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If you get someone to co-sign on a mortgage who then receives the benefit such as an improved credit score from paying the mortgage on time?

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2008-08-23 21:44:08
2008-08-23 21:44:08

Both of the people who sign for the loan will get credit for good or bad. It may help the bad and then it could hurt the good if payments are not paid on time. ------------------------------------------------------ Small Improvement... Yes they receive the credit score boost assuming a good payment history and I'm assuming from the question the desire would be after an improved score the co-borrower would want to buy a house of their own. If this is the direction of the original question...a problem could occur. The mortgage payment of the "credit improving" mortgage will "count against" them in the debt ratio qualifying process should they apply for any loan in the future. This could negate all the credit benefit since rarely in America can one get approved for 2 house payments. There are ways around this, but be sure to discuss this with a qualified mortgage professional before assuming this is the best way. ------------------------------------------------------------------------

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