hi, im 17 and turning 18 in a few months. first tthing i wanna do is get a credit card so i can start building my credit history. i been researching on flipping houses and i want to start if i find the right house. what i want to know is how hard would it be for me to get a 140k loan when im 19. by 19 i might have around 20k in the bank. my mom and dad has good credit. my 10k car is in my moms name so it can be collateral. were upper middle class. if they were a cosigner would it still be hard to get it? they still have 3 years to pay off our house would that be a problem getting a loan? if it even matters my parents house is valued at 450k. so what do you guys think.
2006-08-28 13:14:07 · 4 answers · asked by joetrangmoneymaker 1 in Business & Finance ➔ Renting & Real Estate
If your parents co-sign for a loan for you and down the road you can't make the payments the creditors will go after your parents.Never get a credit card nobody needs one just keep using cash. If you buy a house they will use the house as collateral same thing with a car , everything else pay cash.
2006-09-01 08:26:04 · answer #1 · answered by Mr.Morgan 4 · 0⤊ 0⤋
Depending on where you live you may want to reconsider the house flipping idea. It'll cost a little more than 140k for a four year degree. Do your research.
2006-08-28 20:22:55 · answer #2 · answered by robyn o 3 · 0⤊ 1⤋
It sounds like your parents are very good at managing money.
They will probably be too smart to cosign, but if they do, that will be your best bet. You really need to ask them for this advice. They are best equipped to advise you, especially if they are going to help you financially.
2006-08-28 20:20:29 · answer #3 · answered by mia2kl2002 7 · 0⤊ 0⤋
Talk to a mortgage broker - might be able to use that equity in your parents home to help.
2006-08-28 20:22:14 · answer #4 · answered by Newt 4 · 0⤊ 0⤋