Should I co-sign or not?

[mdcjal]

My son-in-law has asked me to co-sign for a home loan. What are the Pros & Cons to this? Can anyone offer advice on this?

Thanks

[whosearmy]

be aware that if you co-sign your name will be on the mortgage, which will be submitted by the bank to the 3 credit bureaus...meaning that the debt/home loan will be on your credit report, affect your credit score and mean that you are equally responsible for the timely repayment of the mortgage. if there are any late payments on the mortgage it will appear on YOUR credit report. other than goverment loans,there really isn't a worse debt to be late for than a mortgage...it affects the reduction of your credit score most.

if you co-sign, you should be 100% certain that your son-in-law won't ever be late (even ONE late payment will affect the percentage rate bracket you fall into for other loans you take out). you might consider making the payment yourself and collecting from your son-in-law so that even if he is late, you know your credit will not be affected by that. only thing is, if he stops paying, can you afford the mortgage?

[HomeGuru]

duplicate post.

[mdcjal]

My son-in law's agent told him that once the deal is closed that I can opt-out
as a co-signer. Others have told me that it's to the mortage company.
What's the real deal here?

Thanks

N.Y.

[HomeGuru]

Originally Posted by mdcjal

My son-in law's agent told him that once the deal is closed that I can opt-out
as a co-signer. Others have told me that it's to the mortage company.
What's the real deal here?

Thanks

N.Y.

**A: that agent is full of BS and an idiot too. No mortgage lender allows a cosignor to opt out after the deal is closed.