Will I need a co-signer, and how will they
be affected or involved?
To
determine whether or not you need a co-signer (co-borrower), you will need
to meet with a mortgage professional who will examine you total financial
picture. The goal for most borrowers is to be approved for their mortgage
without the assistance of a co-borrower. Several items need to be
evaluated to determine the need for a co-borrower.
A
qualified lending professional at Landmark Mortgage
can evaluate your credit profile, your income to debt ratio and other
financial considerations. If a co-borrower is involved, chances are
good that the credit rating towards the mortgage will show on the
co-borrowers credit report also. In the event of a foreclosure or
default, the co-borrower could be subject to detrimental financial
ramifications from the lender. You should insist that your mortgage
professional try and get you approved without involving a co-borrower.
Should a co-signer be necessary, they should be completely informed of the
risks involved.
Landmark Mortgage
specializes in assisting individuals seeking
to purchase their first home.
We can advise you on the best
approach and help you get the house of your dreams!
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