How does COSIGNING work when buying a home?
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- เผยแพร่เมื่อ 27 ก.ย. 2024
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Hey everyone, so I understand if you have an opinion on this and that's totally cool, but I will not tolerate people who come and speak negatively on people who are
1. Considering a cosigner
2. Tell other people they should or shouldn't buy a home with their significant other without being married first.
There is nothing wrong with needing a cosigner AS LONG as you guys have plan to remove the cosigner in a few years and you have ABSOLUTE mutual trust for one another. I see this ALL the time as a practicing and successful Realtor for the last 5-6 years.
Sure buying a home on your own is always the best route, but if you are not able to and you have a long term bf/gf, parent, grandparent, close friend, or family member is willing to help then consider it! My line of thinking is the sooner you STOP paying rent that better financial position you will be in, but of course regardless if you are getting a cosigner or not make sure you are ready for the payments and costs.
Hey Javier thanks for sharing the vid. I need some advice. What can i do if my ex walked out of the home started renting a town house thru her job cause she is the assisting property manger. So i doubt she is even paying that much. She has not paid any money towards the mortage of the home we purchased together. In 2009. Now i have been paying all bills in the home for the past 4yrs. How can i get her removed from the title of manufactured home. And howbwill this affect her credit and will this hurt me in anyway. Can you inform me on steps i am supoose to take. I really need help.
@@nikitahollamon4213 you need legal counsel. Not a realtor.
Thanks, Javier. I just recently graduated and accepted a great job but due to my short employment history, my wife and I needed a co-signer. My brother in law was kind enough to do so and after a couple years, we will refinance and remove him. Thanks for clearing the negative stigma around co-signing.
@@ronnies.3440 Many well intentioned cosigners don't do their homework before taking debt. All is great until a relationship breaks up .. someone doesn't care anymore .. or the refinance falls through (because EVERYONE intends to refinance) ... and the cosigner awakens to their full legal responsibility.
Bar and Bell Home Fitness thanks for your reply. What you’ve stated is true but also one of many scenarios.
I’d only ever co-sign for parents
This is great info! Keep it up!
Thank you for watching! I appreciate the support.
Your videos are very informative. Thank you for sharing. I've learned a lots after i found your videos. Keep it up.
Very helpful. Thank you. Simple ,quick,right to the point. Keep up the good work.
My credit is good, but i only have a part time job. Can i still get a co signer to help me out?
Great Videos, however can absolutely do without the music.
Turn up the music, got it thanks man! ;)
I like the music
THANK YOU for the awesome info .
Good points
If you have good credit and good debt/ to income ratio but lacking the work history. Can a cosigner fill in the gap for that
Never co sign w family members
Can a co-signer be removed without refinancing?
This is super informative. My fiance and I are looking to find a home in the future and his father my father-inlaw is insisting on cosigning to help us get a home. He pitched it to us as something thatd be super easy and that wed qualify for better loans aka houses, but this confirmed my suspicions that we also need to establish our own credit as well. Im doubtful of this arrangment, I think I'd prefer for us to do it on our own.
If you want the borrower to refinance you as a co signer can you buy a second home within 1 or 2 years? What is the process of refinancing a co signer?
Thank you! This was a nice informative summary.
Thank you for this 🙏🏾
Hey I have a question if you can answer it for me. I have a co-signer that is willing to help but curious will the co-signer own a percentage the house as well or just me? Are they just there to co-sign? The co-signer will not be living there or make any payments so just wanted to make sure because I don’t want to be making all the payments and the co-signer still owns a piece of the house. Any input would be much appreciated thanks!!
Thanks for sharing! great vide
What can the co-signer do to the primary buyer if they quit making payments? Does the co-signer have the ability to kick them out and sell the home?
Thank you for this
For FHA can you have a non occupant co-signer and still get down payment assistance?
how do you refinance co-signer out? if I decide to buy a house later on.
Can a co-signer be removed without refinancing ? Does the co-signer have to be on title and if not is there a legal paper that the co-signer signs releasing claim to the house if the primary purchaser will be living in said house and be making all the mortgage payments ?
Amazing video! How does being a co-signer affect your taxes?
Hey compa whats up, question, my brother in law has really good credit and income. He make 70k a year. He does have a mortgage and a carloan of 450 a month. Can he still vo sign for me?
Hate to be that guy, but the lender will almost always use the middle of the three credit scores. Not the lowest. Or I have even seen them average them together.
Hey, i have excellent credit, my dad does, too, but my husband has no credit score. What's that mean for us if we ask my dad to cosign? Right now just me and my husband alone- we got an amazing rate but crap total amount that we qualify for..
Hi Javier, my husband and I have being trying to get a home. But my husband doesn't have a social security number. Is it true that we need a co-signer? We have good credit and we both work good income.
What if I have income and ok credit 650 , and my wife have 750 credit but no income ?
If I cosign for my father what should I ask for to benefit me, any help
How much of this applies to a married couple? Is it ever a good idea for a spouse to get the mortgage alone? I'm in Arizona and just heard the term "non- purchasing spouse", maybe you could do a video about that? Just curious..
I made a separate video about married couples, check it out!
@@JavyVidana Oh ok, awesome! I'll look for it! Thanks! 😊
Hi it s very helpful for me today. I m n the process and request cosigner to reduce my debt income ratio. My friend willing to help this gap as cosigner ? He is not going to live with me like co borrower. Plz clear this 🙏.
If i cosign a house loan and i want to get out months later does it help my credit to go up?
Hey Javier, hope you Answer! I am thinking on buying a house, but I don’t have credit, and a realtor told me a relative of mine could co sign so we could use his credit, and get pre-approved. What I wanted to ask you is that if we do co sign I WOULD PAY THE MORTAGE OBVIUOSLY, because i want the home, right? Another question is that if we co sign, the house would be on my name right because I want the house and would pay mortgage, or in both names? Thank you for reading! :)
Me Me your comment sounds like you are getting into trouble..
You need a few different online party's to co-sign
Please turn the music DOWNN pleaseee
Yes Juan let me go back in time to a video I made years ago to turn down the music.
Lol
@@JavyVidana 🤣🤣🤣🤣🤣
Planning to buy a house but my wife co-signed another house before we got married. Will she be able to be an owner in the title of the house that we’re gonna buy?
Can you explain "rent-to-buy" homes in a video?
Do these factors apply to commercial loans
so I can refinance any FHA loan after the 210 days no matter what?
Seth Rogen ??? ;)
That’s the first time I hear that one lol.
@@JavyVidana
lool ... you do man .. and i like that guy he is super cool ..
also.. thank you for sharing the information with us. you were very clear and straight forward.
If i cosign and can't make payment then can we decide to put the house up for sale? Or if bank foreclosed it would it pay me back my down/equity?
If you aren't able to make the payments, don't buy the home 100% of the time. The bank is unlikely to give you anything if they forclose. Selling may be viable sometimes - but you are likely to lose some money if you do this right away. (R.E. agent fees, sellers contributions, etc) Additionally, the market may not allow you to sell the home at a favorable price if the market is down, so you cannot really rely on that as an out.
Never, under any circumstances, ever co-sign anything with anyone at any time. If they cant buy it in cash and the banks wont even lend to them, dont even bother with them.
Аlex Nelson yeah a friend of a family member just ask me to co sign an apt for them. I told them no after I done a little research and saw the risk to reward factor. Too much risk and pretty much no reward. I felt so bad tho damn
Yeah it’s tough, But sometimes you have to put yourself first
Can there be 3 co borrowers? Like to help dti
Yes
Thank you
NEVER cosign for something YOU cannot PAY OFF IN FULL IMMEDIATELY should the other person default. Never - ever - ever. I don't care if it's your kid or parent. If you cannot pay that bill IMMEDIATELY .. IN FULL .. the very next month they are late .. then you cannot afford to be a cosigner. That's why I don't cosign anything - not even for family members. I'll pay as I can .. but I won't wrap myself up legally to pay a bill I cannot write a check for AND afford to walk away from the money.
Bar and Bell Home Fitness it sounds like you have family issues... 🙄
@@ELBOZZ1 Not at all … I just don't believe in cosigning for anyone. I think it's GREAT to be helpful IF you an afford it .. but legally obligating yourself .. that's a whole different game. It's the LEGAL obligation I think people should avoid. Help if you can … but do not legally tie yourself. Your channel is pretty cool btw. I learn lots :)
If I cosign for relative, how and when can I get off mortgage? Is it through refinancing and if so how much is that?
@@dimat3164 If they could refinance the debt on their own .. they wouldn't need a cosigner now would they?
Can i be a cosigner with low incomes being the husband
Doesn’t matter if your a husband or wife, you can co-sign as long as you meet the criteria.
Some one is offering me 5k to be a cosigner should I do it
If you don't know them, chances are - probably not. (Especially for a larger amount...)
*know them well...
Please don’t do it
No
Ok, so 1:30 if you don't have a continuous 2 years of work at one job? You can use a cosigner to fulfill the requirement? (if you both have the credit)
My family and I are rying to find a home. I have the relatively good credit score but not the right amount of income. My father has the income but not the bank nor the credit score. Can we cosign and balance out our weaknesses? Can he be the income on paper and I, the person with credit?
Looking to buy this year in California one question i have 2 credit cards up to date should i cancel one credit card and only Keep 1 or keep the 2 ?
Bryan Padilla Never cancel a credit card.
Me and my girlfriend have been looking for a home but I have only been in my field of work for 6 months. Would I be able to use my income? She has been in her field of work for 4 years.
As long as you are still W2 you will be fine to qualify with your gf!
Do the co-borrower have to submit tax returns?
How much is typically expected for a down payment when having a cosigner?
Wait for Co-Borrowers would this work for example My dad, brother, mother, and I to purchase a home? Cause you did say it can work with more than one just want to be sure that is what you said cause i had this question in mind for a while.
I have a goo credit score but my wife just started working since I cannot use her in her in the loan my income is not enough I would like to have my sister co sing but when can I take her off the hook so if she decides to buy u can add my wife and take her off
love your outro music!!! og Donkey Kong
Never co-sign
Anyone who is serious about their financial well being knows that only a FOOL cosigns. If you need a cosigner and you happen to know a fool or two I guess it works in your favor but no one and I really mean NO ONE should ever consider cosigning for a home. Basically, you are accepting a huge risk and carrying a huge debt on your credit report for 30 years while the buyer lives in a house that you will never own and can't evict them from if they decide to stop paying. Never mind the fact that a lot can happen in 30 years. People lose jobs, they get divorced, they go to jail and they die and in all of those scenarios, you are still responsible fore the mortgage. The only smart way to do this is to buy the home yourself and then owner finance it to them. If you can't afford to do that, what makes you think you can afford to handle those payments in the event that things go wrong? This kind of stupidity shouldn't even be legal.
CB - completely correct!!
If I cosign for relative, how and when can I be removed in future? Is it through refinancing and if so how much is that?
@@dimat3164 You can be removed by paying the debt IN FULL YOURSELF ... or ONLY when the other party can have the debt transferred IN FULL to themselves.
But stop and think. If the second option were possible .. they wouldn't need a cosigner now would they? But obviously no bank will accept them on their own .. their credit history is too poor .
You are as LEGALLY COMMITTED to the debt as the person you are backing up. That's why its called a CO-signer.
I get what you’re saying but that’s why you offer the co-signer a deal that they can’t refuse, a deal that makes it so they hope you mess up lol..that’s what I did. 10-20% down payment, one year worth of mortgage payments upfront for them to hold onto in the case of you walking out on the mortgage, a contract thru a lawyer that says they own the house legally if you stop paying, and then they will also inherit any equity you’ve paid off on the house up to that point (including down payment, monthly mortgage payments, and the collateral money you gave them at the beginning)
Can my co signer have good credit and great income but have a foreclose home on there credit?
Hey Miguel, depends on the type of loan but there has to be a certain amount of years that pass. 7 years for Conventional, 3 years for FHA I think.
@@JavyVidana thank you!
My dad wants me to co-sign something about the mortgage of the house saying he can get cheaper mortgage he won’t explain it all he knows I’m going to the navy soon I think he trying fuck me over and ruin me before even I start dude plssssss reply cause I’m not trying take over the mortgage when he passes away and he keeps telling me to do 20 years in the navy
Answered this on my live show, watch 14 minutes in
DO NOT COSIGN! You should feel guilty if you don't qualify for a mortgage! Learn, save and quit spending foolishly! NO COSIGNING!