A co-signer can help you qualify for mortgages by signing the loan application with you. Co-signers have no interest in owning the property, but their credit score, income, and assets will count towards getting you a lower interest rates.

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November 20, 2018
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Cosigner

Related Terms: Cosigned Loan, Cosigned Mortgage, Co-signer
This person’s income, assets and credit worthiness are taken into account to help qualify you for a mortgage, and they are liable to repay the loan as well. A co-signer, however, has no ownership interest in the house. 
Cosigner
Having a co-signer comes with benefits and risks. Having someone with a substantial credit history co-sign on the home loan can help you get a mortgage with the best interest rates. It also benefits the person co-signing, as regular monthly payments reflects well on their credit report.

The downside of co-signing a loan comes with the risk of defaulting. If you cannot afford to make monthly payments, your co-signer is liable to repay the loan. This causes financial stress because it costs the co-signer money, and also strains your relationship.

Being or having a co-signer is not a step that should be taken lightly. Both should go into the agreement with clear expectations, and have a strategy in mind to protect themselves from defaulting on the loan.

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FHA.com Reviews

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