Asked by Joe Adams, Massachusetts • Fri Nov 9, 2007
How does a lender look at this when pre-approving an amount for my new mortgage? I have my current mortgage (considerably paid down). So I expect that I will have a significant down payment available when I sell current home and buy another, but will certainly need to take out a new mortgage. I'm wondering if my name being on parent's mortgage will have an impact on the amount I can get. Does the lender look at my signature on this 2nd mortgage (even though I pay nothing) as: Me carrying a 2nd mortgage? Is it assumed as extra debt? Do they ignore it completely? Do they view it as a good thing that can be leveraged as positive equity/collateral should I default? other? Long story short, is my name on my parent's mortgage a good, bad or indifferent thing when calculating the ceiling for my new pre-approval?
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