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They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.

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Q: How can a co-signer with perfect credit help you get a mortgage loan when you have bad credit?
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Related questions

If we have bad credit will a cosigner help us get a mortgage?

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.


Does having a cosigner help your credit?

Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.


Can prompt payments help increase a cosigner's credit score?

yes


Can a cosigner help your credit?

from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.


Is is possible to qualify for a mortgage with bad credit?

There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify.


If you own your car and it's in your name but the loan is in someone else's name with you as the cosigner will that still help your credit?

Yes, it will still help your credit.


How can I find a mortgage if I have bad credit?

Start by looking at your credit report. If you hit a rough spot such as a divorce, you can try explaining it to the lender. Making a higher down payment or getting a cosigner may help. One can expect to pay a higher interest rate.


What does a cosigner have to to have?

A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.


Do I Need A Cosigner To Get A Business Loan?

In case your cosigner has an excellent credit score and is a relative or closely affiliated with your business, this can help you qualify for a business loan.


Does a mortgage help your credit?

no. paying you bills on time does


What can be done to help someone get mortgages if they have bad credit?

It would be very difficult to get a mortgage with bad credit. A mortgage broker may be able to help, but in order to get a mortgage it is usually advisable to get a good credit rating by taking out small loans first.


can i as a senior citizen get a grant to help free me of the debt that i have credit cards and mortgage?

can i as a senior citizen get a grant to help free me of the debt i have including credit cards and mortgage?????????