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Mortgage Loan to Establish Credit

I was approved for a 30-yr fixed 3.98%, $690,900. I have established 3 major credit cards and department store over 2 years, for my 14year old son, preparing his financial future. These are all in his name, his FICO is 790. He has a combined limit of $13,500 and owes $158, to one creditor, which we will be paying at months end. Can I add him to my mortgage loan, for credit establishment reasons? by wsnyder394 from Atlanta, Georgia. Jun 7th 2019 Reply

Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,981 contributions

Must be at least 18-years old, which is age to legally enter into a contract. Can not arbitrarily add someone to a mortgage after the fact.

Jun 9th 2019
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

No.. You must be 18 years or older to be able to sign a mortgage contract. Also, any lenders looking to lend to your son in the future will understand that he was an authorized user for the credit cards,,, not the primary borrower. The rules apply for credit cards as they do for mortgages, you must be of legal age to enter into a contract. So, while he does have a good score because of the credit cards, he will still need to establish individual credit once he turns 18. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 10th 2019
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