09/28/2021
If you are having no luck being approved to buy a house on your own, a co-signer may be a route for you! 🏠
Let's dive in to the pros and cons of co-signing - from the perspective of the co-signer and the borrower.
If a borrower's credit history is less than perfect, it may be difficult to to be approved for a loan on your own. With a friend or family member's help, owning a home may be possible!
When seeking a co-signer, they will need to have a solid job, great credit, and minimal debt. That is a great candidate. ✅
It's a great feeling to be able to help out a loved one in need, but doing so may also pose risks - personally and financially.
If the new home owner misses payments, the credit of the co-signer is at risk and they are legally responsible to pay the loan. 😬
For more information about co-signing, make sure to follow me!