answersLogoWhite

0


Best Answer

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.

User Avatar

Wiki User

โˆ™ 2012-01-25 14:57:24
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

Mortgages

20 cards

When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

How long do you have to wait in Canada before purchasing a house after bankruptcy

What is a mortgage lien

Is home owners insurance required

โžก๏ธ
See all cards

Economics

20 cards

What type of policy is a certainty that the insurance company will have to make payment

What is the purpose of the loans made by the World Bank

What is the main intention of boycotts

How does the WTO promote global free trade

โžก๏ธ
See all cards

Financial Statements

21 cards

Are General Expenses a fixed Cost

How much money does Paula Deen make a month

What is the Largest portion of uncontrollable spending int eh federal budget

Does your driving record keep track of all your tickets and crashes

โžก๏ธ
See all cards
More answers
User Avatar

Wiki User

โˆ™ 2012-01-25 14:57:24

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.

User Avatar

Add your answer:

Earn +20 pts
Q: Would cosigning a car loan hurt you for a mortgage?
Write your answer...
Submit
Related questions

How can someone be released from cosigning a mortgage loan without ruining their credit?

The only way to be removed from the obligation of cosigner is for the loan to be refinanced.


Does cosigning mortgage papers and not loan papers constitute ownership?

The title to the property is what defines ownership. The person cosigning a loan has no rights to the property unless their name is also on the General Warranty Deed/title.


How does cosigning for an auto loan affect your ability to get your own auto loan?

Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.


How does cosigning for a car loan affect your credit?

No.


Does your credit score drop after cosigning on a loan due to the amount of the loan?

Yes.


Does cosigning a loan affect your credit the same as being the primary person on a loan?

Yes if you co-sign for a vehicle you are just as liable as the primary person so if they dont pay you have to pay or both your credits are hurt


Can you be on the loan for a mortgage in Maryland and not be on the title or deed?

Yes. You would be a volunteer. You would be guaranteeing that the loan will be paid. If the owner of the property stops making mortgage payments the bank will be able to go after you for the full payment of the mortgage, and it will. That would be the only reason for you to for sign the loan. If the mortgage goes into default your credit will be ruined. The question is, "Why would you do that?"


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.


What are the disadvantages of cosigning on a mortgage?

If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.


Will cosigning a loan effect your ability to get a loan?

Yes, it will affect your debt to income ratio.


How does cosigning work?

What would you do if a friend or relative asked you to cosign a loan? Before you answer, make sure you understand what cosigning involves. Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner


How do you assume someones existing home loan?

First, contact the owner of the mortgage. If you are interested in the property and want to assume the seller's mortgage, the person who has the mortgage must contact his/her mortgage loan servicer. That person will tell the mortgage loan servicer that a certain party is interested in assuming the loan. The servicer will then allow the interested party to contact them. The servicer, for example Wells Fargo, Citi, etc will send an assumption package to the interested party. It will usually involve a credit check and application to insure that the person that wants to take over the mortgage can qualify to make the payments. The mortgage loan servicer will then underwrite the application to the appropriate loan guidelines and ,if approved, then both parties would close the real estate contract. The buyer would assume the mortgage and the seller would be released of liability by the mortgage loan servicer.


How does a home equity loan work?

It's like a second mortgage on your home. They would evaluate the worth of your house minus the amount owed on the first mortgage and loan you a percentage of the difference. You would have to pay two mortgage payments.


What is considered a good refinance rate for a mortgage in Florida?

A good refinancing rate for a mortgage loan in Florida would be a very low rate. A rate under 5% would be a very good refinancing rate for a mortgage loan.


What is meant by a 'jumbo' mortgage loan?

A jumbo mortgage loan is a residential mortgage loan which has an original principal balance which exceeds the maximum amount permitted by the agencies typical guidelines. You would need to meet your bank manager for further information.


What is the monthly payment for a 500000 mortgage?

It depends on the interest rate and loan term. For a 4.5%, 30 year mortgage the payment would be: $2,533.43 If you did a 15 year mortgage at the same 4.5%, the payment would be: $3,824.97


How do you repair the damage on your credit report from cosigning a bad loan?

TIME!


What do you need to co-sign for a car in Florida?

There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.


What terms are usually featured on a residential mortgage loan application?

There is a lot of information of a Residential Mortgage Loan application. Terms of the loan would be the amount of the loan, the interest rate and the length of the loan. There are different types of terms such as fixed, gpm, and arm.


What mortgage rates does Chase Mortgage offer?

Chase Mortgage offers competitive mortgage rates. You can complete a simple calculator and find your own personal rates. For example a 30 year fixed loan would be 4.625, a 15 year fixed loan would be 3.625, and so on.


If a student loan requires a cosigner is this a bank loan and not a Federal Student Loan and will cosigning affect your potential borrowing power?

A federal Stafford loan does NOT require a cosigner. If you do co-sign a private loan, both parties have liability to the debt. The co-signer is liable for the balance just as if they had co-signed for the student for a car, signature loan, mortgage, etc. It is just a different type of loan that can be taken out from the bank. Liability standards/payment terms can verify by the qualifications of the co-signer or student - so an inquiry to the banking institution you would do these loans for would be the safest bet.


Can title insurance be transferred when refinancing a mortgage?

Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases.


Is it very beneficial to use a mortgage loan calculator before applying for a mortgage?

It is beneficial to get an idea of the rate, but it would be more accurate to find out from the loan provider.


How can you find more information about a second home mortgage loan?

One can find information about a second home mortgage loan by contacting one's local mortgage company. Another option would be to read financing and mortgage blogs/websites.


what type of grant would help to pay off about $35,000 mortgage loan for senior citizens?

what type of grant would help to pay off a mortgage of about $35,000 loan for senioir citizens?