Tagged : pros and cons of cosigning

Found 1 blog entry tagged as "pros and cons of cosigning".

Have you been asked to cosign by someone looking to get a home loan approval? You may be wondering why they would ask or how this affects you. This article will help you to understand both of these points. 

 

Why Were You Asked To Cosign? 

These are the top reasons that home loan applicants seek a co-borrower:

  • Income: People may ask for a cosigner to include more income on their mortgage application. Higher income on the application can make it easier to get approved or borrow more from the lender.
  • Credit score: Having someone with a higher credit score may help to secure a lower rate. 
  • Employment: Little or poor employment history can prevent mortgage approval. Having a cosigner with better employment history can aid in getting
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