0
How can a co signer with perfect credit help you get a mortgage loan when you have bad credit?
Wiki User
∙ 11y ago
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoThe purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
Add your answer:
Earn +20 pts
How can a co-signer with perfect credit help you get a mortgage loan when you have bad credit?
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
Can your credit be to bad for a co signer?
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
Is is possible to qualify for a mortgage with bad credit?
There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify.
Can a co-signer help get a person with bad credit get the same rate that a person with excellent credit gets?
Not likely.
What can be done to help someone get mortgages if they have bad credit?
It would be very difficult to get a mortgage with bad credit. A mortgage broker may be able to help, but in order to get a mortgage it is usually advisable to get a good credit rating by taking out small loans first.
How can a co-signer with perfect credit help you get a mortgage loan when you have bad credit?
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
Can your credit be to bad for a co signer?
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
How long could a cosigner help you rebuild credit?
Co-signers and CreditA co-signer really doesn't help you build credit, because the loans are actually based on the credit of the co-signer and not you. Type this in Google..........How can I rebuild my credit? for information
Is is possible to qualify for a mortgage with bad credit?
There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify.
Can a co-signer help get a person with bad credit get the same rate that a person with excellent credit gets?
Not likely.
Does a mortgage help your credit?
no. paying you bills on time does
What can be done to help someone get mortgages if they have bad credit?
It would be very difficult to get a mortgage with bad credit. A mortgage broker may be able to help, but in order to get a mortgage it is usually advisable to get a good credit rating by taking out small loans first.
can i as a senior citizen get a grant to help free me of the debt that i have credit cards and mortgage?
can i as a senior citizen get a grant to help free me of the debt i have including credit cards and mortgage?????????
How do I get a mortgage with bad credit?
The best way to get a mortgage when you have bad credit is to take care of the negative issues on your credit. Try to get pre-approval on a mortgage and they will tell you what steps you need to take.
How does credit help a person?
"Credit Plus offers many products and services to help determine an individual's credit score and likelihood of obtaining a consumer mortgage. They primarily work with mortgage industry professionals, but their tools could help an individual as well."
How does credit plus help a person?
"Credit Plus offers many products and services to help determine an individual's credit score and likelihood of obtaining a consumer mortgage. They primarily work with mortgage industry professionals, but their tools could help an individual as well."
Who offers bad credit mortgages in Wisconsin?
There are several mortgage companies that help people with bad credit. You can try Inlanta Mortgage and Home Savings of America.
