Posted on: 10th May, 2013 12:56 am
My parents want to buy a house. They tried to apply but were denied because my mother did not have the required credit. Now they are asking me to co-sign for their loan. After reviewing the records, the lender pre-approved us. I am 25 years old and not too sure about how this could affect my credit or my future plans. What should I do?
You may co-sign for the mortgage of your parents. If your parents regularly make the payments on time after you co-sign for the loan, then it will be of great help to your credit.
But I don't think being a co-signer is a good thing, even if you are doing it for your parents!