Can a Co-signer Help You Qualify for a Mortgage. This can help you get a larger loan – and buy a nicer home. Co-signing a mortgage can be a real boon to.
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A cosigner is a person who agrees to pay a borrower’s debt if he or she defaults on the loan. The person asked to cosign a loan usually has a good credit score and a lengthy credit history, which greatly improves the primary borrower’s odds of approval.
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In a nutshell, when you co-sign a mortgage, it means if they can’t pay their monthly dues, the lender will expect you to cough up the cash instead. It’s a noble idea, helping someone buy a home.
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As you can see, co-signing is a more complicated version of getting a mortgage; more parties are involved in the loan agreement and with the care and maintenance of the property. Anyone considering mortgage co-signing should consult with both an attorney and a title company to get a complete understanding of the rights, responsibilities and potential pitfalls of being a co-signer.
Cosigning a mortgage has been a popular tactic used, particularly for first-time homebuyers. It involves a person with a strong financial profile, signing onto a mortgage with another who has a weaker profile, so that the weaker party can get approval for the loan. It happens every day – no big deal, right?
A co-signer is in essence lending their future credit worthiness for someone else’s obligation of a home loan now. If the person you’re co-signing for, such as a brother, loses their job and can’t make house payments, then their credit report will be hurt. And so will yours.
Let's say you were approached by your friend Stacy who needs help qualifying for a mortgage to buy a home. She asks if you'd be interested in co signing a loan .
Mortgage co-signing is when you and another person jointly apply for and carry a primary or even a second mortgage. Going in together on a house may seem simple, but typically, it’s rather complicated.