Should You Ask Someone to Co-Sign Your Mortgage?
If you’ve found the house of your dreams but are having trouble qualifying for a mortgage, you could ask another person to co-sign your mortgage. Here are some things to consider.
Reasons to Have a Co-Signer
Buying your first house, high credit card balances or a poor credit history are all valid reasons for having a co-signer.
If you ask someone to co-sign a mortgage, expect them to have legitimate reservations.
Doing so will increase their debt-to-income ratio.
Should You Ask Someone to Co-Sign?
Before you ask someone to co-sign, make sure you can afford the monthly mortgage payments.
If you have any doubts, put off home buying until you save more money and improve your credit score.