We'd Love To Hear From You
contact us
Table of Contents
Should I co-sign a loan? What can go wrong?
Who can cosign on a mortgage loan?
Anyone can cosign for another person. It does make you fully responsible for the loan.
When you cosign for a mortgage, the mortgage loan is registered on your credit bureau and the other owners credit bureau
A person should only cosign a loan if they are paying attention to the bills as much as the owners is. That we you can ensure the payments are being made.
Who should cosign a loan?
For the most part, I recommend only responsible parent, grandparent, sibling or spouse. With a major focus on responsible. As your credit can get ruined if you cosign and the buyer does not pay the bill.
Other people can cosign, but it is at your own risk of course.
What will happen if I cosign?
If your income or credit is good enough, the buyer will be approved for the loan.
Take a look at our other video the 5c’s of credit to find out if you would qualify.
What are the risks of cosigning a loan?
- If payments are not made, you can be subject to collection
- If payments are missed, it will go as a missed payment on your credit bureau. So yes your credit can get destroyed
- I’ve seen it so many times in divorce scenarios where the spouse that does not feel the loan is theres stops paying attention and they get their credit ruined by the other partner. Or both parties disagree on who is responsible so payments stop.
4. You can go into major debt if payments are missed.
Overall cosigning a loan is a major risk and should be researched before doing so.
11 Side Hustles That Make $1500 Or More Per Month – Easy Side Jobs To Start Today
We’d Love To Hear From You contact us Find us Here Canada Wide Get In touch 780-278-4847 docs@lendramp.com Hours of Operation 24 Hours Table of Contents https://youtu.be/g2ntAapxPeM?si=LdhfAvp22oeDT8tD Let’s dive into some lucrative side hustle ideas for 2024. Whether you’re looking to earn extra cash or explore potential business opportunities, these options can help you achieve your financial goals. Keep in mind that
FHSA-First Home Savings Account | Pros and Cons For First Timers
We’d Love To Hear From You contact us Find us Here Canada Wide Get In touch 780-278-4847 docs@lendramp.com Hours of Operation 24 Hours Table of Contents https://youtu.be/bXZCUkUNcQY?si=zN0byj3kkG_Jg5a0 What is the First Home Savings Account (FHSA)? The First Home Savings Account (FHSA) is a registered plan designed to assist first-time homebuyers in Canada. Here are the key points: Purpose: The FHSA allows you to save
TD Canada Trust Mortgages | The Ultimate Guide
We’d Love To Hear From You contact us Find us Here Canada Wide Get In touch 780-278-4847 docs@lendramp.com Hours of Operation 24 Hours Table of Contents https://youtu.be/J-v6FCJO4yA?si=m9__AbxX9jk_TADx Navigating the Mortgage Maze: A Comprehensive Guide to TD Bank’s Home Loan Options Welcome to the world of home financing, where the journey to your dream home begins with choosing the right mortgage. TD Bank,
Draw Mortgage And Construction Mortgage Guide
We’d Love To Hear From You contact us Find us Here Canada Wide Get In touch 780-278-4847 docs@lendramp.com Hours of Operation 24 Hours Table of Contents https://youtu.be/TsP4aO3S1oU?si=c9umSCgubicAZtrS What is a draw mortgage? Construction Mortgage Guide What is a draw mortgage? A draw mortgage, also known as a construction mortgage is a mortgage type used to finance the construction of a property. It
What Is A Bridge Loan? Mortgage Tips For Interim Financing
We’d Love To Hear From You contact us Find us Here Canada Wide Get In touch 780-278-4847 docs@lendramp.com Hours of Operation 24 Hours Table of Contents https://youtu.be/6iNfB5jnVMY?si=gSgjan55sIYL73oR What is Bridge loan financing? Who Needs a bridge loan? What is bridge financing? A bridge loan is a sum of money lent by a bank to cover an interval between two transactions. Typically the
How To Get A Lower Mortgage Rate? Real Estate Financing Secrets
We’d Love To Hear From You contact us Find us Here Canada Wide Get In touch 780-278-4847 docs@lendramp.com Hours of Operation 24 Hours Table of Contents https://youtu.be/DPEfgLbTCNM?feature=shared How to get a lower mortgage interest rate? Topic: How to get a lower mortgage interest rate? Step 1: Contact a high volume mortgage broker, not a bank. Reason for contacting a broker is
Like this article?
Sean Rampersaud
Sean has been a mortgage broker in Canada for 17 years. We have helped countless amounts of clients achieve their mortgage goals! Call me anytime at 780-278-4847