Parents add kids to their mortgage
Parents add kids to their mortgage
My parents home is in CA. Their payments are too high so they decided to refinance. The loan lady said if she adds my brother (21) and I (24) to the loan we'd get a better deal because my dad alone doesn't qualify. She said my brother and I can easily get out after a month if we send a notarized letter saying we were only included to help our dad out. We want to help our dad but Is this true? And would it affect our first time buyer status in the future?
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If you become a co-signer, then you'll be equally liable to repay the loan as your dad. Failing to pay up the loan will hurt your credit score and thus, your chances of getting a fresh mortgage loan will become bleak and challenging.
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No it is not true and she should be fired for saying something like this as it is a bold faced lie to get you to do what she wants
If you sign on a mortgage you are responsible for it until it is paid in full
Good Luck
Brian Barnes
Senior Mortgage Advisor loans in all 50 states
Brian@AimWithFocus.com