What To Know Before Co-Signing Another Mortgage

3 Things you need to know before you think about cosigning for your kids, friends or family:

1. You may be helping them increase buying power, but it lowers your as you will increase your debt to income ratio.

2. If the borrower is late on a payment, you will most likely not be notified so make sure you have clear communication and can trust them.

3. If they are more than 30 days late on a payment, that can cause your credit score to drop up to 100 points.

So make sure you have a good relationship with the person you are co-signing for.

0 comments

skool.com/premium-mortgage-corp-8458

A friendly mortgage brokerage specializing in educating First Time Home Buyers on the fastest methods to achieve homeownership in PA, NJ, DE, TX, FL.