Can someone co-sign on a home loan, like you can with an auto loan?
2007-05-07 13:35:46 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
yes, it can be done.
co-signers are often required when the main person getting the loan doesn't have good enough credit to get the mortgage for one reason or another.
They typical person needing a co-signer is someone who has no credit history, poor credit history, or insufficient income to get approved for a loan.
So that said, it is extremely risky for the co-signer and the co-signer should absolutely trust the person they are signing for. It can destroy their credit and cause numerous headaches if the original borrower defaults on the mortgage.
But for many it's the only choice they have. Often parents will co-sign for children just getting started. Situations like that are common.
Hope this answers your question.
2007-05-08 10:58:45 · answer #1 · answered by Quicken Loans 5 · 1⤊ 0⤋
Depends on the type of loan.
Im sorry its too broad of a question for me to answer. I need more details. The answer is yes. Family members ect.
If you can change your question and give more details I can give you a better answer.
I do it all the time, but like the previous posters.... Why would you? Maybe you daughter just got married... Maybe they are just out of school...
anything is possible with the right information.
2007-05-07 13:49:08 · answer #2 · answered by financing_loans 6 · 0⤊ 0⤋
Yes But its not a good thing
2017-03-08 06:47:14 · answer #3 · answered by loanmarketofficial 2 · 0⤊ 0⤋
Yes, but its even dumber to be the cosigner on a home than on a car.
2007-05-07 13:41:42 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
Anybody who can vouch for you can be guarantor. Normally they ask for a person from your family, but your friend can also be your guarantor.For more info talk to PNB Housing Finance Limited.
2015-11-04 22:36:22 · answer #5 · answered by Praveen 1 · 0⤊ 0⤋
yes, but who would?
2007-05-07 13:42:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋