Скачать или смотреть Co-signer On A Mortgage Loan? How does a cosigner help my mortgage?

When is the right time to use a co-signer on a mortgage loan? In this video, I explain why a co-signer can be beneficial and how to choose the right co-signer for your mortgage.

People often ask do I need a cosigner for a mortgage loan. Well through the home loan process we determine your income and if there is a shortage for qualifying. Often home loans for first time home buyers result in a real estate FHA loan mortgage. When you understand the loan process and the income required, it will become more obvious as to if a co-signer is the right option.

Very often when a borrower is short on income, some programs such as an FHA loan, FNMA and Freddie Mac will allow a non-occupying co-borrower. The term co-borrower has the same meaning as a co-signer.

A co borrower will provide the extra income that a borrower (often a first time home buyer - but it does not have to be) may need. The pros of this is, we can use the extra income from the co signer. The negative is, we must also use their debts and credit score.

The person who co-signs is just as responsible for the debt as the main borrowers whether they live in the property or not. The co-signer is also a part owner of the house legally.

Very often family steps up to help each other out by using this co-borrower (co-signer) tool. While being a co-signer is a large responsibility it also can often change a person's life - just being able to buy a home, the impact that a co-borrower can make on someone else's life and financial future, cannot be understated.

Often, when the main borrowers are able to qualify on their own, they will refinance and remove the co-signer from the loan and title and any further obligation!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ #fireyourlandlord #cosigner #fhaloan
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Want to buy a home in Rancho Cucamonga, Inland Empire, San Bernardino, Riverside, LA County and Orange County? Know that you’re getting the best deal and not making the rookie mistakes when it comes to buying a home. Call the pro.

Chris Trapani "The Mortgage Pro"
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Rancho Cucamonga, CA 91730