How does co-signed loan affect Mortgage application?

#2 02-01-2004, 02:22 PM

Yes, the same way that the total credit available on your Visa counts. If
you have 100k outstanding on the note, it gets counted twice, once for you
and again for the other signer.

"MC" <michaeljc70[at]hotmail.com> wrote in message
news:289a46d0.0401261157.2af1fe66[at]posting.google.com...
- quote -

> I am actually the one that lives in the home and had someone co-sign
> with me. Now I want to buy a second (vacation) home. Refinancing
> would leave only me on the original loan which certainly wouldn't
> help. Are you saying that whether you have a co-borrower or are the
> only borrower on a loan, they are both counted against you the same
> for mortgage purposes?
> "John A. Weeks III" <john[at]johnweeks.com> wrote in message
news:<240120041457387944%john[at]johnweeks.com> ...
> > In article <289a46d0.0401241132.875eeee[at]posting.google.com> , MC
> > <michaeljc70[at]hotmail.com> wrote:
> > > > I am a co-signer on a house that I live in alone. I want to buy a
> > > second home. Will the entire 1st mortgage be counted against me or
> > > will only 1/2 be counted because another person is responsible also?
> > > I am buying the 2nd house alone.
> > > In the event that the person who you co-signed for stops paying
> > for the mortgage, you become 100% responsible for that mortgage.
> > As a result, it all will be counted as debt for purposes of lending.
> > > Is there any chance that you can get this person to re-finance their
> > house and get you off of the loan?
> > > -john-

#1 01-26-2004, 11:07 PM

I am actually the one that lives in the home and had someone co-sign
with me. Now I want to buy a second (vacation) home. Refinancing
would leave only me on the original loan which certainly wouldn't
help. Are you saying that whether you have a co-borrower or are the
only borrower on a loan, they are both counted against you the same
for mortgage purposes?

"John A. Weeks III" <john[at]johnweeks.com> wrote in message news:<240120041457387944%john[at]johnweeks.com> ...
- quote -

> In article <289a46d0.0401241132.875eeee[at]posting.google.com> , MC
> <michaeljc70[at]hotmail.com> wrote:
> > I am a co-signer on a house that I live in alone. I want to buy a
> > second home. Will the entire 1st mortgage be counted against me or
> > will only 1/2 be counted because another person is responsible also?
> > I am buying the 2nd house alone.
> In the event that the person who you co-signed for stops paying
> for the mortgage, you become 100% responsible for that mortgage.
> As a result, it all will be counted as debt for purposes of lending.
> Is there any chance that you can get this person to re-finance their
> house and get you off of the loan?
> -john-

01-24-2004, 07:57 PM

In article <289a46d0.0401241132.875eeee[at]posting.google.com> , MC
<michaeljc70[at]hotmail.com> wrote:

- quote -

> I am a co-signer on a house that I live in alone. I want to buy a
> second home. Will the entire 1st mortgage be counted against me or
> will only 1/2 be counted because another person is responsible also?
> I am buying the 2nd house alone.

In the event that the person who you co-signed for stops paying
for the mortgage, you become 100% responsible for that mortgage.
As a result, it all will be counted as debt for purposes of lending.

Is there any chance that you can get this person to re-finance their
house and get you off of the loan?

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

#-1 01-24-2004, 07:18 PM

I am a co-signer on a house that I live in alone. I want to buy a
second home. Will the entire 1st mortgage be counted against me or
will only 1/2 be counted because another person is responsible also?
I am buying the 2nd house alone.

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