My husband and I found a once in a lifetime opportunity to buy a house near our city. I need to ask my father to cosign, how do I break it down? How do I tell him that I need it? I appreciate any advice.
2007-02-15 16:31:06 · 3 answers · asked by lilirodal81 2 in Business & Finance ➔ Renting & Real Estate
Go to him and explain your finance status. Go with a game plan. If you have poor credit (which I assume you do if you are looking for a cosigner) have a plan ready to raise your credit score. Have a time frame. Let your father know that you will be able to put the home loan in just your names within x years. Give him time to think about it but don't be upset if he ultimately says no. By the time you get you improve your credit score you may find an even better house. Good luck!
2007-02-15 16:37:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Explain to him why this is such a great opportunity and why you need it, and then just ask him to co-sign. He will already know what it will mean to him and his credit. Don't be surprised if he asks you to give him a budget showing how you will pay for the house and your other expenses. You should also have a definite timeframe for refinancing without him on the loan, somewhere between 2 - 5 years.
2007-02-16 00:55:19 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
Show him the value of the property
Show him how you intend to make the payments
If you are going to rent it and it stays vacant show him how you intend to cover the payments.
As long as he doesn't feel he's going to get stuck with the payments he'll probably agree.
Also let him know that he will be part of it. I am sure he doesn't expect to co-sign, have the place sold (so he has no security) and then get stuck with the loan.
2007-02-16 01:48:01 · answer #3 · answered by Johnny 5 · 0⤊ 0⤋