How can being a car loan co signer affect applying for a mortgage?
If they pay the loan late it will report on your credit and effect your credit score--which effects your rate. But if they do pay late, and you can show from cancelled checks that they pay the loan you can still get a loan.
Isn't necessarily considered a poor credit risk. President and CEO of the Birmingham, Ala. That only about 10 percent of borrowers need a co-signer to qualify for a loan.
To base a decision. A college student," he says. Have well-established credit to help the borrower qualify for the loan.
A co-signer isn't like giving a person a reference on a job application. To be understood before it's taken on. To pay it yourself if the borrower defaults.
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Related Questions
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What is the effect of your ability to get a home purchase loan if you are already a co-signer on another mortgage and the co-signed loan is in good standing and on your credit report?
I have no credit but can I get a loan without a co signer but with a downpayment instead? or do I need a co signer?
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
If you apply for a mortgage loan can you put your husbands income on the application also even if he is not applying for the loan with you?