Cosigner

Hi bbrumb,

A co-signer can help you get a loan if your income is not sufficient enough to qualify. He cannot help you with your credit score. A person has to have a good credit score to be able to co-sign on the loan. But co-signer's credit score cannot compensate for the primary borrower's bad credit. If the primary borrower has a bad credit and does not qualify for a loan, a co-signer cannot help him. He can only help the primary borrower to qualify in terms of income, not in terms of credit score.

does cosingner credit is accountable?

i suppose this answer will suffice for your question archie:

if you cosign a loan, it is the same as if you are the primary borrower. a cosigner is 100% liable for payments on a loan.

As per my opinion cosigner is eually responsible for loan.
Sometimes cosigner can be answerable if primary loan owner is not able to pay the installments.

yes. cosigner is working as a guarantee. so answerable for mortgage payment on time & in full

i will reiterate this: a cosigner is not simply a guarantor, though most consumers look at it that way. a cosigner is 100% liable for a debt, whether or not the primary borrower pays it. a lender doesn't care where the payments come from, as long as they get paid. some smaller lenders, which are more personal in nature, will recognize the unique way borrowers look at cosigners, and act in that fashion as well; waiting until a borrower skips a payment before calling the cosigner to pay.

if you ever are a cosigner on a loan, you need to be prepared to make payments - that's the key point about all of this.