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can being a cosigner on a mortgage loan hurt my credit

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Cosigner on a mortgage

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Curlygirl1957 ...make sure you fully understand that by cosigning for the mortgage, YOU are equally responsible for making payments on the mortgage loan.  If the primary applicant does not make a payment on time it is reported to the credit bureaus as a LATE, it will show up on your credit report as LATE, that simple.  If the primary applicant "defaults" or stops making payments this will severly damage your credit or even force you into bankruptcy because again, by cosigning, you are fully/equally responsible for repaying the loan. Unless you know, without a shadow of a doubt, that 1) the primary applicant can make the payments on time for atleast the next 24 months (until they can refinance the loan under just their name/credit or 2) you can make the FULL mortgage payment on the cosigned loan + what ever other bills/loans/payments you have currently until the property could be sold (if the primary can't make the payments) then you should be very carefully about doing this.

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I am sure there are more factors than I will give here that may affect if it is good.  But really it depends on how much you trust the other party.  If they do not make payments all the late payments will show on your credit, as well as you are also held responsible for the amounts due.  It may hurt if you then went to go buy another large ticket item like a car or house, depending on your income, but this I am not too sure how much, but since it will show as a debt you are responsible for they will take this into account when underwriting a home loan .

Good news is that if the payments are made on time it can only help your credit score as time goes on.

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You may also wnat to consider that a large mortgage will hold your credit score down until the majority of the balance is paid off, even if all payments are made on time etc. It can shave as much as 50 points off your score.  This may not effect you directly but will impact things tlike the cost of your insurance and the interest rates you are charged on credit cards etc.   Just an FYI

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