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efilintarakis | Co-signing for a home loan? |
My father wants me to co-sign with him, but i'm looking to buy my first home within a year, My question is will the bank allow me to take out another loan? and can it affect my credit? |
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SPIFIMAN1
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Two things.
First yes it will affect your credit based on how the payments are made. If they are made as agreed it will be good for your credit if they are not it will be bad.
Second if you do this and then apply for your own home the first loan will count against you for debt to income ratio. Even though you are not making the payment the lender will still have no choice but to factor this in just in case your dad doe's not make it. This could cause you to not qualify for your loan. |
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me
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absolutely!! cosigning for someone else lowers your credit score tremendously!!! The bank will look at it as a debt on your part because if for some reason your father cannot pay you will be responsible for that payment. In other words, your debt ratio will be extremely high. my advice, don't cosign for anyone unless you can show the bank that you are fully capable of paying everything if the person you are cosigning for defaults on a loan
Financial Advisor |
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PrincessOfFun35
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NEVER NEVER EVER CO-SIGN A LOAN FOR A FAMILY MEMBER OR FRIEND!!!!!!!!
This is the absolute WORST financial mistake that people make to "help" a family member or friend. This will immediately change your relationship with each other (much as a "loan" of cash does)
Yes it will affect your credit! The bank will only allow you to take out another loan if you have a large enough salary to cover 2 mortgages, plus all other loans and living expenses.
Please seek advice from your bank immediately. DO NOT give in just because it's family and your dad. Your dad has placed you in a situation that he shouldn't have. Even if you love your dad dearly and have a great relationship, if he defaults YOU will repay every last cent. |
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Squat1
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If you co-sign you are responsible for the entire loan. Yes it will affect your credit rating should the loan ever be in default and yes, it could keep you from getting a loan in a year.
Since you plan to buy a home in a year have your father secure other means to get his loan. |
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lostinyonkers
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Yes it will affect your credit because basically if something happens you assume your dad's loan which effects your income. |
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Ask M
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absolutely will effect your credit, and could jeopardize you
buying a home because of what you make a year and what
debt to credit ratio is and the rest of your credit. If he defaults
you are liable for that home. Will you be able to buy him out
and save your credit. Father or not bad idea !!!!!!! |
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Vic
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It will affect your credit rating. So, if you are serious about the house, beware. This may be a big deterrent for you to buy your first home. |
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Phoenix Princess of Darkness
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Don't overlook the fact that you will be 100% responsible if you co-sign on your father's loan. You better have a written agreement if you're going to get into that. |
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annazzz1966
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If you live with your father now, you'd be commiting fraud when you applied for your second loan because your own home would become owner occupied and the one you left your father with is not anymore. |
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