I have bad credit if i get a co-signer(borrower) on a mortage what will happen?
Answer:
You may be able to get a loan with these items and even have the lender pay these off in the process
HOWEVER you should pay them off or get them removed from your report first.
The reason I say this is if they are showing up then they lower your score and you will be charged a higher rate for the loan
Say you want to get a $200000 home and you pay 2% more thats
2% * 200000= 4000
4000 * 30 years is $120,000 more you would pay for the loan
Not sure if my math is correct but you get the idea
Depending on the lender, they will be placed on title with you and will be entitled to half the estate.
And as for the judgements and leins, you have to pay them before financing.
You need to just call a mortage company they can approve you over the phone. They will tell you what you need to do to be approved. If you get a co-signer then if you pay late it affects their credit score as well. The judgements could become a lien if the creditors wanted to do that which again would affect the co-signers credit as well. Just call a mortage company and talk to them they will pull your credit and explain what needs to be done.
co-signer for the mortgage will help you , if this person will live with you. mortgage works different than car loans and other loans.
judgments needs to be paid, but collections accounts if they are more then 2 years old and below $ 2500 can be lived open.(deepens the lender). you will pay higher interest rate for that. maybe if your co-signer is somebody you trust can use his credit to buy the house and you can work and repair your credit meanwhile and later you can refinance this house only on your name? contact your state attorney and ask how you can protect yourself in this type of transaction- in mine you only need to be on the house title, not on the mortgage to own 50% of the house with other person.
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