When Would it Make the Most Sense to Include a Co-signer?
Author: Boychuk Mortgage Group |
While there are many situations where a co-sign might make sense, some of the most common times a co-sign is added to a mortgage application is due to a lack of income or credit.
Many will also add a co-sign to increase their total purchase power, add a home equity line of credit, or to simply bring another borrower on title.
Other factors for adding a co-sign may include an accumulation of too much household debt, an increase in the qualifying rate, or having a series of rental properties that simply make it harder to qualify, despite the real-life cash flow component.