Home Buying in 88240>Question Details

Lilly24, Home Buyer in 88240

Husband and I are buying home will cosigning while in the process affect our chances of getting home?

Asked by Lilly24, 88240 Wed Nov 16, 2011

The cosign is for a student loan will it affect us now buying the home. Are credit has been run, will they run it again? Thank you for your time?

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5
Since it is considered another debt/loan, you might want to get the professional opinion from a bank and see how it can or may affect you. The bank will give you advice and let you know what could happen when you do apply for a loan in the future for buying a home. Most banks do need to check your credit history and see if it okay to approve for a loan and some bank don't check credit, but it is rare.
0 votes Thank Flag Link Fri Nov 29, 2013
All three posts are correct. Upon seeing the additional inquiry(ies), the lender will ask you what the inquiry was for and you must disclose what it was for and re-qualify based on your new debt-to-income ratio. If you were not to disclose that you obtained new credit to be able to close, when in fact you did obtain credit, that could result in a knock at the door one day. Be smart and good luck!
0 votes Thank Flag Link Thu Nov 17, 2011
Lilly,
Your credit is run before a closing date is set. If you add any more debt, you may no longer qualify for the mortgage. Now is not the time to increase your debt in any way.
0 votes Thank Flag Link Thu Nov 17, 2011
It could affect you process? They very well may run and update your credit just prior to final loan approval, especially if there are some unforseen delays in the process that makes your current credit report out dated. My suggesstion and always the rule of thumb in todays times especially is DO NOT DO ANYTHING DIFFERENT DURING THE PROCESS, do not buy car, make application for credit card , or any other types of loans. After closing is another story, you can do what ever you wish. Mortgage lending has changed so much the last couple of years and they are going over people with a fine tooth comb and double checking the whole process. So my advise is to Not do any cosigning until after the process is over. If I can help with anything at all let me know.
Bobby Shaw
Web Reference: http://bobbyshawrealty.com
0 votes Thank Flag Link Thu Nov 17, 2011
Consult with your loan officer before considering any loan cosigning; credit is checked more than once...
0 votes Thank Flag Link Wed Nov 16, 2011
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