It's possible to have a co-signer or co-borrower on a mortgage, but first you should understand the risks.
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Ideally, the cosigner will never have to make a payment. It’s only if the borrower misses payments or defaults on the loan that the cosigner must ensure the mortgage is repaid. Pros and cons of cosigning on a mortgage. Agreeing to cosign a mortgage is a serious decision you should not take lightly.
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The RBA estimates that around a quarter of households with a mortgage have either no buffer or a very small one. Further, for almost 4% of borrowers their current loan balance exceeded their property.
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Cosigners are backup payers; they promise to repay a loan if the primary borrower cannot. In general, cosigners are used to help borrowers with poor credit or other deficiencies get approved for a loan. Instead of evaluating the borrower’s creditworthiness, the lender will primarily look at the cosigner’s creditworthiness and income.
But the co-signed mortgage can sometimes be excluded from future mortgage loan qualification calculations if the co-signer can provide documentation to prove two things to their new mortgage lender: The occupant co-borrower has been making the full mortgage payments on the co-signed loan for at least 12 months.
If a mortgage lender says you need a co-signer for your loan, chances are your credit is poor, your income is too low or your debt-to-income ratio is too high. This means the lender doesn’t think you’re a good risk on your own, but he may be willing to fund you if you have a co-signer, or someone with a good income and good credit history who is willing to take on the responsibility of.
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