Getting a Co-Signer for Your Mortgage Loan
If you are having difficulty the mortgage loan that you want, then one technique you might consider is to find a co-signer for the loan. A co-singer is simply an individual willing to the sign the mortgage loan application with you. This means that he/she will share in the risks inherent in the loan. If the person who originally took out the loan defaults on his payments, the co-signer will be required to pay them instead.
What Getting a Co-signer Can Do for You
Getting a co-signer with good credit will help you get a loan bigger than you otherwise would. This is because the co-signers income will be added to yours in the computation for the loan size. Be careful though. If your co-signer is significantly in debt himself, his inclusion could add little or nothing to the qualifying loan amount.
Before you ask anyone to be a co-signer, you should make him aware of the risks he is taking. If possible, draft a written agreement between the two of you. This will prevent any misunderstandings from arising in the future. Note that there are only two ways for your co-signer to get off. One is for the debt to be repaid fully; the other way is for the lender to let him off the agreement.
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