|
|
#1
08-01-2007, 06:24 PM
|
|||
|
|||
Cosigner question. (Student loans)
Cosigner wants to purchase an apartment in NYC (Prob need to take a loan for ~$80,000 iirc) and will cosign a student loan ~$35,000 before this happens.
Now is the cosigner affected the same way as if they took out this loan personally and will they take a hit when trying to purchase this apartment or are students loans looked at differently if you are just the cosigner? (Pretty good credit btw.) I tried to word this as best as possible. 
|
|
#3
08-01-2007, 07:20 PM
|
|||
|
|||
|
Re: Cosigner question. (Student loans)
maybe a different forum would be better suited for this question
|
|
#5
08-01-2007, 08:16 PM
|
|||
|
|||
|
Re: Cosigner question. (Student loans)
yeah I did write that like crap...
Ok say my mother cosigns a 35k student loan for me and then trys to purchase an apartment. Will the lender look at her cosigning the student loan as a big liabilty when considering her for another loan to purchase an apartment? The lenders obviously look at your history and if you have any obligations to any other purchases or loans.
|
|
#6
08-01-2007, 10:25 PM
|
|||
|
|||
|
Re: Cosigner question. (Student loans)
[ QUOTE ]
yeah I did write that like crap... Ok say my mother cosigns a 35k student loan for me and then trys to purchase an apartment. Will the lender look at her cosigning the student loan as a big liabilty when considering her for another loan to purchase an apartment? The lenders obviously look at your history and if you have any obligations to any other purchases or loans. [/ QUOTE ] Ooooh, I get it now... I don't know. If she's only a consigner, wouldn't make you the one ultimately responsible for the loan? I don't know if it would affect her all that much...but DO NOT take my work for it.
|
|
#7
08-02-2007, 12:47 AM
|
|||
|
|||
|
Re: Cosigner question. (Student loans)
[ QUOTE ]
[ QUOTE ] yeah I did write that like crap... Ok say my mother cosigns a 35k student loan for me and then trys to purchase an apartment. Will the lender look at her cosigning the student loan as a big liabilty when considering her for another loan to purchase an apartment? The lenders obviously look at your history and if you have any obligations to any other purchases or loans. [/ QUOTE ] Ooooh, I get it now... I don't know. If she's only a consigner, wouldn't make you the one ultimately responsible for the loan? I don't know if it would affect her all that much...but DO NOT take my work for it. [/ QUOTE ] No, the co-signer is the one ultimately responsible for the loan.
|
|
#8
08-02-2007, 04:55 AM
|
|||
|
|||
|
Re: Cosigner question. (Student loans)
So she is trying to get a mortgage for the condo?
There is no "ultimately responsible" - both cosignors are responsible for the debt. It's no different from a debt that she had. Although since it is a student loan, I would guess the bank will most likely not count it as heavily as, say, an auto loan, but I really have no idea.
|
|
#9
08-02-2007, 04:19 PM
|
|||
|
|||
|
Re: Cosigner question. (Student loans)
Student loans don't really affect mortgages that much. There are two points:
1) Extremely low interest rates & payments 2) If you're still in college it won't be in repayment, so it isn't a monthly expense yet Shouldn't be affected by it, but talking to her mortgage broker would be the best course of action.
|
 |
|
|
Linear Mode
