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A Mortgage with my son; how does it effect credit reporting

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21856business Joined: 05 Jan 2009 Posts: 8 4.28 Dollars($)	Posted: Mon Jan 05, 2009 6:41 am    Post subject: A Mortgage with my son; how does it effect credit reporting Like 0 Dislike 0 If I purchase a house with my son, how is the debt of the mortgage reflected/charged to credit reporting, meaning is my debt shown as only half of the mortgage? I'm trying to lower my personal debt to income ratio by putting 1/2 of the mortgage in his name. Thank you.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Jan 05, 2009 8:22 am    Post subject: Like 0 Dislike 0 having your mortgage joint with your son will not have the effect you desire. borrowers are all 100% liable on a mortgage - you are liable for 100% and so is your son. therefore, the credit report will reflect the entire mortgage (as it should). adding him to your transaction will not reduce your personal debt load. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
jstncredit Joined: 05 Feb 2009 Posts: 28 10.12 Dollars($)	Posted: Thu Feb 05, 2009 2:04 am    Post subject: Like 0 Dislike 0 A co-signer or a co-borrower is equally responsible for the entire debt. If you are a co-borrower, it does not mean that you are liable for half the debt amount. If the debt is not repaid, both your and your son's credit report will reflect the outstanding debt amount. In order to lower your debt to income ratio, you should check spending on credit cards.
msnover92571 Joined: 10 Feb 2009 Posts: 146 Location: California 0.45 Dollars($)	Posted: Mon Feb 23, 2009 4:19 pm    Post subject: Like 0 Dislike 0 Very nice post. I was very interested in this also. If im put on a mortgage as a co borrower does this report to my credit report? As my parents are trying to build up my credit too. Thanks!
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Mon Feb 23, 2009 9:49 pm    Post subject: Like 0 Dislike 0 Hi msnover! Welcome back to forums! Yes, if you are a co-borrower of a loan, it will be reported in your credit report. If your parents are unable to pay the loan, you will be responsible in paying the dues. Feel free to ask if you have further queries. Sussane
msnover92571 Joined: 10 Feb 2009 Posts: 146 Location: California 0.45 Dollars($)	Posted: Tue Feb 24, 2009 8:11 am    Post subject: Like 0 Dislike 0 Yes thanks Smith i understand that part so i hope my parents pay on time

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