Although you love your child and would do anything to make him happy, you might cringe if you ‘ re asked to cosign his mortgage loan. Cosigning a mortgage for an adult child is a big decision. Your child may have employment and income to support a mortgage payment, yet other issues prevent an approval.
You can’t necessarily assume that your child will be in a financial position to make the payments, either. But one way or another, the lender will want its money and probably come knocking. "It’s not like the child is the primary borrower and the institution will go after the child first and then the co-signer is on the hook later," notes Michael Garry, a financial planner in Newtown, Pa.
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“You can’t borrow to fund your retirement,” he points out. When it comes to college, cosigning or taking out loans for your children’s schooling should be a last resort, Reed says. “Frankly, I would.
Should You Co-Sign on a Loan for Your Children? I have to be honest I’m not sure I would have done the same thing as my mom. I don’t know what I would have done giving the constraints we were under but I don’t think I would ever co-sign a loan for my child.
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(Ivanhoe Newswire) You want to do the right thing and help out your kids when they need a car. Maybe your parent will cosign your loan? But mortgage sales manager Mary Marengi says parents should.
Co-signing can affect your credit both positively or negatively because it is. For example, co-signing for a car loan when all you have are credit card reporting to your. You then deal with your child (the co-signee) directly.
Your adult child may be able to buy a bigger house if you cosign the mortgage. Cosigning means your income will be figured in when the lender calculates how big a mortgage your child can handle. The catch is that if you cosign a loan, you’re legally as responsible for the debt as your child is, even if you don’t live in the house.
Parents who co-signed their kids' student loans are getting stuck. loan for your college bound child or grandchild, you might want to do a little.