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How will your mortgage affect your cosigners chance of refinancing his own mortgage?
Wiki User
∙ 12y ago
Depends on how the mortgage is being paid. If you are paying the mortgage on time it is having a positive impact if you are paying it late it is having a negative impact on their credit and could cause them to be denied for future credit. When you or someone else co-signs all parties are equally responsible and liable for the debt.
It will appear as a debt since they have guaranteed yourloan. Any lender will factor in its chances of being repaid if you default on your loan and your co-signer has to pay. The question will be: Can they afford paying another loan.
Wiki User
∙ 12y ago
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I am about to refinance my home with a 15 year mortgage at a 5.65 interest rate. Can this rate be increased if this mortgage is sold to another mortgage company With the present mortgage problems, what are the dangers of refinancing ?
Yes it can by 2.00 persent or more it depens on the note buyer if he is will to pay this interest or not. Generally, when a loan is sold to another mortgage company they are buying your contract "as is". So they shouldn't be able to change your rate if it's a fixed rate. As for the dangers given the current mortage crisis, if you get approved for a loan and lower your payment, there should be little danger to you (if you have a fixed rate mortgage). If you have a fixed rate mortgage, there's always a chance that the rate could lower more but I wouldn't call that a danger. However, if you have a variable rate mortgage, then you run the risk of the interest rates increasing and thus your payment increasing. I would strongly discourage getting a variable rate mortgage.
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.
Is a budding student better off refinancing their college loans or furthering their loaned studies?
A budding student would be better off furthering their loaned studies, since he or she has a higher then most chance of succeeding with the studies. A under performing student would be better off refinancing their college loans.
What credit score do you need to get a mortgage?
Currently, it is tough to get a mortgage even with very good credit. 730 is about average so a score close to 800 has a good chance of getting approved.
CAT score of 80 and you have not applied anywhere in advance where do you have a chance to get an admission?
Student loan refinancing can possibly lower your payments. You may also be able to consolidate your loans which will help with the payments.
How can one get a mortgage with bad credit history?
Although having a good credit history is better when applying for a mortgage it is possible to still get a mortgage with a bad credit history. When getting a mortgage with a bad credit history, one will have to pay a higher interest rate. Show the mortgage lender that you have a good job that will cover your mortgage. If you eliminate all other debt it looks better to the lender and gives one a better chance at getting approved.
Does ring of wealth affect the chance to get clue scrolls?
No, but it affects the chance of getting rare and expensive items.
What are the benefits to getting a second commercial mortgage?
Some of the benefits of getting a second commercial mortgage would be lower payments, a chance to pay off bills that are backed up or due now. It can also help pay off a first mortgage or pay for home improvements.
How does exercise affect your heart?
lowers the chance of heart disease
Does the flu shot affect you menstrual cycle?
it could, but usually, no. 8 out of 10 chance it will not affect your menstrual cycle
What would be the affect on the people who believe in god if the world was created by chance?
they would start believing that god created chance
How can one obtain preapproval for a mortgage be obtained online?
One should first get their bank statements, tax returns, and recent pay stubs together to show proof of income. Ensure that your credit score is as high as it can be; the higher your credit score, the higher the chance you will be approved for a mortgage. Once you have your finances in order, decide on which mortgage companies you are interested in dealing with. Locate the mortgage company websites. Most companies will have an option to apply for your mortgage online.
