cosigning a home loan

For this reason, you don’t want to co-sign a mortgage unless you’re confident the housing market in the area in question is stable – declining home prices can make it impossible to refinance until prices recover.

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 · Co-signing a loan is a big responsibility. Find out how what co-signing is, when to do it and how to prepare for the effects that comes with co-signing a loan.

Co-signing a Loan | Consumer Information – Before You Co-sign. Despite the risks, there may be times when you want to co-sign. Your child may need a first loan, or a close friend may need help. Before you co-sign, consider how it might affect your financial well-being. Can you afford to pay the loan? If you’re asked to pay and can’t, you could be sued, or your credit rating could be.

By co-signing a mortgage, your adult child moves out. You have a potential investment property. If all goes sideways and your adult child can’t make the mortgage payments, you can rent out the house or sell it – as home values rise in most areas of the country, you may gain a profit. Cons of cosigning a mortgage. Your credit could decline.

Co-signing on home loan? | Yahoo Answers – My husband and I are in a pickle. We left our home state last year to move to another state for a job opportunity that didn’t pan out so well. I ended up quitting my job to be a stay at home mom. Now we are considering moving back home and staying with family until we can find jobs. After we move out, we would like to purchase a home, rather than rent again.

Co-signing a home loan? Think again – A mortage is a huge commitment and if you have been approached by a family member or a friend to come in as a co-signee, do not go ahead and do so, just because you have blind faith on the person.

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