cosigning for a house loan

Why Cosigning Loans for Your Kids Is a Bad Idea | GOBankingRates – Although cosigning doesn’t have a negative impact on your credit, for the cosigner, this loan practice still has many risks and few rights. If you cosign a loan, whatever it is used to pay for – whether that’s a car, a home or some other major purchase – belongs to your child, but the responsibility to pay for it is yours.

How Mortgage Co-signing Works | HowStuffWorks – How about this one: You get a phone call from a good friend, and he asks you to co-sign a loan to help him buy a house. You may have heard the term "co-signing," and you may have even done it already at some point in your life, like when you and your roommates rented an apartment.

What Does it Mean to Co-Sign a Loan? – CIBC – What Does it Mean to Co-Sign a Loan? When you co-sign a loan, you promise to pay off the loan in the event the primary borrower is unable to pay off the loan. A co-signer becomes necessary when the person applying for the loan doesn’t have sufficient credit history, reliability or income to get the loan on his own.

If dad is co-signing a loan so his son can buy a house, then dad wants to make sure his credit score is good enough to qualify for the loan, Rodriguez says. Dad’s credit liabilities could make it worse, Rodriguez says, and simply pulling his credit report could hurt his credit score.

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Why you should never cosign a mortgage – OutOfYourRut.com – 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.

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If you Cosign for Somebody. And a loan that’s due within a year or so means you can spend less time and energy keeping track of the loan. Get released: some loans allow a cosigner to be released after certain conditions are met (for example, if the borrower makes on-time payments for a certain amount of time).