Bank of England Mortgage Blog
It’s okay to need a little help from your family (or friends)
Many borrower’s need a little additional help to qualify for their mortgage. It is not unusual for a co-signor or co-mortgagor to be enlisted to help the borrower qualify.
In either case, the additional borrower is agreeing that if the borrower has difficulty making payments, they will help. A co-signor, is only signing onto the debt and not taking an ownership interest in the property. A co-mortgagor is signing onto the debt as well as the ownership interest in the property.
Different situations require different solutions so, if you’re thinking about buying a home with a co-signor or co-mortgagor, give us a call. We’re here to help explain the different options so that you can make an informed decision regarding what’s best for you.
If you’re interested in owning a home this year, give us a call at (215) 493-3752.
Andy Raffle
Branch Manager
NMLS #156564
90 W Afton Ave. Ste. 203
Yardley, PA 19067
P: (215) 493-3752
Equal Housing Lender.