From AskMe: How much will my father co-signing on a mortgage help me? Will the lender essentially give me the same rates they would give my dad?
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co-signing my car loan (my first loan/access to credit) was the only way i could get one, becuase i had no rating.
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I would be very careful about asking someone to co-sign on a mortgage. Not just to protect the other person if you default, but to protect yourself if THEY get into financial trouble and have to declare bankruptcy. (If that happens, you are at risk of losing your house to THEIR creditors). The bottom line is, don’t buy a house you can’t afford on your own. Seriously. (the same should really go for a car, although losing a car is less devastating than losing a house).
PS this is not some self-righteous person making a judgement from on high – I just don’t want to see other people make the same mistakes I’ve made in my life.
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