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Mortgage Co-Signing

Sometimes it's not the easiest to qualify for a mortgage on your own because of tougher qualification rules and higher-priced homes.
 
It still may not be enough to qualify even with a great job, a good income, a large down payment, and amazing credit.
When lenders punch the numbers, the calculations may say that too much of your income will be needed for core homeownership costs like your mortgage payment, the property taxes, heating & electrical bills, and condo maintenance fees (if applicable).
 
To put it simply, this means that your debt service ratios are too high and you will need extra help to qualify. But don't worry, you do have options!
 
A co-signer can take place in two ways:
 
1. They become a co-borrower meaning they buy the home alongside the primary applicant, their credit history and income are added to the application, they're placed on the title of the home, and are considered equally responsible for the debt.
 
2. They become a guarantor meaning they're backing the loan and promising you’ll pay it back on time but are responsible for the loan if the primary applicant can't repay the debt.
 
Have questions about mortgage co-signing? Contact me for answers & to make your real estate dreams a reality.
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