I need my parents to co-sign on a home loan?
My parents only concern is that they are planning on moving from their current home into a new home within the next 2-3 years. Will this affect their ability to get a new home loan?
- David MLv 77 years agoFavourite answer
If you don't qualify for a home loan by yourself, you are asking a huge favor of someone else to cosign for you and put their credit rating at risk. I suggest you don't put your parents in that situation unless you are very confident about maintaining your job and income and paying all your bills. The fact that you don't qualify for this loan on your own tells me you're probably not in a position to be so confident.
- dadnbobLv 77 years ago
Yes, it would make a difference. Don't ask them now.