Should you co-sign your child’s loan?

Whether you decide to take on the entire financial responsibility or split the cost with your child, first answer these questions to determine if you should. make loans to borrowers with no credit.

 · When you co-sign on a big-ticket item like a mortgage, you are in essence lending a portion of your future income and credit worthiness for the benefit of.

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Consider the risks before you co-sign for your child’s first credit accounts. (Photo by Steve Debenport / Getty Images) Co-signing, however, is a mistake you should avoid (and one you should teach your child to avoid as well). When you co-sign, you put your own personal credit on the line.

If the co-signor applies for a mortgage or car loan, the lender will factor in that co-signed debt when approving a new loan. “If you really want to co-sign, you should be just as. from signing.

So if you’ve been asked (or are thinking about offering) to co-sign for a son or daughter, make sure you know these five things before you say yes. If you can’t absorb the expense without compromising your future financial security, you may want to think twice about co-signing for a loan.

With housing prices on the rise, young buyers with scant credit or low incomes are hard pressed to qualify for loans. Some are turning to their parents to co-sign their loans – a process that is.

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However, cosigning the mortgage means that should your child stop making payments, the lender will look to you to pay the entire mortgage amount, plus any catch-up amount that is owed, if your child has stopped making loan payments.

Of course, you want to help your kid out. If the co-signor applies for a mortgage or car loan, the lender will factor in that co-signed debt when approving a new loan. "If you really want to.

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Cosigning can be dangerous for students, too. If a cosigner dies, the lender will sometimes put the loan into auto-default, even if the student is up-to-date with payments. If this happens, your child will have to deal with the emotional distress of your death along with the stress of near financial ruin.

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