Derek McGowanLoan Officer / Owner, McGowan Mortgages · Branch Manager & Top-Ranked Mortgage Advisor

Should I get a Co-Signor? #homebuyer #homeloans #firsttimehomebuyer #interestrates #fhaloan

24 May 2023

Watch on YouTube

This is a YouTube video titled "Should I get a Co-Signor? #homebuyer #homeloans #firsttimehomebuyer #interestrates #fhaloan" containing a single-speaker explanation about the considerations and implications of using a cosigner for a home loan, including how income, debt, and credit scores affect the loan application. The content was created on May 24, 2023.

When preparing for a home loan, it's often for clients to consider, hey, should I use a cosigner? And the answer could be different case by case. But here's what a cosigner really entails. You get to use their income, but you also get to use their debt. So both sides of the equation. And if the cosigner's credit score is lower, well, unfortunately, the entire credit score for the loan goes off the lower of the two credit scores. But you think you're going to have a cosigner apply with your cosigner? Let us take a look at that whole picture.