Wanted to help my friend in getting mortgage loan for $240k by adding my name as co applicant. My co
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You are playing with fire by doing this, and probably ruining your ability to get a loan in your own right.
Wanted to help my friend in getting mortgage loan for $240k by adding my name as co applicant. My concerns..?Don't do this! Its nearly impossible to get your name off a note, more so if the co-applicant doesn't qualify for his own loan - or for any reason isn't willing to apply for a new loan.
And as far as co applicants go, they take the middle score of each applicant, so the benefit won't be as much as you think.
Lastly, if you insist, consult with a good lawyer and heed any advice they give you.
Wanted to help my friend in getting mortgage loan for $240k by adding my name as co applicant. My concerns..?1. You are taking major risk. I don't care if you trust him. That is not the point. He could be fired or laid off, become ill, get into a car accident, get sued by someone, etc. and then not be able to make the payments. I am sure you are thinking of all the reasons I am wrong, but at least print this out to look at if this deal goes bad.
2. Your debt ratios will include this mortgage payment and your proposed new mortgage. Do you qualify for a $500,000 mortgage? If not then you will be declined.
3. Sorry, you have a lot of bad info here. Which make me even more convinced you have no idea what you are doing, sorry just my opinion. It is not a tax rebate, but a mortgage interest deduction. What would happen is that if you agreed, the mortgage interest deduction would be taken by your friend. You could take the mortgage deduction on your primary residence.
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