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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.

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โˆ™ 2012-01-25 14:57:24
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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.

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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.


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

Yes, it will affect your debt to income ratio.


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

TIME!


Is a mortgage considered a bond type security?

No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.


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 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

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