🏡 Thinking about co-signing on a mortgage? Let's dive into the details! 💼 While it's great to help someone qualify for a mortgage, remember that it's a significant financial commitment that shouldn't be taken lightly. 🤝 Co-signing can have a big impact on your financial future.
Here are some key things to consider:
1️⃣ Full Responsibility: Whether you're the primary borrower, co-borrower, or co-signer, having your name on the mortgage means you're fully responsible for the debt.
2️⃣ Long-Term Commitment: Co-signing keeps you on the mortgage until the primary borrower can qualify to remove you. After the initial term, removal requires a new application on their part.
3️⃣ Debt Service Ratio Impact: Co-signing affects your debt service ratio. Future mortgage applications will need to account for the co-signed mortgage payments, even if you're not making them.
4️⃣ Empowering Progress: Despite the considerations, being a co-signer can help someone you care about make significant strides in their life.
If you have any questions or concerns about co-signing on a mortgage, please don't hesitate to reach out to me directly. I'm here to assist you! 📩
https://www.dianebuchanan.ca/
