Do I need someone to co-sign on a mortgage?
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stanly
Apprentice
Joined: 11 Jan 2007
Posts: 3
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 Posted: 07/24/08 - 07:27 Post subject: |
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| I have been planning a mortgage some time ago and it did not turn out as well as I have thought. I would like to know do I need someone to co-sign on a mortgage. I have heard it is a better option, but I am not too sure. If anyone could help me, that would be great. Thanks in advance. |
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darwin
Apprentice
Joined: 24 Feb 2007
Posts: 2
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| Posted: 08/22/08 - 21:42 Post subject: |
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| Mortgage is a loan you are given in order to buy the house. There is a possibility of it being taken from you if you are not fulfilling your obligations. That said, co-signing helps the primary borrower and can sometimes boost terms, increase deal quality, and so forth. However, it also can limit him in terms of potential debt he would then have to cover. It is the same dilemma you have when you ask yourself about assuming a mortgage completely. Do it, but after a thorough calculation that will tell you he is able to cover for payments each month. Hope you find the info helpful. |
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