The usual trimmings that come with signing a mortgage can be enough to overwhelm any individual. What takes the load off of this looming endeavour is taking on someone to co-sign your mortgage with you.
So who can you trust to actually co-sign your mortgage?
In events of unstable or non-established credit, you can always turn to a parent or relative. These are individuals that have a long history of equity, credit and finances that can offer you a secure buffer to help facilitate your mortgage.
However, it all comes down to borrowing rights, so when you are taking on a potential co-signee, you need to make sure you are all in this together, as the onus of responsibility falls on both parties.
Primarily, if you are looking for someone to help you co-sign your mortgage, they need to have an established and secure credit score. This comes immensely into play as if the adjacent borrow defaults, the co-signee will have enough established credit to pick up the slack.
So how does this play into your initial mortgage plans?
If you are looking to take on someone as your co-signee, or are looking to co-sign the mortgage yourself, make sure there is open and consistent communication about your finances and your standing as a financial backer. Additionally, make sure the status of credit is an open topic, as any fluctuation can greatly impact your mortgage standing.
Whatever side of the mortgage co-signing process you are on, makes sure that all parties are on the same page — this means updated paperwork and open communication on all fronts.
If you need any advice on approaching a mortgage co-signing process, contact us today!