There is not a chance I'm asking my parents to do it. I can pay almost 20k down on a 50k starter home. I am a student with a lot of assets, but do not have a good paying job (yet).. only what my parents have invested in the stock market for me.
Her family knows that I have more than enough money, but how do I approach them? I'm paying 1k/month for our rent when my mortgage would be 1/2 that.
2007-08-05 20:31:24 · 6 answers · asked by Mike P 1 in Business & Finance ➔ Renting & Real Estate
You don't approach them. To do so would be unimaginably boorish, crass, and rude. If anyone would approach them, it would be your fiance, and that would be nearly as boorish, crass, and rude as if YOU had approached them.
What you CAN do is have your fiance (and yourself) visit with your future in-laws, and casually explain what you had planned to do, while expressing remorse that you did not qualify for a mortgage because of inadequate income, and that the only way you could qualify for the mortgage is if someone co-signed it for you.
If your future in-laws are interested in co-signing for you, they will OFFER at this point. However, asking them outright to co-sign will place them in a very uncomfortable position. If they do not offer their assistance as co-signers, it is safe to assume that they are not willing to do so.
2007-08-05 23:59:04 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
honestly i would wait until your married before asking a question like that. Should things fall through for you and your fiancee for whatever the reason you'll have to sell the house. Its better to wait until your married. If you really wanna do this then put on paper a prposed plan of what you wanna do with payments and so forth. But given you don't have a good enough payng job yet you really should wait, when you own a home you have added expenses like what if the furnace breaks you have to pay for it or what if the water main in your new home starts leaking, all these things have to be taken into consideration when buying ahome at least when you rent the landlord is responsible for all repairs.
2007-08-05 20:42:00 · answer #2 · answered by Wishmaster 6 · 0⤊ 0⤋
Are you sure you even need a co-signer? $20,000 down on a house that costs $50,000 is more than enough. I think you should talk to the bank first about whether you need a co-signer. Then, frankly, I would wait until you have a good-paying job and get a mortgage that way, then you won't be obligated to family.
2007-08-05 20:47:02 · answer #3 · answered by Katherine W 7 · 0⤊ 0⤋
Ask her to test the waters.
Some parents are difficult to approach, and it depends on their relationship with their child.
You also have to know how they feel about you , do they like you and trust you.
Perhaps the family might like the idea since it indicates your astuteness with money and savings. Perhaps not.
Like I said -- test the waters.
Let me spell out the most common drawbacks you may have to contend with so work on those first.
1. How come there is no date on the marraige yet
2. Are the two of you just cohabiting. What will our friends say.
2007-08-05 20:46:06 · answer #4 · answered by QuiteNewHere 7 · 0⤊ 0⤋
Well, have your fiance bring it up to them since she is probably a lot closer to them and they might listen more rationally to her pitch than yours. And dude, please don't send some random Iranian that you met on Yahoo! Answers $180,000 dollars because he says he will make the payments. Quite possible might have been the dumbest idea I have ever heard of.
2007-08-05 22:28:47 · answer #5 · answered by cradduck205 2 · 0⤊ 0⤋
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http://workathomedatentryworks.blogspot.com
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2007-08-07 18:59:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋