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What are the pros and cons of being a co-borrower on a mortgage application as a homemaker with debt?
Wiki User
∙ 18y ago
If this was my call I would not do it there are no pros to this topic.If the primary signer bails you are in deep doo doo. Whoever the lender is they see something on your credit report that they can sieze from you if the primary signer is unable to pay. the other con is that the lender will show up as an inquiry on your credit report which will hurt your score
Wiki User
∙ 18y ago
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How does a repossession affect a mortgage?
If your house is repossessed in the UK you will be entered on to The Council of Mortgage Lenders "Repossession Register" Future mortgage companies check this register as part of their usual credit checks. If there is an entry in yours (or your partners name in joint mortgage applications) then this will have an adverse effect on your application and may result in your mortgage application being turned down by high street lenders. This does not mean it wouuld not be possible to get a mortgage as some companies specialise in obtaining mortgages for people who have previously been repossessed. These companies do however charge more! If you refer to an existing mortgage, on another property, then any previous repossessions will not have an effect on this mortgage, if however you need to remortgage at any time in the future you will be subject to the same problems as outlined above. This would be of particular concern if your current mortgage deal will revert of a lenders Standard Variable Rate (SVR) which is much higher than what your current deal charges. Most deals last 2 or 5 years.
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Who benefits the most by the inclusion of a subordination clause in a mortgage?
It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.
How will refinancing rates be affected if a spouse with a low credit score is added to the policy?
Let me answer the question this way: the addition of somebody with low credit can't help a mortgage application, and may kill it. A lot depends on the mortgage being applied for (all mortgages have, as a criteria for acceptance, a range of acceptable credit scores) and how low, in fact, the spouse's credit scores are. Talk it over with the professional handling your mortgage. If, for instance, you need to add the spouse for income reasons, you might be better off to get a different sort of mortgage. Good luck.
What does held harmless mean in a home mortgage?
In a home mortgage, hold harmless means that a person knows that they accept all of the risks of the home mortgage. This includes any and everything that may happen while the mortgage is being held.
What is the hardest part of being a homemaker?
Cleaning cooking
How do you be on deed without being coborrower?
To be on a deed without being a co-borrower, you can become a co-owner through other means, such as gifting or inheritance. However, being on the deed does not necessarily give you rights and obligations related to the mortgage or loan on the property. Being a co-borrower involves being held responsible for repayment of the loan, while being on the deed simply indicates your legal ownership of the property.
Where can one learn about being a homemaker?
Becoming a homemaker can take some getting used to. Fortunately the blogosphere is awash with useful guides and demos. Start out at WikiHow and go from there. Consider starting your own blog once you become proficient.
Was there a quinary sector in the 1950s?
Yes, for example all of the invisible volunteer efforts such as being a homemaker fall into the quinary sector.
How does a repossession affect a mortgage?
If your house is repossessed in the UK you will be entered on to The Council of Mortgage Lenders "Repossession Register" Future mortgage companies check this register as part of their usual credit checks. If there is an entry in yours (or your partners name in joint mortgage applications) then this will have an adverse effect on your application and may result in your mortgage application being turned down by high street lenders. This does not mean it wouuld not be possible to get a mortgage as some companies specialise in obtaining mortgages for people who have previously been repossessed. These companies do however charge more! If you refer to an existing mortgage, on another property, then any previous repossessions will not have an effect on this mortgage, if however you need to remortgage at any time in the future you will be subject to the same problems as outlined above. This would be of particular concern if your current mortgage deal will revert of a lenders Standard Variable Rate (SVR) which is much higher than what your current deal charges. Most deals last 2 or 5 years.
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
What is American reverse mortgage?
American reverse mortgage is when you borrow money based on the value of your house. A reverse mortgage has the option of being a lump sum or installments.
Who benefits the most by the inclusion of a subordination clause in a mortgage?
It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.
What websites have simple mortgage calculators?
Most banking and mortgage websites will have simple mortgage calculators. These calculators are handy at being able to calculate mortgage payments based on principal, interest rate, and duration.
Do you still pay interest on mortgage if you die?
You, personally, do not, what with being dead and all. Your estate, however, is still responsible for the mortgage.
How will refinancing rates be affected if a spouse with a low credit score is added to the policy?
Let me answer the question this way: the addition of somebody with low credit can't help a mortgage application, and may kill it. A lot depends on the mortgage being applied for (all mortgages have, as a criteria for acceptance, a range of acceptable credit scores) and how low, in fact, the spouse's credit scores are. Talk it over with the professional handling your mortgage. If, for instance, you need to add the spouse for income reasons, you might be better off to get a different sort of mortgage. Good luck.
Lender falsfied income on loan application without client knowledge?
Did the lender also sign the application form for the client? I am afraid your arguments will run thin in the event this matter were to come before the courts ,since it is usual practice when people take out a loan or mortgage they "cahoot" with the broker-rather -the lender-and are usually aware of what is being put in the application-UNLESS THE CLIENT SIGNED A BLANK APPLICATION FORM. Hmm...very interesting![Syed Amir]
