What Is A Co-Signer?

What is a Co-signer and when do you need it?

A co-signer is somebody who can go on the mortgage application with you to help you qualify for more. They add income to your application to support your qualification, but they do not plan to reside in the property with you. Usually, a co-signer is a close family member, usually a parent or an immediate family member, but a co-signer can also be a friend or a coworker or somebody in your life who cares about you and is willing to help when you need a cosigner.

Well, usually when, as an example, let's say you started a brand new business, you're newly self-employed, and although you have income, you don't have the right income for a lenders to qualify you. You can afford the property, but on paper, lenders won't accept you. A cosigner is a wonderful strategy in this situation, or you're just starting a new job, and perhaps you're going to be making more money in the future and not enough to qualify today.

Again, a great strategy to have a cosigner support you. You always want to make sure that you can afford the mortgage, but the cosigner is just helping you to get past the red tape of mortgage lending and help you qualify for what you deserve. Give our team a call so that we can talk about your specific situation and go through all of the details.