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• Mortgage Preparation

Credit Report Resources

1. Understanding the ramifications of a mortgage cosign
   Co signing a home loan is a serious matter that should not be entered into lightly. Essentially, when you are co signing home loans you are taking on full legal responsibility for the account. Should the other person miss payments or default on the loan your credit report will show the damages and the creditor may require you to pay.
2. Will a mortgage cosign help you?
   Depending on your financial situation,a mortgage cosign may or may not be a good idea. Work with your lender to calculate what rates you could receive alone and what rate you could receive with a cosigner. Does it still make sense to cosign?
3. Choosing the mortgage cosigner
   If you choose to add a cosigner make sure that you pick a person who is trustworthy, you will be in contact with for a long time and who understands their responsibility. Family members, spouses and close friends are good options. Cosigning with coworkers or people you barely know can lead to trouble.
4. Removing a mortgage cosign
   Once the account is opened it is very tough to remove a cosigner off the loan. You will need to close or refinance the mortgage loan in order to break the cosigning agreement. Divorce decrees that separate responsibility for the account payment are not legally binding for the creditor or the credit reporting agencies and will not stop the account from being reported on both people’s credit reports.
5. Monitoring a loan you cosigned
   If you have cosigned on a loan, check your credit reports from TransUnion, Equifax and Experian regularly to see how the other person is maintaining the account. If you start to notice a series of late payments, call the person and talk about their financial situation. Addressing a potential problem early can help prevent a more serious record, such as a foreclosure, from appearing on your credit report.