Posted on: 11th Dec, 2013 10:51 pm
Will it hurt my credit score if I co-sign for my brother's mortgage?
Hi Guest,
Co-signing for a mortgage will definitely have an impact on your credit. In case your brother defaults on the mortgage, then it will lower your scores and a negative item will get mentioned on your credit report.
Thanks,
Jerry
Co-signing for a mortgage will definitely have an impact on your credit. In case your brother defaults on the mortgage, then it will lower your scores and a negative item will get mentioned on your credit report.
Thanks,
Jerry
Welcome Guest,
Once you co-sign for the mortgage, you become equally liable for the mortgage. If the mortgage payments are paid off on time, then you do not have to worry. In case, they are not, your credit will be at risk.
Once you co-sign for the mortgage, you become equally liable for the mortgage. If the mortgage payments are paid off on time, then you do not have to worry. In case, they are not, your credit will be at risk.
When you decide to co-sign for your brother's mortgage, then this will definitely have an influence on your credit score. You are actually held responsible to pay off the loan if, by chance, your brother turns out to be a defaulter. On the other hand, if your brother pays off the mortgage on time, the this won't affect your credit in anyway.