What do I need to know about adding a Co-Signer?!

What do I need to know about adding a Co-Signer?!

Adding a co-signer to your mortgage application is a lot more common than you might think. As a first time home buyer, it can be more difficult to get into your first home, and we will open the conversation to either increase your down payment or getting a parent, or even a grandparent, to co-sign your application.
 
Co-signers are usually required when your application needs a boost in income or your credit score doesn’t quite meet the lender’s requirements. This could be because you’re self-employed, you have just started a new job, or you’ve had some challenges with credit in the past and although you are getting yourself back on track – your credit score just hasn’t caught up yet. There is a variety of different reasons and they’re all nothing to be ashamed about because at one point or another, we all have hurdles to climb. So, it is important for you to know, this isn’t the end of the road for your home buying journey – it is the beginning of the path ! 
 
I will always run through all of the numbers and costs involved when purchasing a property. Just because we can add a so-signer to your application to qualify for a mortgage, I will never guide you to buy a house you cannot afford. We’ll talk budget, closing costs, and all of the other expenses that come with being a homeowner, such as home maintenance, utilities, and property taxes. Plus, we’re making sure after all of your bills are taken care of you still have cashflow for your everyday life. I never want a client to be equity rich and cash poor. It’s all about finding that perfect balance and what works best for you. It’s most important to me that you are educated and feel fully confident in whatever decision you’re making, with or without a co-signer.
 
Next week, we’ll chat more about what your co-signer needs to know !

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