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How does co-signing for a mortgage for your mother affect your credit rating and chances of getting a home of your own at a later date?
Wiki User
∙ 18y ago
The main affect is, it will show on your debt to income ratio as a current debt, because if you are co-signing, you are saying that if she doesn't pay, then I will. So with the possibility of owing two mortgages, if you want to get your own home, you better make a lot of money. If you can only afford one mortgage, then if you sign on hers, then that will probably be the only mortgage you will be able to be on, until you get off the loan.
Wiki User
∙ 18y ago
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How does it affect your chances of getting a mortgage if you are the cosigner for someone's apartment?
It should not affect your chances at all unless the payments are delinquent and end up affecting your credit score. Your credit score is the first the lenders look at when decided what type of loan you qualify for.
How does cosigning for a car loan affect your credit?
No.
Does your bad credit rating affect your children if they want a loan?
only if your cosigning
Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
Is cosigning on a mortgage going to affect my refinance?
Yes, because it affects your debt to asset ratio.
How does it affect your chances of getting a mortgage if you are the cosigner for someone's apartment?
It should not affect your chances at all unless the payments are delinquent and end up affecting your credit score. Your credit score is the first the lenders look at when decided what type of loan you qualify for.
How does cosigning for a car loan affect your credit?
No.
Can cosigning a student loan for your daughter affect the result in you getting a mortgage loan?
It sure can. If your daughter had any late payments on the account itwould reflect negatively on your credit report. Also, even if the loan is in a deferred status the minimum monthly payment would most likely have to be counted in your total debt to income ratio.(depending on the lender) If your ratio is to high, than you won't qualify for the best rate available. The only absolute way not to have this affect your chances of qualifying for a mortgage is:make sure your daughter pays with a check.make sure you have twelve months of the cancelled checks evidencing no late payments.
Will plagiarism affect your chances of getting into University?
It most likely will.
Does your bad credit rating affect your children if they want a loan?
only if your cosigning
Does having a ticket for theft on your permanent record affect your chances of getting a job in Texas?
Of course it does. Any record affects your chances of getting a job.
Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
Will a few typos on a cover letter affect your chances of getting hired?
It does not necessarily mean you will not be hired but it is likely to reduce your chances.
How does cosigning on a mortgage work?
You assume responsibility for a loan for a house. It is not a recommended thing to do, because non payment can affect your credit rating. Also, the amount of the loan affects your debt to income ratio, so you may have a problem borrowing on your own behalf.
How will co-signing a mortgage for your mother effect your chances of getting a home of your own at a later date?
Co-signing a mortgage will put the debt on your credit report as well as hers. If your credit is bad, it will help improve your credit, however the loan may affect your chance depending on your income and whether the mortgage is still being paid when you apply for a mortgage. Before co-signing make sure you talk to a mortgage consultant who would be able to answer the question to your specific situation.
