Users' questions

Can my brother co sign a mortgage?

Can my brother co sign a mortgage?

Assuming your lender allows non-occupant co-borrowers, a sibling may be a co-borrower on your mortgage even if she owns another home. However, your sibling will need to qualify for both mortgage payments to be eligible. Co-borrowers are responsible for the full payment of the loans they co-sign.

Does CO-Applicant mean cosigner?

A co-applicant is an additional applicant involved in the loan underwriting and approval process for a single loan. A co-applicant differs from a co-signer or guarantor in terms of their rights associated with the loan. A co-signer may be used to help a primary applicant receive more favorable loan terms.

What happens if the mother of a co-signer dies?

Consider this scenario: There are two siblings, a son and daughter, and one surviving parent. Unbeknownst to the daughter, the mother co-signs a big loan for the son who has been having serious financial problems. She then dies suddenly and soon after the son stops making payments on the debt.

What happens to my co signer if I default?

I obviously don’t have a co-signer anymore. But I wonder if the will bank go after her estate for the balance if I should default. Co-signing a loan is not a step you should take lightly, because even in death you’ll be liable for the loan.

Who is legally responsible for repaying a loan?

Generally speaking only a person who has signed on the dotted line to repay a loan is legally responsible for the loan. But it is worth consulting an estate lawyer on that question. Circumstances and place of resident can lead to different outcome, in part because regulations can differ from province to province.

Can a married couple cosign a home loan?

For most couples, finances are shared. Income from either spouse is for the family, and debt for either spouse is treated as a shared obligation. Because of this shared effort to pay off the loan, cosigning in a refinanced or consolidated loan sounds like a no brainer.

Consider this scenario: There are two siblings, a son and daughter, and one surviving parent. Unbeknownst to the daughter, the mother co-signs a big loan for the son who has been having serious financial problems. She then dies suddenly and soon after the son stops making payments on the debt.

Can a spouse be a co signer on a VA loan?

Unless the VA-eligible co-signer is your spouse, the VA must approve the pairing. Dual entitlement gives the borrowers the option of each using some of their entitlement, or having the primary signer use only his or her entitlement. Remember, the other veteran (s) will need to intend to occupy the home as their primary residence.

Do you need a cosigner for a student loan refinance?

Many lenders want borrowers to have a cosigner for their loans. Having a cosigner means they have two people legally responsible for the debt instead of just one. The good news is that the student loan refinance marketplace is exceptionally competitive, and lenders know that not all borrowers are willing or able to find a cosigner.