This is true as long as you make the required monthly mortgage payments as scheduled

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About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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