Posted on: 22nd Sep, 2008 01:31 pm
Is there a way of applying for a mortgage loan and not actually being on the loan? For example, me applying for a loan and using my boyfriends income to get a better loan.
Hi leled03!
Welcome to the forums!
As far as I know, when you apply for a loan, your lender will check your credits and accordingly your credit score will be determined. If you want to use your boyfriends name to get a better loan, then both you will be on the mortgage. He can become the co-borrower of the loan.
Feel free to ask if you have further queries.
Sussane.
Welcome to the forums!
As far as I know, when you apply for a loan, your lender will check your credits and accordingly your credit score will be determined. If you want to use your boyfriends name to get a better loan, then both you will be on the mortgage. He can become the co-borrower of the loan.
Feel free to ask if you have further queries.
Sussane.
Hi leled03!
I don't think its possible to apply for the loan and not actually being on the loan. You can make him the primary owner of the loan and yourself become a co-borrower. In case he defaults, you will have to pay the loan.
I don't think its possible to apply for the loan and not actually being on the loan. You can make him the primary owner of the loan and yourself become a co-borrower. In case he defaults, you will have to pay the loan.
leled03, you are not allowed to use someone else's information to apply for a loan for yourself and then not be the borrower.
as for annie's recommendation, if you cosign a loan, you are obligated whether or not a borrower defaults. being a co-borrower is no less risky than being the primary borrower.
as for annie's recommendation, if you cosign a loan, you are obligated whether or not a borrower defaults. being a co-borrower is no less risky than being the primary borrower.
The lender will check your credit and income. You can add another person if you wish and if so, their credit and income will need to qualify as well.