Posted on: 30th Aug, 2009 02:14 pm
my brother wants to refinance his mortgage to get a lower rate but wants me to co-sign since his income alone isn't enough to qualify. he has an excellent credit rating
That woudl depend on situation to situation
You really need to think, becuase this may hurt you when you want to make any big purchased in the future and you may not get qualified
You really need to think, becuase this may hurt you when you want to make any big purchased in the future and you may not get qualified
The reason being your credit report will show you have carryign a loan and will resutl in increased DTI.
Also if yoru brother defaults, then you are eually liable for the loan
Please really give a lot of thought before you do this
Also if yoru brother defaults, then you are eually liable for the loan
Please really give a lot of thought before you do this
cosigning is a major responsibility. you need to be certain your brother is fully capable of making all payments due under the note.
