If you’ve found the house of your dreams but are having trouble qualifying for a mortgage, you could ask another person to co-sign your mortgage. Here are some things to consider.
Reasons to Have a Co-Signer
Buying your first house, high credit card balances or a poor credit history are all valid reasons for having a co-signer.
Co-Signer Considerations
If you ask someone to co-sign a mortgage, expect them to have legitimate reservations.
Doing so will increase their debt-to-income ratio.
Should You Ask Someone to Co-Sign?
Before you ask someone to co-sign, make sure you can afford the monthly mortgage payments.
If you have any doubts, put off home buying until you save more money and improve your credit score.
Published with permission from RISMedia.
Source: RIS
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