{"id":4294,"date":"2022-03-16T13:35:06","date_gmt":"2022-03-16T18:35:06","guid":{"rendered":"https:\/\/www.accrediteddebtrelief.com\/blog\/?p=4294"},"modified":"2023-09-01T14:28:19","modified_gmt":"2023-09-01T19:28:19","slug":"pros-and-cons-of-co-signing-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.accrediteddebtrelief.com\/blog\/pros-and-cons-of-co-signing-a-mortgage\/","title":{"rendered":"Pros and Cons of Co-signing a Mortgage"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">If you or someone you care about is concerned about qualifying for a home loan, co-signing a mortgage with help from a non-occupant co-signer may be an option to help with financing.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prospective homeowners with small down payments, high debt-to-income ratios or credit score issues may have difficulties getting a mortgage on their own. However, the decision to use a co-signer has several pros and cons for both parties.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What is a co-signer?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A co-signer is an individual, sometimes a parent, close friend or partner, who promises to pay back a loan if the primary applicant is unable to pay. Essentially, they assume legal responsibility for the loan if the homeowner experiences any issues paying.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Common Reason you May Need a Co-signer<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lenders or mortgage brokers may suggest a co-signer if applicants experience one or more of the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Little or No Credit History<\/li><li>Low Down Payment<\/li><li>Credit Score Difficulties<\/li><li>High Debt-to-income ratio<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Lenders see these situations as indicators that an applicant is high risk and might experience difficulty with their mortgage in the future.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enlisting a co-signer lowers the risk for the lender and may also help the borrower get better terms. However, the role can become a big responsibility, or liability, for the co-signer if the homeowner&#8217;s finances hit rough waters.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Responsibilities of a Co-Signer<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Share Legal Responsibility for the Debt with The Homeowner<\/li><li>Make Payments If a Homeowner Misses Them<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">While the responsibilities of a co-signer are straightforward on paper, the situation can be quite complex, especially if personal relationships are involved. It\u2019s important to understand all the pros and cons of being or having a co-signer before you make a commitment.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Pros and Cons of Using a Co-signer<\/h2>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Pros<\/h4>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Cons<\/h4>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>Can help you become a homeowner faster than you could on your own<\/li><li>May help you qualify for better terms on your mortgage<\/li><li>Could improve your credit mix and credit score over time<\/li><\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>Your co-signer is legally responsible if you have trouble paying your mortgage<\/li><li>Can affect your personal relationship with your co-signer<\/li><\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The Pros and Cons of Co-signing a Mortgage<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We sorted the pros and cons of <strong>being a co-signer<\/strong> into three common scenarios.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Scenario 1: The Homeowner Has No Issues Paying the Mortgage<\/li><li>Scenario 2: The Homeowner Has Some Issues Paying the Mortgage But Recovers<\/li><li>Scenario 3: The Homeowner Defaults on the Mortgage<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Scenario 1: The Homeowner Has No Issues Paying the Mortgage<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When a homeowner pays their mortgage on time the co-signer is unlikely to experience any issues. However, co-signing a loan will increase the co-signer\u2019s debt-to-income ratio.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Pros<\/h4>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Cons<\/h4>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>Can build the co-signer\u2019s credit over time when payments are made on time<\/li><li>Help someone you care about achieve a financial milestone<\/li><\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>Increase the co-signers debt-to-income ratio<\/li><li>May tie up the co-signer credit capacity<\/li><li>Affect the terms of any new debt the co-signer may want take on<\/li><\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Scenario 2: The Homeowner Has Some Issues Paying the Mortgage But Recovers Quickly<\/h2>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Pros<\/h4>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Cons<\/h4>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>Negative effects can be temporary as long as the homeowner recovers quickly<\/li><li>The co-signer could help pay the mortgage in the short to avoid derogatory marks on credit<\/li><\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>A few late or missed payments can affect the co-signer&#8217;s credit until they are resolved<\/li><li>The co-signer may need to pay out of pocket to cover missed payments<\/li><\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Scenario 3: The Homeowner Experiences Long-term Payment Difficulty and\/or Defaults on the Mortgage<\/h2>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Pros<\/h4>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<h4 class=\"wp-block-heading\">Cons<\/h4>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>None<\/li><\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<ul class=\"wp-block-list\"><li>The co-signer is legally responsible for the unpaid debt and could be sued<\/li><li>A foreclosure will damage the co-signer\u2019s credit for 7 years<\/li><li>The co-signer may need to spend money out of pocket to try and rescue the mortgage from foreclosure or cover legal fees<\/li><\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Is Getting or Being a Co-signer a Good Idea?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s never a good idea to take on a debt that you can\u2019t afford. So any concerns about reliably making monthly payments on a mortgage should be a huge red flag to both the homeowner and their co-signer.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, if your income is stable you may want to consider a short term co-signing arrangement in order to qualify for better terms.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Short Term Co-signer Arrangements<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although not offered by all lenders, some will allow a co-sginer to be removed from the mortgage after the homeowner makes 12 consecutive on-time monthly payments. This can be a great situation for both the homeowner and co-signer because the commitment is short term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co-signing Offers both Risks and Rewards<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Co-signing is a great way to help someone you care about achieve their homeownership goals. Generally, there is more in iit for the homeowner than the co-signer. For that reason, the co-signer should be stable financially, will likely own their own home or multiple properties already and be able to absorb the risk without much difficulty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before entering into any mortgage agreement it\u2019s important to do your research and understand what your finances can handle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Already have a mortgage<\/strong>? Learn more about the the <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/the-pros-and-cons-of-refinancing-a-home\/\">pros and cons of refinancing your home<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you or someone you care about is concerned about qualifying for a home loan, co-signing a mortgage with help from a non-occupant co-signer may be an option to help with financing.\u00a0 Prospective homeowners with small down payments, high debt-to-income ratios or credit score issues may have difficulties getting a mortgage on their own. However, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[50],"tags":[],"class_list":["post-4294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-planning"],"accredited":{"author":{"name":"Anna Caldwell","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/author\/acaldwell\/"},"categories":[{"name":"Financial Planning","slug":"finance-planning","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/category\/finance-planning\/"}],"thumbnail":"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2022\/03\/768x432_TD_ProsConsofCosigning_v2-1.jpg"},"acf":{"edited_by":null,"reviewed_by":null,"fact_checked_by":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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