Somebody help my FICO score

Must I pay a loan assumption fee or is being on title good enough?

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Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, July 2, 2006. DEAR BOB: About three years ago, my son wanted to buy a condominium. He was earning about $75,000 per year as a CPA working for a "big six" accounting firm. However, his FICO credit score was horrible, around 600, due to his mistakes (failure to pay credit-card bills) while he was in college. So I agreed to take title and obtain the condo mortgage in my name. Since then, he paid all the mortgage payments on time. I recently signed a quitclaim deed adding him as a joint tenant with right of survivorship. When he approached the mortgage company about transferring the loan to him so he can improve his FICO score, he was told he would have to pay a 1 percent assumption fee, which will be about $3,600. He says he wants to do this so he can deduct the mortgage interest and property taxes on his income-tax returns. Do you think he sh...