If you need assistance, please call 610-709-5147

When You Should Consider a Co-signer

Friday, March 11, 2022   /   by John Salkowski

When You Should Consider a Co-signer

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!

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which {companyName} participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2022 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: May 18, 2022 5 AM.
This site powered by CINC: www.cincpro.com