Boyfriend has a much lower credit score

[Kim Leduff]

Hi BPers

My boyfriend and I are looking to refinance and since he has a lower credit score overall, we would save money and interest by using my better score. The difference overall would be about $3,000-$6,000 in closing costs and points purchased. There might be other differences we are unaware of though?

Anywho, our question is: Would it be wise, or are there any strategies, to refinancing under my better credit score alone. Would this be worth it to save on the closing costs and purchased points? Would we be able to still create an agreement between ourselves, within maybe an LLC, that still share the legal obligation of the payments to the loan? Would it be wiser to refinance together with the lower credit score so his will improve since we plan on investing in many more properties in the future?

You guys rock! Appreciate all the insight!

[Jennifer L.]

Since you are unconcerned about the credit, I think my only other advice is this: treat this like investing with a co-investor, not a boyfriend. Do everything the way you would with a business partner and make decisions based on good business practice, not emotion. Best of luck!