Cosigning On A House
If a friend or relative asks you to co-sign on an apartment lease, should you do it? Of course, we all want to help friends and family in need, but you have to be careful when it comes to the commitment of legally guaranteeing another person’s apartment lease.
Cosigning for someone else’s home can be a risky economic move. Imagine how lousy it would be if you worked hard to pay off your own home but had to repay someone else’s house note because that person couldn’t pay it and you’d cosigned the mortgage.
Here are 10 reasons why you should think twice before cosigning a loan. 1. Cosigning a loan is high risk, low reward. You might cosign on a loan for a car you’re not driving or a mortgage for a.
Cosigning a loan is common practice, and it gives you a chance to help another person. But is it worth the significant risk? See this list of pros & cons.
Cosigning is a common practice in the lending world, and it gives you an opportunity to help another person. But before eagerly agreeing to cosign a loan, seriously consider the risks and benefits to determine whether it’s a good idea.
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By co-signing a mortgage, your adult child moves out. You have a potential investment property. If all goes sideways and your adult child can’t make the mortgage payments, you can rent out the house or sell it – as home values rise in most areas of the country, you may gain a profit. Cons of cosigning a mortgage. Your credit could decline.
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Although cosigning doesn’t have a negative impact on your credit, for the cosigner, this loan practice still has many risks and few rights. If you cosign a loan, whatever it is used to pay for – whether that’s a car, a home or some other major purchase – belongs to your child, but the responsibility to pay for it is yours.
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His parents are well-off, and they have offered to co-sign on the loan. Is this a bad idea? – Rhonda Dear Rhonda: It’s a really bad idea. Those two have no business thinking about a house right now,