If you co-sign for a family member so that they can refinance...?

Question

...so that they can refinance their mortgage... Assuming she pays all on time... Would this be good for MY credit (the fact that the mortage payments were made on time)?

Answer 1

To Co-sign or Not To Co-sign...Thats A Question That Can Ruin Your Credit


I hope you get to read this

Answer 2

Absolutely would be good for your credit when it's all over, but you may not be able to get a loan for yourself for something else because they see her mortgage as yours, and will think you have enough financial responsibility and couldn't handle more. If you don't need to get a loan for a while though, it's fine if you really know she'll pay. Co-signing on a mortgage because someone has an irresponsible history can backfire of course, but you know what you're doing I'm sure. But if you need an out, you can say you can't tie up your credit beause you may need a loan for a car or something.

Answer 3

Yep, it will show up as a paid loan on your credit report which is always good. The only problem is that you're assuming that she makes all of the payments on time and since she needed a co-signer in the first place, makes it seem like she hasn't paid other things on time in the past. It is a huge risk, if she pays, good. If she doesn't, you got big problems.

Answer 4

to co sign only means that if she doesnt make payments then its against your credit, it also ties up your income if you want to get a loan for something in that time period. if she is re financing her mortgage, the house is the collateral and shouldnt need a co signer. you rish each time, if they dont make payment then it messes up your credit not theres.
cause her credit must not be that great to need a co signer or begin with.

Answer 5

The only way this would effect your credit is if she DOESN'T pay.