Co-signing a mortgage is one of the more stupid and risky things you can do to your credit. Prepare to start making that mortgage payment – thats two mortgage payments if you already have a mortgage now. People who need cosigners to get a mortgage have NO business owning a house.
The bottom line is this: cosigning a loan is a generous act with potentially serious financial consequences. You generally should only cosign a loan if you have the ability and willingness to pay off the loan in the event the borrower defaults. Risks of Cosigning a Loan-What You Need to Know:
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Advertiser Disclosure. Mortgage Risks to Consider Before Co-signing Your Kid’s Mortgage. Thursday, June 27, 2019. editorial note: The content of this article is based on the author’s opinions and recommendations alone.
Once in a home loan as a co-signer, there are two says to get out of it: Paying off the mortgage or refinancing it. Since you or the other borrower is unlikely to have enough money to pay off the loan – unless they’re selling the house and moving – then refinancing is a "fantastic idea" after a few years of living in a home that they could only afford with a co-borrower, Hosterman says.
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When you cosign a loan, you promise to pay off somebody else’s debt if the borrower stops making payments for any reason. This is a generous act, as it can help a friend or family member get approved for a loan that they otherwise wouldn’t qualify for.
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When you co-sign a loan, you are signing an agreement that you will personally guarantee the debt. If your friend takes off in the new car and leaves no forwarding address, or if your sister neglects her mortgage payments, you are responsible for repaying the car dealership, financial institution or other lender – in full.
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Cosigning a loan is a real commitment, and it can result in difficult consequences for your financial situation: 1. You are Ultimately Responsible for the Loan. A borrower only needs a cosigner when he or she is unable to qualify for credit without help. When you cosign the loan, you are accepting responsibility for the repayment.