Friday, March 11, 2022 / by John Salkowski
Here are a few things to keep in mind when picking a co-signer.
Recently, many clients have asked me, “Is a cosigner needed for a mortgage application?” If your credit is good and your income is high enough, the answer is no. However, not everyone can be in that position. Today I want to talk about a few things to keep in mind when having someone co-sign your mortgage application.
When you’re filing a mortgage application and your income or credit is not where it needs to be, the next best option is a co-signer. Just remember that your co-signer’s financial standing is crucial. The lender will consider each person's credit score and income, so pick your co-signer wisely.
If you pick someone who also has suboptimal credit, you still might not be accepted for a loan. Talk to a financial expert to see if your co-signer will help you become approved.
If you need to get in touch with a great lender, or if you have questions about today’s topic, please call or email me. I am always willing to help!