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If you're looking to buy or refinance a home but are having trouble qualifying for a mortgage, you might consider getting a co-signer to help.
A co-signer is someone who puts their name on the mortgage to guarantee the debt will be paid if the primary borrower defaults. Though more commonly used for lesser debts such as buying a car, co-signers can also be used to obtain a mortgage as well.
You didn't hear much about mortgage co-signers during the go-go years of the housing bubble, since credit was easy to get and few people needed one. In recent years, though, their use has become more common as lenders tightened their credit guidelines.
Helpful for those just starting out
Parents, close relatives are good choices
What the co-signer should keep in mind
Refinance desirable after a few years
Interested in what rate you could get?
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