August 10, 2022
Finally, Commandment #10: Thou shall not co-sign a loan for anyone!
Man, I can’t believe how many times we’ve actually seen this. We get somebody in, to get approved pre-approval for a mortgage.
We ask them, do you have any debt? They give us some of their debts, but then they don’t tell us about a particular loan, and all of a sudden we say Hey, what about this loan? And they go, well, you know what?
That’s just a co-signing that’s not really my loan.
Well, guess what? It is a loan it’s you you’re on the hook for that loan.
Okay, Here’s the worst part is when you do it after you’ve applied for a mortgage, okay.
You don’t want to do that because all of a sudden it messes up your TDSR ratios.
First of all, think long and hard before you co-sign a loan for anyone, more importantly, do not do it while you’re going through the home buying process or through the mortgage pre-approval process.
So commandment #10 don’t co-sign loans for anyone. And that’s it for my Commandments folks.
I hope you enjoyed the series.