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Updated about 11 years ago on . Most recent reply

User Stats

9
Posts
1
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John H.
  • Mesa, AZ
1
Votes |
9
Posts

Does cosigning on a loan increase ability to lend in future?

John H.
  • Mesa, AZ
Posted

***I MEAN INCREASE ABILITY TO BORROW***

I am still in school but on a good scholarship program. The scholarship would be well enough to help pay for a very small house (80-100k). The banks like to see non scholarhip money. My dad said he would be willing to cosign with his very financially prudent son.

I could wait a little while longer untill I am out of school and making income myself OR I could view this as a great opportunity to decrease my liability (on paper) while having 100% of the benifit.

If I were to co-sign would it decrease my debt ratio for so that I could more easily obtain more home loans in the future? Spreading the debt allow me to purchase more homes with my debt? (not sure if I used those terms correctly)

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