After searching for months, you've finally found the perfect home. The problem is that you're having a difficult time qualifying for a mortgage. Should you just wait to buy? No, not necessarily. Doing so might mean that you will miss out on getting a good deal on the perfect home.
Although a rejection might leave you feeling dejected and ready to give up, it is important not to get discouraged. If you fall short on the qualifications needed for a mortgage, a cosigner might be able to help.
A co-signer is a person who does not own your home but they are listed on the mortgage. A co-signer can help you get a mortgage loan because their assets and income are taken into account when a lender looks at your loan application. A co-signer will be legally responsible to pay the mortgage if you cannot. So, how do you know if a co-signer will help? Here are some of the most common scenarios where a co-signer can be helpful:
If you are unsure of whether or not you would qualify for a mortgage or have been turned down by another lender, contact Midland Mortgage Corporation. We can help you determine if a co-signer would be right for you.