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Co signing a mortgage

Mon Nov 3, 2008 12:11PM | By Tony

See more in Mortgage | Permalink | Email | Comments (0)

Q: I am seriously thinking of co signing on a mortgage for my sister. Her credit is actually better than mine - 693, 702, 719 vs. 674, 685, 733, but her income is a bit short to qualify. The three questions I have are,
- will the lower credit score interfere with co signing?
- if I co sign on her mortgage, do I get on the title?
- after co signing, what is the best way to make bank remove my name?

A: It will not interfere, and once you co signed, you should be on the property title. The only way after co signing a mortgage to have a co signer name removed is to refinance the property and get you of the mortgage and the title. You can sell house of course altogether. But it doesn't hurt to ask the lender, as long as you sister can qualify on her own in some time

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