David Saks: Real Estate Practice : Lesson 3717

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3717

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When someone else puts their name on that loan application with you, whether or not their putting their credit on the line for you, or just acting as a partner in the deal, the lender wants to know as much about the co-signer as they can and will put that co-signer through the same level of inquiry as they will a borrower that applies for the loan on their own.

Just as the primary applicant, this will involve verifying the co-signers:

1. Credit history
2. Employment history
3. Assets which include your bank accounts, stocks, mutual funds and retirement accounts
4. Property value
 

....and other things.

As a general rule, the same things apply for the co-signer.

So, if your a co-signer, have all of the required inforamtion ready for the lender when you meet to apply for the loan.

Make sure the person your signing for, or with, has the proper information as well.

It's pretty safe to assume that most co-signers don't want to get stuck with a bad loan.




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 29 2014 07:53AM

Comments

David, We have had a few parents offer to cosign for their young adult children but once the parents credit was run we learned that in a few cases the parents debt to income ratio was too high to provide any additional help for their adult child.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

Thanks for the note, Sam.

Posted by David Saks ((retired)) over 5 years ago

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