Q: Like so many parents these days, we would like to co-sign a mortgage loan for our single-parent daughter. Our daughter will make the down payment and all the monthly payments. Our broker said that.
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They’re essentially vouching for your credibility, and if for some reason you fail to keep up with the mortgage payments, they will be held responsible for them. When you have a cosigner on a loan,
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· Make sure they fully understand the favor that you are doing for them and the responsibility you are taking on for them. You are taking a risk for them and it could affect you negatively if they don’t manage the debt well. Co-signing is something you should both take very seriously. Check out the scope to hear answers to all the questions asked:
As a cosigner, you have responsibility for the mortgage but you don’t get your name on the title; as co-borrower, you’re also a co-owner. Both cosigning and co-borrowing will help your son obtain a better mortgage deal, as the mortgage lender knows she can try to obtain satisfaction from either you or your son if the mortgage isn’t paid.
Having a co-borrower or cosigner may improve the FHA loan applicant’s chances of getting approved for the mortgage. Using a them is also a way for a borrower with established credit to help a less established co-borrower become a home owner under the proper circumstances.
· Cosigning a car loan or a mortgage for someone is a big decision and one that shouldn’t be taken lightly. When you decide to be a cosigner for someone, you are making yourself legally responsible for taking up the payments if she cannot.
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· If you’re considering helping your teen or twentysomething child get a loan by co-signing with him or her, be careful. It may be riskier to you than you think. The same holds if you’re.
· That said, cosigning for a loan can potentially help you build up your credit. You might still be able to borrow after you cosign, but a cosigned loan typically reduces your borrowing ability. Lenders evaluate how likely you are to repay based on several factors, in addition to your credit score.